Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: Bitget against Paradex−0.227%52s7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Bitget

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—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.227% cheaper against Paradex than usual: you would sell low and buy high, −$23 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ENA-USD-PERP	0.2125	0.0100	pay 0.0100% / 8h	5h 15m	$48K	$110	10x
Short	Bitget ENAUSDT	0.2120	0.0100	get 0.0050% / 4h	1h 15m	$48.3M	$57.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Paradex. 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 ParadexbpFee BitgetbpOrdersPrice spread, now −0.227%Rate

Funding earned: −$0.01
Price spread: −0.227% → 0.000%: −$22.7
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$38.71
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Bitget: live order book, 3 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 Paradex no order-book sample	—	—	—	—	—
Sell Bitget live order book, 3 min ago	0.94 bp	10.1 bp −$10	17.0 bp −$170	doesn't fit	doesn't fit

Paradex: 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_USDC	−0.0026%	4h	0.2124	−0.053%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2125	+0.004%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2125	+0.029%	$83K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2125	+0.022%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.062%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	+0.013%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2123	−0.058%	$666K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2128	+0.145%	$114.5M	$71.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2126	+0.043%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2126	+0.063%	$415K	$506K	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	0.2125	+0.009%	$130.2M	$418.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2121	−0.156%	$86.8M	$175.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	−0.123%	$20.9M	$102.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	−0.312%	$19K	$358K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2125	+0.013%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.852%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2126	+0.065%	$11.1M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2126	+0.041%	$46.0M	$42.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2127	+0.102%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2120	−0.227%	$48.3M	$57.6M	75x
BingX ENA-USDT	+0.0100%	4h	0.2125	+0.022%	—	$32.3M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2125	+0.018%	$376K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	−0.051%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.023%	$245K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2127	+0.086%	$358K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2121	−0.175%	$22K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2125	+0.037%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2075	−2.354%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2125	+0.013%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.197%	$278K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2125	+0.013%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2125	long leg	$48K	$110	10x
Extended ENA-USD	+0.0104%	1h	0.2126	+0.067%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2125	+0.006%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2129	+0.201%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2126	+0.055%	$51K	—	100x	as long as short
dYdX ENA-USD	+0.0263%	1h	0.2126	+0.079%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0283%	1h	0.2126	+0.054%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2125	+0.032%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0352%	1h	0.2126	+0.065%	$5.3M	$13.9M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	−0.028%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2122	−0.142%	$836K	$1.5M	50x	as long as short