Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Binance against Popdex+0.057%7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$400.403% of the position

Long on Popdex Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.005%$0 on $10k

Price spread, last 4 days (all we have)+0.143%+$14 · spread now +0.057%, 7d avg +0.017%

Together, before fees+0.148%+$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.040% dearer against Popdex than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2112	0.0096	pay 0.0012% / 1h	58m 06s	$57K	$389K	50x
Short	Binance ENAUSDT	0.2113	0.0100	get 0.0050% / 4h	1h 58m	$127.1M	$409.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Popdex. 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 PopdexbpFee BinancebpOrdersPrice spread, now +0.057%Rate

Funding earned: $0.84
Price spread: +0.057% → +0.017%: $3.95
Slippage, 4 orders: −$23.88
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Binance: 5 bp × 2 orders: −$10
Net: −$35.48
Costs to cover: 0.403%
Break-even: 302.7 days

Slippage from Popdex: live order book, 53 min ago; Binance: live order book, 9 min ago.

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 Popdex live order book, 53 min ago	1.67 bp	10.1 bp −$10	64.9 bp −$649	doesn't fit	doesn't fit
Sell Binance live order book, 9 min ago	0.24 bp	8.0 bp −$8	13.0 bp −$130	50.0 bp −$4,997	doesn't fit

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
Orderly PERP_ENA_USDC	−0.0182%	4h	0.2112	+0.024%	$44K	$14K	10x	as long as short
01 Exchange ENAUSD	−0.0152%	1h	0.2113	+0.028%	$4K	$60	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0132%	1h	0.2113	+0.054%	$2.6M	$4.2M	50x	as long as short
Bitget ENAUSDT	−0.0040%	4h	0.2112	−0.005%	$47.6M	$57.0M	75x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2114	+0.071%	$105K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	+0.062%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+0.469%	$734	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2115	+0.152%	$5.0M	$12.4M	10x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2112	long leg	$57K	$389K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	+0.020%	$47K	—	10x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2112	−0.002%	$587K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2114	+0.076%	$114.0M	$78.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2115	+0.142%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2115	+0.127%	$389K	$527K	10x	as long as short
Binance ENAUSDTshort	+0.0100%	4h	0.2113	+0.057%	$127.1M	$409.4M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2112	+0.024%	$86.7M	$185.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2113	+0.038%	$20.9M	$101.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	+0.161%	$27K	$333K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2115	+0.142%	$79K	$238K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2114	+0.118%	$103K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2113	+0.062%	$13.8M	$26.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2113	+0.043%	$42.4M	$40.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	+0.123%	$25.1M	$15.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2113	+0.052%	—	$30.2M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2105	−0.352%	$3.0M	$8.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	−0.352%	$244K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2106	−0.284%	$352K	$4.4M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2107	−0.237%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	+0.047%	$167K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.348%	$1K	$920K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2113	+0.047%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.241%	$264K	$782K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2113	+0.047%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2112	+0.007%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	+0.072%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0112%	1h	0.2106	−0.298%	$13K	$277K	10x	as long as short
dYdX ENA-USD	+0.0155%	1h	0.2118	+0.293%	$140K	$15K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0756%	1h	0.2115	+0.154%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2116	+0.185%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2112	−0.006%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0480%	1h	0.2120	+0.384%	$781K	$1.9M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0583%	1h	0.2114	+0.104%	$406K	$474K	5x	as long as short