Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: GRVT against Popdex−0.886%7-day average +0.033% · 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−$144as in the Price arb table

costs, in and out, $10k−$520.522% of the position

Long on Popdex Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.006%+$1 on $10k

Price spread, last 4 days (all we have)+1.193%+$119 · spread now −0.886%, 7d avg +0.033%

Together, before fees+1.198%+ Points / potential airdropGRVT: Active · farm board+$120 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: GRVT is 0.919% cheaper against Popdex than usual: you would sell low and buy high, −$92 on $10k if it goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2145	0.0096	pay 0.0012% / 1h	21m 09s	$59K	$467K	50x
Short	GRVT ENA_USDT_Perp	0.2126	0.0100	get 0.0050% / 4h	2h 21m	$356K	$5.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.886%Rate

Funding earned: $0.84
Price spread: −0.886% → +0.033%: −$91.86
Slippage, 4 orders: −$36.84
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$143.26
Costs to cover: 0.522%
Break-even: 1200.9 days

Slippage from Popdex: live order book, 28 min ago; GRVT: live order book, 3 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, 28 min ago	1.66 bp	11.3 bp −$11	67.0 bp −$670	doesn't fit	doesn't fit
Sell GRVT live order book, 3 min ago	4.72 bp	19.0 bp −$19	82.4 bp −$824	doesn't fit	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
Orderly PERP_ENA_USDC	−0.0139%	4h	0.2141	−0.200%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2142	−0.159%	$69K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2140	−0.228%	$83K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.007%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0048%	1h	0.2147	+0.093%	$4K	$277	10x	as long as short
Gate ENA_USDT	+0.0080%	4h	0.2144	−0.065%	$11.3M	$24.1M	50x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2145	long leg	$59K	$467K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2144	−0.048%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2144	−0.049%	$664K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2147	+0.098%	$116.8M	$74.6M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2143	−0.096%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2145	0.000%	$402K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2141	−0.192%	$129.8M	$420.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2140	−0.219%	$86.2M	$176.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2144	−0.047%	$21.4M	$106.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2141	−0.200%	$21K	$327K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2146	+0.047%	$80K	$278K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2143	−0.075%	$46.8M	$41.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2142	−0.163%	$25.0M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2143	−0.112%	$48.7M	$58.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2145	+0.005%	—	$31.2M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2102	−2.005%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2121	−1.100%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perpshort	+0.0100%	4h	0.2126	−0.886%	$356K	$5.0M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2127	−0.839%	$19K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2146	+0.028%	$190K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2088	−2.662%	$1K	$876K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2141	−0.186%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2147	+0.075%	$270K	$795K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2141	−0.186%	$1.8M	$8.9M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2132	−0.629%	$94K	−$0	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2140	−0.224%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2141	−0.191%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2103	−1.944%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0161%	1h	0.2141	−0.188%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0256%	1h	0.2142	−0.117%	$5.3M	$13.1M	10x	as long as short
dYdX ENA-USD	+0.0272%	1h	0.2144	−0.053%	$142K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0753%	1h	0.2140	−0.227%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2141	−0.191%	$5.5M	$3.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2143	−0.096%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0616%	1h	0.2141	−0.172%	$360K	$401K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2144	−0.033%	$878K	$1.7M	50x	as long as short