Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0140%/8h= −15.3% APRpaid last 24h −0.046%

Price spread now: Orderly against Arcus+0.014%7-day average — · you sell dearer than you buy

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

Long on Arcus Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus ENA-USD	0.2099	0.0100	pay 0.0013% / 1h	6m 51s	$78K	$275K	10x
Short	Orderly PERP_ENA_USDC	0.2099	−0.0040	pay 0.0020% / 4h	1h 06m	$44K	$25K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Arcus. 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 ArcusbpFee OrderlybpOrdersPrice spread, now +0.014%Rate

Funding earned: −$29.41
Price spread: +0.014% → 0.000%: $1.43
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$38.48
Costs to cover: 0.105%
Break-even: never at this rate

Slippage unknown: Arcus: live order book, 57 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 Arcus live order book, 57 min ago	7.05 bp	19.0 bp −$19	32.1 bp −$321	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
Orderly PERP_ENA_USDCshort	−0.0040%	4h	0.2099	+0.014%	$44K	$25K	10x
01 Exchange ENAUSD	−0.0008%	1h	0.2098	−0.033%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2100	+0.029%	$78K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2100	+0.048%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.162%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2098	−0.048%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2098	−0.068%	$659K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2101	+0.110%	$113.2M	$71.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2100	+0.058%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2100	+0.048%	$410K	$501K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2100	+0.033%	$128.4M	$415.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	+0.010%	$85.5M	$174.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2100	+0.048%	$20.7M	$101.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	+0.596%	$19K	$325K	5x	as long as short
Arcus ENA-USDlong	+0.0100%	1h	0.2099	long leg	$78K	$275K	10x
Bulk ENA-USD	+0.0100%	1h	0.2120	+1.000%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2099	+0.010%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	−0.010%	$45.6M	$42.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2101	+0.086%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2098	−0.057%	$47.7M	$57.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2099	+0.010%	—	$32.3M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2100	+0.057%	$372K	$360K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	+0.640%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2108	+0.430%	$243K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	+0.429%	$355K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2108	+0.429%	$22K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	+0.019%	$186K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.415%	$954	$838K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2099	0.000%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2102	+0.133%	$272K	$786K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2099	0.000%	$1.8M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	+0.056%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2098	−0.029%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2099	+0.005%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2106	+0.348%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2100	+0.058%	$51K	—	100x	as long as short
Lighter ENA	+0.0280%	1h	0.2102	+0.119%	$5.3M	$13.9M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0287%	1h	0.2101	+0.074%	$2.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2100	+0.033%	$5.6M	$3.0M	75x	as long as short
dYdX ENA-USD	+0.0394%	1h	0.2099	+0.023%	$139K	$15K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2098	−0.030%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2107	+0.372%	$858K	$1.5M	50x	as long as short