Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.045%

Price spread now: Popdex against Orderly+0.093%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 Popdex

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 +$2 a day on $10k at the current rate, and Popdex is 0.093% dearer against Orderly than usual: you sell high and buy low: +$9 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	0.2159	0.0032	pay 0.0016% / 4h	3h 12m	$42K	$23K	10x
Short	Popdex ENAUSDT	0.2161	0.0096	get 0.0012% / 1h	12m 48s	$52K	$517K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.093%Rate

Funding earned: $13.39
Price spread: +0.093% → 0.000%: $9.26
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: $10.25
Costs to cover: 0.124%
Break-even: 1.6 days

Slippage unknown: Orderly: no order-book sample; Popdex: live order book, 61 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 Popdex live order book, 61 min ago	4.94 bp	14.8 bp −$15	96.0 bp −$960	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2160	+0.060%	$81K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2160	+0.054%	$104K	—	150x	as long as short
Orderly PERP_ENA_USDClong	+0.0032%	4h	0.2159	long leg	$42K	$23K	10x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.649%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0065%	1h	0.2162	+0.128%	$143K	$15K	5x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2161	+0.093%	$52K	$517K	50x
Nado ENA-PERP	+0.0100%	1h	0.2160	+0.060%	$714K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2162	+0.144%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2161	+0.083%	$426K	$553K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2159	+0.019%	$134.8M	$442.9M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2158	−0.042%	$88.9M	$187.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2159	−0.019%	$21.2M	$110.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2156	−0.153%	$16K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2161	+0.093%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2150	−0.413%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2159	+0.019%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2160	+0.037%	$46.0M	$44.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2161	+0.111%	$24.8M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2155	−0.162%	$48.8M	$61.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2159	+0.009%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2162	+0.130%	$384K	$398K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2157	−0.083%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2159	−0.012%	$250K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2159	0.000%	$366K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2159	0.000%	$33K	$686K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2162	+0.125%	$181K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2109	−2.293%	$1K	$834K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2161	+0.093%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2163	+0.185%	$280K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2160	+0.046%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2160	+0.036%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2160	+0.057%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2162	+0.134%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0176%	1h	0.2160	+0.065%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0231%	1h	0.2162	+0.145%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0328%	1h	0.2159	−0.006%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0334% / S −0.0430%	1h	0.2160	+0.038%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2160	+0.069%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2160	+0.061%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2165	+0.269%	$857K	$1.8M	50x	as long as short
Lighter ENA	+0.0736%	1h	0.2162	+0.120%	$5.9M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0778%	1h	0.2163	+0.176%	$117.6M	$74.7M	10x	as long as short