Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.010%

Price spread now: Popdex against Bitget−0.654%55s7-day average +0.059% · 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—prices read too far apart to compare

costs, in and out, $10k−$440.444% of the position

Long on Bitget Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.006%+$1 on $10k

Price spread, last 4 days (all we have)+0.639%+$64 · spread now −0.654%, 7d avg +0.059%

Together, before fees+0.644%+$64 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 0.713% cheaper against Bitget than usual: you would sell low and buy high, −$71 on $10k if it goes back to its 7-day average of +0.059%. The two prices were read 55 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	Bitget ENAUSDT	0.2126	0.0100	pay 0.0050% / 4h	1h 56m	$48.4M	$58.5M	75x
Short	Popdex ENAUSDT	0.2112	0.0096	get 0.0012% / 1h	56m 44s	$54K	$501K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Bitget. 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 BitgetbpFee PopdexbpOrdersPrice spread, now −0.654%Rate

Funding earned: −$0.84
Price spread: −0.654% → +0.059%: −$71.29
Slippage, 4 orders: −$26.03
Fee Bitget: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$116.55
Costs to cover: 0.444%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Popdex: live order book, 7 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 Bitget live order book, 2 min ago	0.24 bp	11.4 bp −$11	18.9 bp −$189	doesn't fit	doesn't fit
Sell Popdex live order book, 7 min ago	2.35 bp	9.5 bp −$10	105.8 bp −$1,058	doesn't fit	doesn't fit

ENA on 41 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	0.2114	−0.541%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	−0.535%	$87K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2128	+0.103%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	+0.0028%	4h	0.2113	−0.597%	$44K	$27K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.118%	$522	$57K	5.5x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2112	−0.654%	$54K	$501K	50x
dYdX ENA-USD	+0.0097%	1h	0.2123	−0.136%	$140K	$15K	5x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.600%	$682K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2124	−0.103%	$114.2M	$71.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	−0.282%	$1.5M	$3.3M	50x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2125	−0.058%	$415K	$519K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2124	−0.080%	$130.7M	$428.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2128	+0.089%	$87.1M	$178.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2128	+0.085%	$20.8M	$104.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2121	−0.249%	$19K	$383K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2128	+0.099%	$79K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.771%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2126	0.000%	$11.1M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2128	+0.089%	$45.7M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	−0.174%	$24.7M	$15.8M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2126	long leg	$48.4M	$58.5M	75x
BingX ENA-USDT	+0.0100%	4h	0.2127	+0.066%	—	$32.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	+0.126%	$3.8M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.120%	$249K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.072%	$361K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	−0.042%	$32K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	−0.607%	$182K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.963%	$1K	$842K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2114	−0.560%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	−0.414%	$276K	$787K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	−0.513%	$1.8M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	+0.082%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	−0.560%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0128%	1h	0.2128	+0.078%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2121	−0.235%	$7K	$298K	10x	as long as short
Backpack ENA_USDC_PERP	+0.0192%	1h	0.2118	−0.381%	$380K	$363K	5x	as long as short
Lighter ENA	+0.0232%	1h	0.2127	+0.028%	$5.5M	$13.6M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2114	−0.558%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2116	−0.479%	$2.7M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.609%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2131	+0.254%	$838K	$1.6M	50x	as long as short