Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against Paradex+0.030%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 Popdex

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: Popdex is 0.030% dearer against Paradex than usual: you sell high and buy low, +$3 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	0.2120	0.0100	pay 0.0100% / 8h	1h 32m	$47K	$110	10x
Short	Popdex ENAUSDT	0.2121	0.0096	get 0.0012% / 1h	32m 47s	$53K	$480K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$0.75
Price spread: +0.030% → 0.000%: $3.04
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$8.12
Costs to cover: 0.104%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Popdex: live order book, 11 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 Popdex live order book, 11 min ago	1.40 bp	9.8 bp −$10	76.1 bp −$761	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	−0.0125%	4h	0.2119	−0.064%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2121	+0.016%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2120	−0.036%	$55K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2120	−0.017%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.144%	$522	$57K	5.5x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2121	+0.030%	$53K	$480K	50x
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2120	long leg	$47K	$110	10x
Nado ENA-PERP	+0.0100%	1h	0.2121	+0.026%	$561K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2120	−0.007%	$114.7M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2119	−0.056%	$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	0.2121	+0.026%	$400K	$539K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2118	−0.133%	$128.2M	$429.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2116	−0.205%	$89.6M	$186.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2118	−0.130%	$21.1M	$108.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	+0.153%	$20K	$336K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2121	+0.030%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2138	+0.832%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2118	−0.097%	$12.3M	$26.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2118	−0.111%	$37.5M	$42.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2118	−0.106%	$24.5M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2117	−0.144%	$48.0M	$60.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2118	−0.111%	—	$31.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2128	+0.341%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2143	+1.088%	$262K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2145	+1.162%	$366K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2145	+1.162%	$19K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2121	+0.040%	$186K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2069	−2.403%	$1K	$904K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2120	−0.017%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2125	+0.228%	$266K	$820K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2121	+0.030%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2117	−0.160%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	−0.059%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2119	−0.059%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0144%	1h	0.2120	+0.002%	$5.0M	$13.4M	10x	as long as short
dYdX ENA-USD	+0.0213%	1h	0.2118	−0.126%	$140K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2125	+0.220%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2120	−0.003%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	−0.014%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0445%	1h	0.2121	+0.040%	$2.6M	$4.4M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2122	+0.068%	$875K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0645%	1h	0.2120	−0.007%	$390K	$435K	5x	as long as short