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 BingX+0.089%7-day average — · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$560.563% of the position

Long on BingX Short on Popdex

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Popdex is 0.089% dearer against BingX than usual: you sell high and buy low, +$9 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDC	0.2143	0.0100	pay 0.0050% / 4h	3h 27m	—	$6.5M	—
Short	Popdex ENAUSDT	0.2145	0.0096	get 0.0012% / 1h	27m 23s	$63K	$520K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against BingX. 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 BingXbpFee PopdexbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$0.84
Price spread: +0.089% → 0.000%: $8.87
Slippage, 4 orders: −$39.92
Fee BingX: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$48.3
Costs to cover: 0.563%
Break-even: never at this rate

Slippage from BingX: live order book, 8 min ago; Popdex: live order book, 47 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 BingX live order book, 8 min ago	0.71 bp	14.2 bp −$14	24.4 bp −$244	72.5 bp −$7,252	527.2 bp −$263.6K
Sell Popdex live order book, 47 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2141	−0.112%	$80K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2145	+0.088%	$98K	—	150x	as long as short
dYdX ENA-USD	+0.0024%	1h	0.2139	−0.172%	$141K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0032%	4h	0.2140	−0.154%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.919%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0058%	1h	0.2140	−0.145%	$380K	$416K	5x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2145	+0.089%	$63K	$520K	50x
Nado ENA-PERP	+0.0100%	1h	0.2146	+0.119%	$712K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2143	0.000%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2141	−0.085%	$421K	$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 ENAUSDT	+0.0100%	4h	0.2145	+0.074%	$133.1M	$444.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2146	+0.131%	$88.7M	$187.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2146	+0.126%	$21.0M	$110.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2141	−0.117%	$15K	$409K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2145	+0.089%	$106K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2143	−0.005%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2141	−0.084%	$10.9M	$20.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2146	+0.145%	$46.1M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2147	+0.196%	$24.7M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2145	+0.079%	$48.7M	$61.6M	75x	as long as short
BingX ENA-USDClong	+0.0100%	4h	0.2143	long leg	—	$6.5M	—
Variational Omni ENA	+0.0100%	4h	0.2123	−0.923%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2136	−0.343%	$250K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.908%	$357K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2140	−0.145%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2146	+0.149%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2089	−2.529%	$1K	$830K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2139	−0.191%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2142	−0.056%	$278K	$1.2M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2139	−0.191%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2140	−0.138%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2140	−0.145%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2144	+0.019%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0216%	1h	0.2147	+0.159%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0233%	1h	0.2140	−0.139%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0272%	1h	0.2143	−0.005%	$1.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0332% / S −0.0430%	1h	0.2144	+0.058%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2141	−0.093%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2146	+0.113%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2143	+0.014%	$848K	$1.8M	50x	as long as short
Lighter ENA	+0.0712%	1h	0.2144	+0.042%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0745%	1h	0.2149	+0.280%	$115.9M	$75.4M	10x	as long as short