Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against Binance−0.195%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$410.408% of the position

Long on Binance Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.006%−$1 on $10k

Price spread, last 4 days (all we have)+0.099%+$10 · spread now −0.195%, 7d avg −0.009%

Together, before fees+0.094%+$9 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: Popdex is 0.186% cheaper against Binance than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2155	0.0100	pay 0.0050% / 4h	3h 26m	$133.8M	$444.4M	75x
Short	Popdex ENAUSDT	0.2151	0.0096	get 0.0012% / 1h	26m 10s	$63K	$519K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.195%Rate

Funding earned: −$0.84
Price spread: −0.195% → −0.009%: −$18.63
Slippage, 4 orders: −$24.4
Fee Binance: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$60.27
Costs to cover: 0.408%
Break-even: never at this rate

Slippage from Binance: live order book, 3 min ago; Popdex: live order book, 48 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 Binance live order book, 3 min ago	0.23 bp	7.3 bp −$7	15.2 bp −$152	58.5 bp −$5,853	doesn't fit
Sell Popdex live order book, 48 min ago	4.94 bp	14.8 bp −$15	96.0 bp −$960	doesn't fit	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
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2156	+0.017%	$98K	—	150x	as long as short
dYdX ENA-USD	+0.0024%	1h	0.2149	−0.272%	$142K	$15K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0028%	1h	0.2156	+0.046%	$80K	$1.7M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.476%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2155	−0.009%	$42K	$23K	10x	as long as short
Backpack ENA_USDC_PERP	+0.0086%	1h	0.2156	+0.037%	$383K	$416K	5x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2151	−0.195%	$63K	$519K	50x
Nado ENA-PERP	+0.0100%	1h	0.2152	−0.158%	$714K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2156	+0.014%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2150	−0.235%	$422K	$549K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDTlong	+0.0100%	4h	0.2155	long leg	$133.8M	$444.4M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2155	−0.014%	$89.0M	$187.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2154	−0.037%	$21.2M	$111.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2147	−0.399%	$15K	$410K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2152	−0.148%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2143	−0.566%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2156	+0.023%	$11.0M	$21.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2155	−0.028%	$46.3M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2157	+0.107%	$24.8M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2153	−0.088%	$48.8M	$61.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2154	−0.056%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2155	−0.010%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2136	−0.903%	$250K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−1.464%	$357K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2140	−0.705%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2154	−0.079%	$187K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2100	−2.547%	$1K	$830K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2156	+0.037%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2164	+0.408%	$281K	$1.2M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2154	−0.056%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2151	−0.214%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2156	+0.052%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2144	−0.543%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0216%	1h	0.2152	−0.130%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0232%	1h	0.2157	+0.098%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2156	+0.041%	$1.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2155	−0.005%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2146	−0.413%	$5.6M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2153	−0.094%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2143	−0.548%	$848K	$1.8M	50x	as long as short
Lighter ENA	+0.0744%	1h	0.2159	+0.158%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0752%	1h	0.2155	0.000%	$116.2M	$75.5M	10x	as long as short