Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: edgeX against Popdex−0.394%7-day average +0.047% · 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−$88as in the Price arb table

costs, in and out, $10k−$440.438% of the position

Long on Popdex Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%+$1 on $10k

Price spread, last 4 days (all we have)+1.092%+$109 · spread now −0.394%, 7d avg +0.047%

Together, before fees+1.098%+ Points / potential airdropedgeX: Active · farm board+$110 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: edgeX is 0.441% cheaper against Popdex than usual: you would sell low and buy high, −$44 on $10k if it goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2108	0.0096	pay 0.0012% / 1h	26m 39s	$60K	$540K	50x
Short	edgeX ENAUSDC	0.2100	0.0100	get 0.0050% / 4h	2h 26m	$249K	$8.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.394%Rate

Funding earned: $0.84
Price spread: −0.394% → +0.047%: −$44.08
Slippage, 4 orders: −$28.37
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$87.02
Costs to cover: 0.438%
Break-even: 732.1 days

Slippage from Popdex: live order book, 62 min ago; edgeX: live order book, 2 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, 62 min ago	1.41 bp	9.4 bp −$9	100.8 bp −$1,008	doesn't fit	doesn't fit
Sell edgeX live order book, 2 min ago	7.12 bp	11.6 bp −$12	13.1 bp −$131	44.5 bp −$4,445	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	−0.0264%	1h	0.2112	+0.204%	$364K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2110	+0.119%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2109	+0.066%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2112	+0.176%	$94K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2111	+0.146%	$97K	—	150x	as long as short
Gate ENA_USDT	+0.0032%	4h	0.2110	+0.104%	$10.5M	$21.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.731%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2104	−0.209%	$5K	$394K	10x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2108	long leg	$60K	$540K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2109	+0.047%	$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	0.2109	+0.055%	$662K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2112	+0.188%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2112	+0.167%	$407K	$595K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2111	+0.159%	$130.2M	$467.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2109	+0.043%	$88.0M	$194.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	+0.043%	$20.4M	$114.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2113	+0.228%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2110	+0.095%	$83K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	+0.161%	$45.9M	$49.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2112	+0.176%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2108	0.000%	$47.6M	$66.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2110	+0.081%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	−0.434%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2100	−0.394%	$249K	$8.0M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2099	−0.407%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2100	−0.380%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.152%	$184K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2056	−2.443%	$962	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2111	+0.142%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.408%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2111	+0.142%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.359%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0103%	1h	0.2112	+0.188%	$2.7M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2109	+0.028%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	+0.142%	$78K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0213% / S −0.0161%	1h	0.2111	+0.141%	$50K	—	100x	as long as short
Lighter ENA	+0.0320%	1h	0.2114	+0.299%	$5.7M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0338%	1h	0.2114	+0.294%	$111.6M	$80.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2111	+0.157%	$5.5M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	+0.072%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	+0.019%	$805K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.7333%	1h	0.2111	+0.138%	$139K	$15K	5x	as long as short