Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against Paradex+0.772%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Bulk

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: Bulk is 0.772% dearer against Paradex than usual: you sell high and buy low, +$77 on $10k if it 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	Paradex ENA-USD-PERP	0.2106	0.0100	pay 0.0100% / 8h	1h 07m	$47K	$110	10x
Short	Bulk ENA-USD	0.2122	0.0100	get 0.0013% / 1h	7m 24s	$93K	$511	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +0.772%Rate

Funding earned: $0.05
Price spread: +0.772% → 0.000%: $77.24
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $66.29
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Bulk: 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 Paradex no order-book sample	—	—	—	—	—
Sell Bulk no order-book sample	—	—	—	—	—

Paradex and Bulk: 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	−0.0100%	4h	0.2113	+0.330%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2113	+0.344%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	+0.349%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2109	+0.163%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.842%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2109	+0.159%	$55K	$484K	50x	as long as short
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2106	long leg	$47K	$110	10x
Nado ENA-PERP	+0.0100%	1h	0.2111	+0.263%	$559K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2114	+0.387%	$114.4M	$75.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2113	+0.340%	$1.4M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2107	+0.052%	$399K	$542K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2113	+0.347%	$128.1M	$426.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2112	+0.315%	$90.6M	$186.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2114	+0.401%	$21.1M	$107.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	+0.239%	$33K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	+0.111%	$78K	$281K	10x	as long as short
Bulk ENA-USDshort	+0.0100%	1h	0.2122	+0.772%	$93K	$511	10x
Gate ENA_USDT	+0.0100%	4h	0.2112	+0.296%	$12.5M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2113	+0.353%	$38.4M	$43.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2113	+0.363%	$24.7M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2110	+0.192%	$47.8M	$59.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2113	+0.339%	—	$31.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	+0.631%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	+0.337%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2111	+0.253%	$351K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2113	+0.349%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2112	+0.292%	$183K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.064%	$1K	$901K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2112	+0.301%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.548%	$266K	$816K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2112	+0.301%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2105	−0.017%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2113	+0.330%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2120	+0.671%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0152%	1h	0.2108	+0.125%	$5.0M	$13.7M	10x	as long as short
dYdX ENA-USD	+0.0239%	1h	0.2108	+0.092%	$139K	$16K	5x	as long as short
Backpack ENA_USDC_PERP	+0.0267%	1h	0.2114	+0.406%	$392K	$437K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0753%	1h	0.2113	+0.365%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2111	+0.249%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2111	+0.264%	$1K	—	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0446%	1h	0.2114	+0.391%	$2.6M	$4.4M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2135	+1.417%	$881K	$1.8M	50x	as long as short