Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h +0.047%

Price spread now: Ondo Perps against Orderly−0.258%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropOndo Perps: Active · farm boardneeds both histories

Funding pays, the price is against you. Ondo Perps is 0.258% cheaper against Orderly than usual: you would sell low and buy high (spread −0.258% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$26 on $10k: about 14 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2130	0.0037	pay 0.0019% / 4h	2h 50m	$41K	$23K	10x
Short	Ondo Perps ENA-USD.P	0.2124	0.0100	get 0.0013% / 1h	50m 18s	$17K	$408K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.258%Rate

Funding earned: $13.2
Price spread: −0.258% → 0.000%: −$25.82
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$23.62
Costs to cover: 0.110%
Break-even: 19.5 days

Slippage unknown: Orderly: no order-book sample; Ondo Perps: 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 Ondo Perps no order-book sample	—	—	—	—	—

Orderly and Ondo Perps: 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2131	+0.061%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2129	−0.038%	$91K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2127	−0.117%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.310%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDClong	+0.0037%	4h	0.2130	long leg	$41K	$23K	10x
dYdX ENA-USD	+0.0040%	1h	0.2126	−0.169%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2129	−0.047%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2129	−0.035%	$702K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2130	−0.001%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	−0.117%	$418K	$548K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2129	−0.055%	$132.5M	$444.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2129	−0.056%	$87.2M	$186.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2131	+0.061%	$21.2M	$109.5M	50x	as long as short
Ondo Perps ENA-USD.Pshort	+0.0100%	1h	0.2124	−0.258%	$17K	$408K	5x
Arcus ENA-USD	+0.0100%	1h	0.2129	−0.047%	$116K	$253K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.125%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2129	−0.061%	$10.8M	$20.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2130	0.000%	$44.9M	$43.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2131	+0.033%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2129	−0.038%	$48.3M	$61.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2129	−0.033%	—	$32.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2127	−0.131%	$368K	$383K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2125	−0.224%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2121	−0.421%	$244K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.276%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	−0.188%	$32K	$689K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2130	−0.014%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2079	−2.404%	$1K	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2131	+0.047%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2136	+0.268%	$275K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2132	+0.094%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	−0.103%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	+0.033%	$75K	$4K	3x	as long as short
Lighter ENA	+0.0176%	1h	0.2129	−0.038%	$5.5M	$13.6M	10x	as long as short
Phoenix ENA	+0.0188%	1h	0.2116	−0.648%	$7K	$351K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2132	+0.110%	$2.7M	$5.0M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2129	−0.050%	$51K	—	100x	as long as short
Extended ENA-USD	+0.0304%	1h	0.2130	+0.003%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	−0.150%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2128	−0.072%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0522%	1h	0.2132	+0.094%	$114.9M	$74.3M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2131	+0.066%	$837K	$1.8M	50x	as long as short