Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0085%/8h= +9.3% APRpaid last 24h +0.014%

Price spread now: gTrade (Gains Network) against Orderly+0.055%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.055% dearer against Orderly than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2109	−0.0082	get 0.0041% / 4h	2h 25m	$41K	$23K	10x
Short	gTrade (Gains Network) ENA/USD	0.2111	L +0.0003% / S −0.0003%	get 0.0000% / 1h	25m 44s	$97K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee OrderlybpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.055%Rate

Funding earned: $17.83
Price spread: +0.055% → 0.000%: $5.5
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: $7.33
Costs to cover: 0.160%
Break-even: 4.1 days

Slippage unknown: Orderly: no order-book sample; gTrade (Gains Network): no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Orderly no order-book sample	—	—	—	—	—
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

Orderly and gTrade (Gains Network): no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ENA on 42 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack ENA_USDC_PERP	−0.0255%	1h	0.2111	+0.066%	$363K	$484K	5x	as long as short
Orderly PERP_ENA_USDClong	−0.0082%	4h	0.2109	long leg	$41K	$23K	10x
01 Exchange ENAUSD	−0.0024%	1h	0.2109	−0.005%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	+0.057%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USDshort	L +0.0003% / S −0.0003%	1h	0.2111	+0.055%	$97K	—	150x
Gate ENA_USDT	+0.0032%	4h	0.2109	−0.047%	$10.5M	$21.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.659%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2104	−0.280%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2109	−0.024%	$60K	$540K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2109	−0.025%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2109	−0.009%	$662K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2111	+0.060%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2112	+0.096%	$407K	$595K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2108	−0.076%	$130.0M	$467.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2108	−0.081%	$88.0M	$193.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	−0.052%	$20.3M	$114.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2113	+0.156%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2110	+0.024%	$83K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	−0.057%	$45.8M	$49.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2110	+0.014%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	−0.137%	$47.7M	$66.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2108	−0.052%	—	$32.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	−0.505%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	−0.465%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2099	−0.478%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2100	−0.450%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.052%	$184K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2061	−2.309%	$964	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	+0.024%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.081%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2109	−0.024%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.430%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0103%	1h	0.2111	+0.069%	$2.7M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2108	−0.070%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2110	+0.028%	$78K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0162%	1h	0.2110	+0.038%	$50K	—	100x	as long as short
Lighter ENA	+0.0312%	1h	0.2111	+0.066%	$5.7M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0338%	1h	0.2111	+0.076%	$111.4M	$80.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2111	+0.085%	$5.5M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2109	−0.037%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2113	+0.166%	$807K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.7164%	1h	0.2109	−0.013%	$139K	$15K	5x	as long as short