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: MEXC against Popdex+0.590%54s7-day average +0.012% · 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—prices read too far apart to compare

costs, in and out, $10k−$250.253% of the position

Long on Popdex Short on MEXC

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)−0.499%−$50 · spread now +0.590%, 7d avg +0.012%

Together, before fees−0.493%−$49 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: MEXC is 0.578% dearer against Popdex than usual: you sell high and buy low, +$58 on $10k if it goes back to its 7-day average of +0.012%. The two prices were read 54 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	0.2134	0.0096	pay 0.0012% / 1h	49m 36s	$53K	$488K	50x
Short	MEXC ENA_USDT	0.2147	0.0100	get 0.0050% / 4h	3h 49m	$39.8M	$42.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.590%Rate

Funding earned: $0.84
Price spread: +0.590% → +0.012%: $57.8
Slippage, 4 orders: −$18.94
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee MEXC: 0 bp × 2 orders: $0
Net: $33.31
Costs to cover: 0.253%
Break-even: from the start

Slippage from Popdex: live order book, 49 min ago; MEXC: live order book, 4 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, 49 min ago	2.62 bp	10.5 bp −$10	82.6 bp −$826	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.23 bp	2.0 bp −$2	10.0 bp −$100	41.5 bp −$4,148	70.3 bp −$35.1K

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
Phemex ENAUSDT	−0.0625%	4h	0.2142	+0.375%	$1.9M	$9.0M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0084%	4h	0.2138	+0.201%	$44K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0064%	1h	0.2147	+0.609%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2140	+0.272%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2137	+0.141%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.497%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2147	+0.619%	$5.0M	$12.6M	10x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2134	long leg	$53K	$488K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2146	+0.569%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2135	+0.045%	$572K	$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	0.2145	+0.525%	$116.5M	$75.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2145	+0.510%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2146	+0.562%	$414K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2146	+0.548%	$130.3M	$426.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2146	+0.562%	$89.4M	$192.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2147	+0.600%	$21.5M	$109.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2133	−0.066%	$33K	$314K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2147	+0.609%	$80K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.351%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2147	+0.600%	$13.5M	$26.8M	50x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2147	+0.590%	$39.8M	$42.6M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2148	+0.637%	$25.3M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2145	+0.497%	$48.6M	$60.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2146	+0.581%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2135	+0.065%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2131	−0.125%	$258K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2132	−0.094%	$363K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2132	−0.094%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2135	+0.052%	$176K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2086	−2.259%	$1K	$914K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2139	+0.234%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2146	+0.572%	$268K	$807K	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2146	+0.568%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2139	+0.234%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2133	−0.052%	$13K	$267K	10x	as long as short
dYdX ENA-USD	+0.0159%	1h	0.2137	+0.128%	$141K	$16K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0195%	1h	0.2140	+0.281%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0754%	1h	0.2139	+0.211%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2136	+0.080%	$5.6M	$3.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2135	+0.064%	$1K	—	15x	as long as short
Backpack ENA_USDC_PERP	+0.0445%	1h	0.2145	+0.511%	$415K	$481K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2142	+0.366%	$805K	$2.0M	50x	as long as short