Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0113%/8h= −12.3% APRpaid last 24h −0.024%

Price spread now: Orderly against gTrade (Gains Network)−0.008%63s7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Orderly

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$3 a day on $10k at the current rate. The two prices were read 63 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	gTrade (Gains Network) ENA/USD	0.2121	L +0.0004% / S −0.0004%	pay 0.0000% / 1h	15m 51s	$82K	—	150x
Short	Orderly PERP_ENA_USDC	0.2121	−0.0109	pay 0.0055% / 4h	1h 15m	$44K	$26K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee OrderlybpOrdersPrice spread, now −0.008%Rate

Funding earned: −$23.68
Price spread: −0.008% → 0.000%: −$0.8
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$40.48
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: gTrade (Gains Network): no order-book sample; Orderly: 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

gTrade (Gains Network) and Orderly: 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_USDCshort	−0.0109%	4h	0.2121	−0.008%	$44K	$26K	10x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2122	+0.049%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USDlong	L +0.0004% / S −0.0004%	1h	0.2121	long leg	$82K	—	150x
01 Exchange ENAUSD	+0.0008%	1h	0.2123	+0.058%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.091%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2122	+0.025%	$55K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2122	+0.003%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2121	−0.001%	$562K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2125	+0.162%	$115.2M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2123	+0.077%	$1.4M	$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	0.2123	+0.054%	$402K	$546K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2123	+0.071%	$128.6M	$428.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2122	+0.001%	$91.0M	$187.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2123	+0.067%	$21.3M	$108.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2123	+0.072%	$33K	$330K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2122	+0.025%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2128	+0.314%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2123	+0.067%	$12.5M	$26.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2122	+0.049%	$37.9M	$43.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2124	+0.105%	$24.9M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2121	−0.017%	$48.1M	$60.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2123	+0.058%	—	$31.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2125	+0.151%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2126	+0.195%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2127	+0.252%	$355K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2128	+0.308%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	+0.034%	$185K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2072	−2.337%	$1K	$904K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2123	+0.072%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2125	+0.162%	$266K	$820K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2121	−0.022%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2121	−0.004%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	+0.045%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2128	+0.308%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0176%	1h	0.2124	+0.129%	$5.0M	$13.5M	10x	as long as short
dYdX ENA-USD	+0.0215%	1h	0.2122	+0.016%	$140K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2122	+0.019%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2123	+0.058%	$5.6M	$3.2M	75x	as long as short
Backpack ENA_USDC_PERP	+0.0408%	1h	0.2123	+0.091%	$394K	$437K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2121	−0.038%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0444%	1h	0.2123	+0.082%	$2.6M	$4.4M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2135	+0.661%	$881K	$1.8M	50x	as long as short