Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: BingX against Popdex+0.193%7-day average −0.010% · 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−$13as in the Price arb table

costs, in and out, $10k−$330.333% of the position

Long on Popdex Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.151%−$15 · spread now +0.193%, 7d avg −0.010%

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: BingX is 0.203% dearer against Popdex than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2126	0.0096	pay 0.0012% / 1h	1m 05s	$53K	$484K	50x
Short	BingX ENA-USDT	0.2130	0.0100	get 0.0050% / 4h	1m 05s	—	$31.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.193%Rate

Funding earned: $0.84
Price spread: +0.193% → −0.010%: $20.33
Slippage, 4 orders: −$16.87
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee BingX: 5 bp × 2 orders: −$10
Net: −$12.09
Costs to cover: 0.333%
Break-even: 107.8 days

Slippage from Popdex: live order book, 38 min ago; BingX: live order book, 8 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, 38 min ago	2.62 bp	10.5 bp −$10	82.6 bp −$826	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	0.71 bp	6.6 bp −$7	9.0 bp −$90	14.6 bp −$1,463	42.0 bp −$21.0K

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	−0.0083%	4h	0.2127	+0.066%	$44K	$17K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2128	+0.113%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2126	+0.019%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.122%	$522	$57K	5.5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0079%	1h	0.2129	+0.155%	$61K	$1.1M	50x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2126	long leg	$53K	$484K	50x
Nado ENA-PERP	+0.0100%	1h	0.2127	+0.068%	$572K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2132	+0.263%	$115.6M	$74.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2130	+0.205%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2126	+0.019%	$410K	$562K	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	0.2130	+0.195%	$129.6M	$426.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2130	+0.165%	$89.8M	$191.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2130	+0.193%	$21.3M	$108.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2119	−0.339%	$33K	$312K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2128	+0.094%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2118	−0.353%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2131	+0.226%	$13.3M	$27.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2130	+0.202%	$39.5M	$43.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2131	+0.230%	$25.1M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2128	+0.113%	$48.3M	$60.1M	75x	as long as short
BingX ENA-USDTshort	+0.0100%	4h	0.2130	+0.193%	—	$31.3M	—
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2132	+0.268%	$413K	$483K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	−0.580%	$3.1M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2114	−0.551%	$255K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	−0.514%	$358K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2115	−0.517%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	+0.094%	$175K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2077	−2.324%	$1K	$910K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2128	+0.094%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.395%	$268K	$808K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2129	+0.141%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2127	+0.038%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2127	+0.058%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2128	+0.094%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0147%	1h	0.2129	+0.130%	$2.6M	$4.4M	50x	as long as short
Lighter ENA	+0.0176%	1h	0.2130	+0.212%	$5.0M	$13.9M	10x	as long as short
Phoenix ENA	+0.0190%	1h	0.2129	+0.160%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0754%	1h	0.2129	+0.139%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.080%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2127	+0.057%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2133	+0.348%	$801K	$2.0M	50x	as long as short
dYdX ENA-USD	+0.0773%	1h	0.2126	+0.009%	$140K	$16K	5x	as long as short