Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against edgeX−0.241%59s7-day average −0.050% · 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−$430.433% of the position

Long on edgeX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.007%−$1 on $10k

Price spread, last 4 days (all we have)+0.155%+$15 · spread now −0.241%, 7d avg −0.050%

Together, before fees+0.148%+ Points / potential airdropedgeX: Active · farm board+$15 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 0.191% cheaper against edgeX than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of −0.050%. The two prices were read 59 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	edgeX ENAUSDC	0.2107	0.0100	pay 0.0050% / 4h	3h 46m	$243K	$6.9M	20x
Short	Popdex ENAUSDT	0.2102	0.0096	get 0.0012% / 1h	46m 33s	$56K	$462K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against edgeX. 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 edgeXbpFee PopdexbpOrdersPrice spread, now −0.241%Rate

Funding earned: −$0.84
Price spread: −0.241% → −0.050%: −$19.12
Slippage, 4 orders: −$27.85
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$63.21
Costs to cover: 0.433%
Break-even: never at this rate

Slippage from edgeX: 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 edgeX live order book, 2 min ago	7.12 bp	11.6 bp −$12	13.1 bp −$131	44.9 bp −$4,486	doesn't fit
Sell Popdex live order book, 7 min ago	1.42 bp	10.3 bp −$10	101.8 bp −$1,018	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
Backpack ENA_USDC_PERP	−0.0247%	1h	0.2104	−0.165%	$361K	$402K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0085%	4h	0.2103	−0.208%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2104	−0.170%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2103	−0.171%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.775%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0062%	4h	0.2102	−0.231%	$11.1M	$22.2M	50x	as long as short
01 Exchange ENAUSD	+0.0088%	1h	0.2104	−0.165%	$4K	$277	10x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2102	−0.241%	$56K	$462K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2102	−0.244%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2102	−0.219%	$655K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2104	−0.150%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2103	−0.183%	$400K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2104	−0.160%	$127.9M	$414.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2103	−0.189%	$84.9M	$174.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2104	−0.132%	$20.9M	$103.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	−0.018%	$20K	$329K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	−0.146%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	+0.393%	$93K	$4K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2102	−0.217%	$45.7M	$40.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2104	−0.141%	$24.9M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2101	−0.288%	$47.8M	$57.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2102	−0.217%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2110	+0.157%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDClong	+0.0100%	4h	0.2107	long leg	$243K	$6.9M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2107	+0.002%	$353K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2107	−0.003%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2105	−0.108%	$177K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2053	−2.547%	$1K	$852K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2103	−0.193%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2106	−0.046%	$272K	$793K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2103	−0.193%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2101	−0.267%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	−0.169%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2113	+0.286%	$8K	$274K	10x	as long as short
Lighter ENA	+0.0144%	1h	0.2105	−0.117%	$5.2M	$13.2M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2104	−0.136%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2103	−0.191%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.245%	$5.5M	$3.0M	75x	as long as short
Hyperliquid ENA	+0.0396%	1h	0.2106	−0.032%	$114.8M	$74.0M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2103	−0.188%	$1K	$5K	15x	as long as short
dYdX ENA-USD	+0.0481%	1h	0.2103	−0.183%	$139K	$15K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2112	+0.210%	$863K	$1.7M	50x	as long as short