Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: HTX against Popdex+0.093%7-day average +0.095% · 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−$94as in the Price arb table

costs, in and out, $10k−$930.935% of the position

Long on Popdex Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.007%+$1 on $10k

Price spread, last 4 days (all we have)+0.813%+$81 · spread now +0.093%, 7d avg +0.095%

Together, before fees+0.820%+$82 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2140	0.0096	pay 0.0012% / 1h	38m 52s	$52K	$493K	50x
Short	HTX ENA-USDT	0.2142	0.0100	get 0.0050% / 4h	3h 38m	$265K	$837K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.093%Rate

Funding earned: $0.84
Price spread: +0.093% → +0.095%: −$0.17
Slippage, 4 orders: −$75.07
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee HTX: 6 bp × 2 orders: −$12
Net: −$92.8
Costs to cover: 0.935%
Break-even: 780.3 days

Slippage from Popdex: live order book, 60 min ago; HTX: live order book, 20 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, 60 min ago	2.62 bp	10.5 bp −$10	82.6 bp −$826	doesn't fit	doesn't fit
Sell HTX live order book, 20 min ago	13.84 bp	32.0 bp −$32	doesn't fit	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	−0.0092%	4h	0.2139	−0.051%	$44K	$16K	10x	as long as short
01 Exchange ENAUSD	−0.0088%	1h	0.2140	+0.019%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2140	+0.005%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2140	+0.014%	$83K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.776%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0079%	1h	0.2141	+0.066%	$142K	$16K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2139	−0.047%	$5.0M	$13.0M	10x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2140	long leg	$52K	$493K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2139	−0.038%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2140	+0.002%	$566K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2139	−0.065%	$116.5M	$76.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2138	−0.093%	$1.4M	$3.4M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2142	+0.070%	$410K	$569K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2138	−0.098%	$130.0M	$432.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2137	−0.131%	$88.8M	$194.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2138	−0.098%	$21.1M	$110.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2148	+0.360%	$28K	$320K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2141	+0.047%	$79K	$282K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2157	+0.815%	$94K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2137	−0.121%	$13.3M	$27.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2137	−0.126%	$40.9M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2138	−0.089%	$25.2M	$16.0M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2135	−0.234%	$48.3M	$61.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2137	−0.117%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2139	−0.052%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2142	+0.084%	$255K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2152	+0.543%	$359K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2140	0.000%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2142	+0.084%	$176K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2087	−2.463%	$1K	$928K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2137	−0.140%	$4K	$7K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2142	+0.093%	$265K	$837K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2138	−0.093%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2136	−0.175%	$1.7M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2139	−0.034%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2146	+0.285%	$14K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0195%	1h	0.2138	−0.090%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0299%	1h	0.2138	−0.098%	$416K	$478K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0754%	1h	0.2140	+0.010%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2137	−0.145%	$5.6M	$3.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2139	−0.063%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2140	+0.005%	$795K	$2.0M	50x	as long as short