Funding arb · Price arb /

ENA

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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: KuCoin against Popdex−0.437%55s7-day average +0.028% · 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—prices read too far apart to compare

costs, in and out, $10k−$540.537% of the position

Long on Popdex Short on KuCoin

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)+0.508%+$51 · spread now −0.437%, 7d avg +0.028%

Together, before fees+0.514%+$51 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: KuCoin is 0.465% cheaper against Popdex than usual: you would sell low and buy high, −$47 on $10k if it goes back to its 7-day average of +0.028%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2128	0.0096	pay 0.0012% / 1h	34m 48s	$57K	$466K	50x
Short	KuCoin ENAUSDTM	0.2119	0.0100	get 0.0050% / 4h	2h 34m	$24.7M	$15.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.437%Rate

Funding earned: $0.84
Price spread: −0.437% → +0.028%: −$46.52
Slippage, 4 orders: −$35.34
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$99.41
Costs to cover: 0.537%
Break-even: 835.4 days

Slippage from Popdex: live order book, 14 min ago; KuCoin: live order book, 9 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, 14 min ago	1.66 bp	11.3 bp −$11	67.0 bp −$670	doesn't fit	doesn't fit
Sell KuCoin live order book, 9 min ago	4.03 bp	15.7 bp −$16	33.9 bp −$339	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	−0.0143%	4h	0.2127	−0.061%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2129	+0.028%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	−0.028%	$74K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2127	−0.032%	$82K	—	150x	as long as short
Gate ENA_USDT	+0.0018%	4h	0.2120	−0.371%	$11.1M	$23.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.216%	$522	$57K	5.5x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2128	long leg	$57K	$466K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.538%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2128	−0.005%	$659K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2120	−0.384%	$115.1M	$74.3M	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	0.2119	−0.407%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	−0.510%	$397K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	−0.555%	$128.3M	$417.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	−0.602%	$85.5M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	−0.569%	$21.2M	$104.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2104	−1.123%	$20K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2127	−0.047%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	−0.752%	$93K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	−0.583%	$46.8M	$41.0M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2119	−0.437%	$24.7M	$15.5M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2117	−0.493%	$48.1M	$58.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2120	−0.362%	—	$31.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2122	−0.300%	$3.1M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.547%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2118	−0.470%	$353K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	−0.470%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	+0.019%	$190K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.434%	$1K	$869K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	−0.047%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2130	+0.094%	$269K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2126	−0.094%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2120	−0.379%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	−0.062%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2121	−0.338%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0162%	1h	0.2128	−0.006%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0216%	1h	0.2119	−0.418%	$5.2M	$13.0M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0358%	1h	0.2127	−0.041%	$71K	—	100x	as long as short
dYdX ENA-USD	+0.0316%	1h	0.2117	−0.498%	$140K	$16K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	−0.005%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2128	−0.008%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0605%	1h	0.2125	−0.117%	$360K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2131	+0.132%	$872K	$1.7M	50x	as long as short