Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.026%

Price spread now: Injective against Paradex+1.169%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 Injective

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

The price spread pays, funding is against you. Injective is 1.169% dearer against Paradex than usual: you sell high and buy low (spread +1.169% now, against zero (this spread has no 7-day history yet)): +$117 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 58 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ENA-USD-PERP	0.2099	0.0100	pay 0.0100% / 8h	2h 30m	$47K	$221	10x
Short	Injective ENA/USDC PERP	0.2123	0.0033	get 0.0004% / 1h	30m 04s	$522	$57K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +1.169%Rate

Funding earned: −$14
Price spread: +1.169% → 0.000%: $116.94
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $98.93
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Injective: 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 Injective no order-book sample	—	—	—	—	—

Paradex and Injective: 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
Backpack ENA_USDC_PERP	−0.0296%	1h	0.2102	+0.136%	$362K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2100	+0.059%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2099	+0.016%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2101	+0.088%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2100	+0.045%	$96K	—	150x	as long as short
Gate ENA_USDT	+0.0008%	4h	0.2101	+0.102%	$10.4M	$21.6M	50x	as long as short
Injective ENA/USDC PERPshort	+0.0033%	1h	0.2123	+1.169%	$522	$57K	5.5x
Phoenix ENA	+0.0076%	1h	0.2095	−0.160%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	+0.007%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2099	long leg	$47K	$221	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2099	−0.007%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2102	+0.143%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	+0.026%	$403K	$585K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2102	+0.142%	$129.6M	$467.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2103	+0.202%	$87.8M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2104	+0.245%	$20.3M	$114.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	+0.059%	$19K	$435K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	+0.055%	$82K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2100	+0.074%	$45.2M	$48.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2101	+0.107%	$24.3M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2099	+0.012%	$47.5M	$66.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2102	+0.126%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	0.000%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2097	−0.076%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	−0.252%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2097	−0.088%	$32K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2100	+0.074%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.394%	$1K	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	+0.055%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	+0.197%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2100	+0.055%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.075%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2100	+0.041%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2099	+0.011%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	+0.096%	$77K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0213% / S −0.0161%	1h	0.2100	+0.055%	$50K	—	100x	as long as short
Lighter ENA	+0.0288%	1h	0.2103	+0.193%	$5.7M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0313%	1h	0.2103	+0.216%	$111.0M	$80.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2101	+0.102%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	+0.010%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	+0.455%	$805K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.8118%	1h	0.2100	+0.045%	$139K	$15K	5x	as long as short