Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.045%

Price spread now: Orderly against Popdex−0.093%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Popdex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.093% cheaper against Popdex than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2161	0.0096	pay 0.0012% / 1h	12m 44s	$52K	$517K	50x
Short	Orderly PERP_ENA_USDC	0.2159	0.0032	get 0.0016% / 4h	3h 12m	$42K	$23K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.093%Rate

Funding earned: −$13.39
Price spread: −0.093% → 0.000%: −$9.25
Slippage, 4 orders: no order book: not counted
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$35.04
Costs to cover: 0.124%
Break-even: never at this rate

Slippage unknown: Popdex: live order book, 61 min ago; Orderly: no order-book sample. Net counts fees only.

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, 61 min ago	4.94 bp	11.2 bp −$11	58.8 bp −$588	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2160	−0.032%	$81K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2160	−0.039%	$104K	—	150x	as long as short
Orderly PERP_ENA_USDCshort	+0.0032%	4h	0.2159	−0.093%	$42K	$23K	10x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.740%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0065%	1h	0.2162	+0.035%	$143K	$15K	5x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2161	long leg	$52K	$517K	50x
Nado ENA-PERP	+0.0100%	1h	0.2160	−0.032%	$714K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2162	+0.051%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2161	−0.009%	$426K	$553K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2159	−0.073%	$134.8M	$442.9M	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	0.2158	−0.134%	$88.9M	$187.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2159	−0.111%	$21.2M	$110.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2156	−0.245%	$16K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2161	0.000%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2150	−0.505%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2159	−0.074%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2160	−0.056%	$46.0M	$44.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2161	+0.019%	$24.8M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2155	−0.255%	$48.8M	$61.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2159	−0.083%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2162	+0.037%	$384K	$398K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2157	−0.175%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2159	−0.105%	$250K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2159	−0.093%	$366K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2159	−0.093%	$33K	$686K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2162	+0.032%	$181K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2109	−2.383%	$1K	$834K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2161	0.000%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2163	+0.093%	$280K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2160	−0.046%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2160	−0.056%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2160	−0.036%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2162	+0.042%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0176%	1h	0.2160	−0.028%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0231%	1h	0.2162	+0.052%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0328%	1h	0.2159	−0.099%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0334% / S −0.0430%	1h	0.2160	−0.054%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2160	−0.023%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2160	−0.032%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2165	+0.176%	$857K	$1.8M	50x	as long as short
Lighter ENA	+0.0736%	1h	0.2162	+0.028%	$5.9M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0778%	1h	0.2163	+0.083%	$117.6M	$74.7M	10x	as long as short