Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Ondo Perps against Binance−0.081%7-day average +0.041% · you buy dearer than you sell

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

Long on Binance Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 4 days (all we have)−0.093%−$9 · spread now −0.081%, 7d avg +0.041%

Together, before fees−0.063%+ Points / potential airdropOndo Perps: Active · farm board−$6 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: Ondo Perps is 0.122% cheaper against Binance than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2107	0.0100	pay 0.0050% / 4h	1h 05m	$130.3M	$454.9M	75x
Short	Ondo Perps ENA-USD.P	0.2105	0.0100	get 0.0013% / 1h	5m 19s	$15K	$398K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Binance. 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 BinancebpFee Ondo PerpsbpOrdersPrice spread, now −0.081%Rate

Funding earned: $0
Price spread: −0.081% → +0.041%: −$12.17
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$27.17
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 8 min ago; Ondo Perps: 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 Binance live order book, 8 min ago	0.24 bp	8.1 bp −$8	13.8 bp −$138	53.0 bp −$5,296	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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_USDC	−0.0038%	4h	0.2106	−0.033%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0004%	1h	0.2109	+0.081%	$372K	$447K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2107	+0.014%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2108	+0.034%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.774%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2109	+0.080%	$2.7M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2107	−0.005%	$62K	$530K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2107	0.000%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2107	−0.019%	$663K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2109	+0.087%	$1.5M	$3.3M	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	+0.054%	$408K	$575K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2107	long leg	$130.3M	$454.9M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.028%	$87.9M	$190.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	+0.028%	$20.4M	$111.5M	50x	as long as short
Ondo Perps ENA-USD.Pshort	+0.0100%	1h	0.2105	−0.081%	$15K	$398K	5x
Arcus ENA-USD	+0.0100%	1h	0.2108	+0.043%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	−0.372%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2107	−0.005%	$10.7M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	−0.009%	$46.6M	$47.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2108	+0.028%	$24.0M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2106	−0.047%	$47.7M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2107	0.000%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2109	+0.108%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2108	+0.030%	$250K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2105	−0.081%	$358K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2109	+0.090%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2108	+0.024%	$177K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2056	−2.420%	$1K	$818K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	−0.005%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.446%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2107	−0.005%	$2.0M	$9.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	−0.005%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2109	+0.114%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0144%	1h	0.2108	+0.028%	$4K	$312	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0248% / S −0.0430%	1h	0.2107	+0.005%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2107	+0.005%	$5.5M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2107	−0.022%	$1.6M	$4.1M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.040%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0552%	1h	0.2110	+0.142%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2113	+0.266%	$835K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0583%	1h	0.2110	+0.152%	$111.4M	$78.5M	10x	as long as short
dYdX ENA-USD	+0.1986%	1h	0.2107	−0.016%	$139K	$15K	5x	as long as short