Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0266%/8h= +29.2% APRpaid last 24h +0.057%

Price spread now: SoDEX against Orderly+0.009%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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$8 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2110	−0.0166	get 0.0083% / 4h	2h 21m	$44K	$14K	10x
Short	SoDEX ENA-USD	0.2110	0.0100	get 0.0013% / 1h	21m 11s	$6K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.009%Rate

Funding earned: $55.93
Price spread: +0.009% → 0.000%: $0.95
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $42.88
Costs to cover: 0.140%
Break-even: 1.6 days

Slippage unknown: Orderly: no order-book sample; SoDEX: 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 SoDEX no order-book sample	—	—	—	—	—

Orderly and SoDEX: 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 exchanges

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
Kraken Futures PF_ENAUSD	−0.0243%	1h	0.2111	+0.078%	$2.6M	$4.3M	50x	as long as short
Orderly PERP_ENA_USDClong	−0.0166%	4h	0.2110	long leg	$44K	$14K	10x
01 Exchange ENAUSD	−0.0152%	1h	0.2113	+0.133%	$4K	$169	10x	as long as short
Bitget ENAUSDT	−0.0024%	4h	0.2109	−0.033%	$47.6M	$58.7M	75x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	+0.062%	$90K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2110	+0.027%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0026%	1h	0.2122	+0.574%	$734	$57K	5.5x	as long as short
Bybit ENAUSDT	+0.0083%	4h	0.2110	+0.033%	$86.1M	$188.0M	50x	as long as short
Lighter ENA	+0.0096%	1h	0.2113	+0.137%	$4.9M	$12.9M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	+0.104%	$56K	$391K	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	+0.118%	$47K	—	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2112	+0.126%	$591K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2112	+0.095%	$113.4M	$78.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2112	+0.109%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2113	+0.170%	$391K	$549K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2111	+0.038%	$127.3M	$415.9M	75x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2111	+0.043%	$21.0M	$103.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	+0.180%	$33K	$326K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2113	+0.152%	$79K	$243K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.038%	$103K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2111	+0.038%	$13.6M	$27.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2110	+0.024%	$42.2M	$43.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2112	+0.095%	$25.0M	$15.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2110	+0.028%	—	$30.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2108	−0.099%	$3.0M	$8.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2110	−0.014%	$246K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	−0.038%	$362K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2112	+0.104%	$19K	$644K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	+0.161%	$167K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2060	−2.375%	$2K	$924K	20x	as long as short
SoDEX ENA-USDshort	+0.0100%	1h	0.2110	+0.009%	$6K	$7K	10x
HTX ENA-USDT	+0.0100%	4h	0.2118	+0.384%	$264K	$827K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2110	+0.009%	$1.9M	$9.0M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2109	−0.040%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	+0.042%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0112%	1h	0.2111	+0.052%	$13K	$306K	10x	as long as short
dYdX ENA-USD	+0.0153%	1h	0.2114	+0.188%	$140K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0756%	1h	0.2111	+0.047%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	+0.014%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2113	+0.162%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0496%	1h	0.2114	+0.223%	$769K	$1.9M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0517%	1h	0.2111	+0.076%	$409K	$482K	5x	as long as short