Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h 0.000%

Price spread now: OKX against Popdex+0.038%7-day average −0.004% · 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−$28as in the Price arb table

costs, in and out, $10k−$330.326% of the position

Long on Popdex Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.008%−$1 on $10k

Price spread, last 4 days (all we have)+0.030%+$3 · spread now +0.038%, 7d avg −0.004%

Together, before fees+0.023%+$2 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: OKX is 0.041% dearer against Popdex than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2125	0.0096	pay 0.0012% / 1h	50m 10s	$63K	$525K	50x
Short	OKX ENA-USDT-SWAP	0.2126	0.0100	get 0.0050% / 4h	50m 10s	$20.6M	$112.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.038%Rate

Funding earned: $0.84
Price spread: +0.038% → −0.004%: $4.14
Slippage, 4 orders: −$16.16
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee OKX: 5 bp × 2 orders: −$10
Net: −$27.58
Costs to cover: 0.326%
Break-even: 236.8 days

Slippage from Popdex: live order book, 29 min ago; OKX: 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, 29 min ago	1.19 bp	7.7 bp −$8	60.4 bp −$604	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.23 bp	8.9 bp −$9	17.4 bp −$174	87.2 bp −$8,721	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	−0.0029%	4h	0.2125	−0.009%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2126	+0.047%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2126	+0.024%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.075%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0053%	1h	0.2127	+0.085%	$375K	$447K	5x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2125	long leg	$63K	$525K	50x
Nado ENA-PERP	+0.0100%	1h	0.2125	+0.024%	$683K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2126	+0.033%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2125	−0.019%	$411K	$573K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2126	+0.033%	$131.4M	$455.5M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2125	+0.014%	$89.3M	$190.9M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2126	+0.038%	$20.6M	$112.1M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2128	+0.155%	$15K	$403K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	+0.047%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2125	+0.022%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2125	+0.019%	$10.9M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2126	+0.028%	$47.0M	$45.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2126	+0.066%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2125	−0.009%	$48.2M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2125	+0.024%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	−0.052%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.424%	$251K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2116	−0.424%	$351K	$4.6M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2126	+0.038%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2074	−2.381%	$1K	$822K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2125	0.000%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2136	+0.527%	$277K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2125	0.000%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2125	+0.004%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2126	+0.043%	$78K	$11K	3x	as long as short
ApeX Omni ENAUSDT	+0.0131%	1h	0.2128	+0.141%	$32K	$712K	50x	as long as short
01 Exchange ENAUSD	+0.0160%	1h	0.2127	+0.108%	$4K	$312	10x	as long as short
Phoenix ENA	+0.0189%	1h	0.2115	−0.452%	$6K	$347K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2126	+0.047%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2125	+0.004%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2124	−0.038%	$5.6M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2125	−0.012%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2125	−0.013%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2135	+0.447%	$843K	$2.1M	50x	as long as short
Lighter ENA	+0.0592%	1h	0.2128	+0.160%	$5.7M	$12.8M	10x	as long as short
Hyperliquid ENA	+0.0765%	1h	0.2130	+0.216%	$114.4M	$78.8M	10x	as long as short
dYdX ENA-USD	+0.1677%	1h	0.2125	+0.014%	$140K	$15K	5x	as long as short