Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0244%/8h= +26.7% APRpaid last 24h +0.068%

Price spread now: BloFin against Popdex−0.085%7-day average +0.092% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$370.365% of the position

Long on Popdex Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.215%+$21 on $10k

Price spread, last 3 days (all we have)+0.750%+$75 · spread now −0.085%, 7d avg +0.092%

Together, before fees+0.964%+$96 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.177% cheaper against Popdex than usual: you would sell low and buy high (spread −0.085% now, against its 7-day average of +0.092%). If the spread goes back, that is −$18 on $10k: about 2.4 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2110	0.0096	pay 0.0012% / 1h	23m 07s	$60K	$540K	50x
Short	BloFin ENA-USDT	0.2108	0.0340	get 0.0170% / 4h	2h 23m	$5.5M	$8.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.085%Rate

Funding earned: $51.24
Price spread: −0.085% → +0.092%: −$17.74
Slippage, 4 orders: −$18.14
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$3.04
Costs to cover: 0.365%
Break-even: 7.4 days

Slippage from Popdex: live order book, 1 min ago; BloFin: live order book, 6 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, 1 min ago	0.71 bp	7.7 bp −$8	66.4 bp −$664	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	0.47 bp	10.2 bp −$10	20.1 bp −$201	75.6 bp −$7,559	doesn't fit

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	−0.0263%	1h	0.2110	+0.005%	$363K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2109	−0.043%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2109	−0.043%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2110	+0.009%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2111	+0.049%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.635%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0042%	4h	0.2109	−0.057%	$10.5M	$21.7M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2110	+0.024%	$5K	$394K	10x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2110	long leg	$60K	$540K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2107	−0.144%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2112	+0.105%	$663K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2110	−0.004%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2108	−0.093%	$407K	$595K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2109	−0.046%	$130.1M	$466.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2108	−0.076%	$88.1M	$193.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	−0.071%	$20.4M	$114.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2113	+0.133%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	−0.095%	$82K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2109	−0.038%	$45.8M	$49.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2110	+0.014%	$24.4M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2108	−0.081%	$47.7M	$66.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2110	−0.019%	—	$32.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2111	+0.058%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2109	−0.066%	$251K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	+0.003%	$360K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2110	0.000%	$33K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	+0.156%	$184K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2056	−2.564%	$1K	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2109	−0.047%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2114	+0.190%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2108	−0.095%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.454%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0103%	1h	0.2110	−0.015%	$2.7M	$5.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2110	−0.021%	$78K	$11K	3x	as long as short
Extended ENA-USD	+0.0112%	1h	0.2109	−0.047%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0162%	1h	0.2112	+0.097%	$50K	—	100x	as long as short
Lighter ENA	+0.0328%	1h	0.2112	+0.081%	$5.7M	$13.2M	10x	as long as short
BloFin ENA-USDTshort	+0.0340%	4h	0.2108	−0.085%	$5.5M	$8.2M	75x
Hyperliquid ENA	+0.0345%	1h	0.2112	+0.104%	$111.5M	$80.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	+0.120%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2113	+0.142%	$807K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.6839%	1h	0.2108	−0.118%	$139K	$15K	5x	as long as short