Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Nado against SoDEX−0.081%47s7-day average — · you buy dearer than you sell

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

Long on SoDEX Short on Nado

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—+ Points / potential airdropNado: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.081% cheaper against SoDEX than usual: you would sell low and buy high, −$8 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 47 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	SoDEX ENA-USD	0.2108	0.0100	pay 0.0013% / 1h	29m 22s	$4K	$7K	10x
Short	Nado ENA-PERP	0.2106	0.0100	get 0.0012% / 1h	29m 22s	$655K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against SoDEX. 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 SoDEXbpFee NadobpOrdersPrice spread, now −0.081%Rate

Funding earned: $0
Price spread: −0.081% → 0.000%: −$8.06
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$23.06
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Nado: live order book, 4 min ago. 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 SoDEX no order-book sample	—	—	—	—	—
Sell Nado live order book, 4 min ago	0.24 bp	8.1 bp −$8	19.3 bp −$193	doesn't fit	doesn't fit

SoDEX: 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
Backpack ENA_USDC_PERP	−0.0108%	1h	0.2109	+0.043%	$360K	$403K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0102%	4h	0.2105	−0.119%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2107	−0.071%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2106	−0.072%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.731%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0048%	1h	0.2107	−0.028%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	−0.095%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2101	−0.320%	$47K	$110	10x	as long as short
Nado ENA-PERPshort	+0.0100%	1h	0.2106	−0.081%	$655K	$1.7M	10x
Aster ENAUSDT	+0.0100%	4h	0.2107	−0.031%	$1.5M	$3.2M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2108	+0.016%	$401K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2107	−0.071%	$127.8M	$413.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2106	−0.095%	$85.2M	$174.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2106	−0.076%	$21.0M	$103.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	−0.398%	$22K	$332K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	0.000%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.474%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2107	−0.071%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	−0.062%	$45.7M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2108	−0.019%	$24.9M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	−0.166%	$47.8M	$57.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2106	−0.076%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2109	+0.066%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	−0.127%	$242K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	+0.048%	$354K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2109	+0.047%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2107	−0.028%	$192K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2058	−2.381%	$1K	$852K	20x	as long as short
SoDEX ENA-USDlong	+0.0100%	1h	0.2108	long leg	$4K	$7K	10x
HTX ENA-USDT	+0.0100%	4h	0.2116	+0.394%	$274K	$789K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2109	+0.047%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2106	−0.081%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	−0.089%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2111	+0.133%	$8K	$274K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0173%	1h	0.2109	+0.064%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0216%	1h	0.2110	+0.104%	$5.2M	$13.3M	10x	as long as short
Hyperliquid ENA	+0.0240%	1h	0.2108	−0.005%	$114.6M	$74.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2107	−0.057%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	+0.104%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.097%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2114	+0.308%	$865K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1071%	1h	0.2108	+0.015%	$139K	$15K	5x	as long as short