Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0167%/8h= +18.2% APRpaid last 24h +0.043%

Price spread now: Pacifica against Orderly−0.077%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 Pacifica

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 airdropPacifica: Active · farm boardneeds both histories

Funding pays, the price is against you. Pacifica is 0.077% cheaper against Orderly than usual: you would sell low and buy high (spread −0.077% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 37 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2099	−0.0067	get 0.0033% / 4h	1h 39m	$41K	$24K	10x
Short	Pacifica ENA	0.2098	0.0100	get 0.0013% / 1h	39m 58s	$406K	$582K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.077%Rate

Funding earned: $34.97
Price spread: −0.077% → 0.000%: −$7.67
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $13.3
Costs to cover: 0.140%
Break-even: 4.3 days

Slippage unknown: Orderly: no order-book sample; Pacifica: live order book, 44 min ago. 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 Pacifica live order book, 44 min ago	1.42 bp	10.9 bp −$11	doesn't fit	doesn't fit	doesn't fit

Orderly: 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
Orderly PERP_ENA_USDClong	−0.0067%	4h	0.2099	long leg	$41K	$24K	10x
Backpack ENA_USDC_PERP	−0.0050%	1h	0.2101	+0.081%	$362K	$481K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2100	+0.038%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2100	+0.020%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.143%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2100	+0.017%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2099	−0.043%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2097	−0.114%	$59K	$537K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2097	−0.119%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2097	−0.129%	$659K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2100	+0.048%	$1.5M	$3.3M	50x	as long as short
Pacifica ENAshort	+0.0100%	1h	0.2098	−0.077%	$406K	$582K	10x
Binance ENAUSDT	+0.0100%	4h	0.2099	−0.025%	$129.3M	$460.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2097	−0.095%	$87.2M	$191.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	−0.029%	$20.3M	$112.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	−0.062%	$21K	$415K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2098	−0.067%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.074%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2099	−0.005%	$10.5M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	−0.033%	$45.0M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2101	+0.076%	$24.0M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	−0.110%	$47.5M	$65.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2100	+0.019%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2096	−0.152%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	−0.073%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.204%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.162%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2098	−0.048%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.510%	$958	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	+0.029%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	+0.162%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2100	+0.029%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	−0.208%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2099	−0.019%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0226% / S −0.0377%	1h	0.2100	+0.032%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0288%	1h	0.2098	−0.074%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2097	−0.110%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2098	−0.086%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0528%	1h	0.2103	+0.171%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0569%	1h	0.2104	+0.195%	$111.1M	$80.0M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2102	+0.110%	$803K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1904%	1h	0.2098	−0.090%	$139K	$15K	5x	as long as short