Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: Paradex against Injective+0.658%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Paradex is 0.658% dearer against Injective than usual: you sell high and buy low: +$66 more if the spread 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	Injective ENA/USDC PERP	0.2123	0.0033	pay 0.0004% / 1h	32m 37s	$522	$57K	5.5x
Short	Paradex ENA-USD-PERP	0.2137	0.0100	get 0.0100% / 8h	3h 32m	$48K	$221	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Injective. 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 InjectivebpFee ParadexbpOrdersPrice spread, now +0.658%Rate

Funding earned: $13.99
Price spread: +0.658% → 0.000%: $65.84
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Paradex: 2 bp × 2 orders: −$4
Net: $75.81
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Paradex: 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 Injective no order-book sample	—	—	—	—	—
Sell Paradex no order-book sample	—	—	—	—	—

Injective and Paradex: 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
Backpack ENA_USDC_PERP	−0.0429%	1h	0.2140	+0.758%	$368K	$493K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0123%	4h	0.2131	+0.363%	$42K	$23K	10x	as long as short
Phoenix ENA	0.0000%	1h	0.2131	+0.372%	$6K	$391K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2132	+0.405%	$95K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2131	+0.379%	$98K	—	150x	as long as short
Kraken Futures PF_ENAUSD	+0.0015%	1h	0.2132	+0.425%	$2.7M	$6.1M	50x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2139	+0.711%	$4K	$432	10x	as long as short
Injective ENA/USDC PERPlong	+0.0033%	1h	0.2123	long leg	$522	$57K	5.5x
Gate ENA_USDT	+0.0084%	4h	0.2137	+0.664%	$10.6M	$22.6M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2137	+0.640%	$58K	$551K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2137	+0.658%	$48K	$221	10x
Aster ENAUSDT	+0.0100%	4h	0.2140	+0.760%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2138	+0.700%	$411K	$611K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2137	+0.636%	$132.5M	$473.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2136	+0.612%	$90.7M	$196.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2138	+0.683%	$20.5M	$118.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2138	+0.692%	$20K	$452K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2138	+0.688%	$85K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2137	+0.632%	$90K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2138	+0.683%	$46.9M	$50.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2139	+0.725%	$23.8M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2136	+0.579%	$48.6M	$67.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2138	+0.669%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2127	+0.169%	$3.7M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2124	+0.047%	$253K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	+0.083%	$360K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2131	+0.358%	$31K	$716K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2130	+0.308%	$660K	$1.8M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2131	+0.348%	$187K	$3.1M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2081	−2.016%	$969	$794K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2131	+0.358%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2140	+0.796%	$277K	$1.7M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2135	+0.546%	$1.9M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2137	+0.624%	$1.7M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2132	+0.405%	$78K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0194% / S −0.0296%	1h	0.2131	+0.380%	$38K	—	100x	as long as short
Lighter ENA	+0.0320%	1h	0.2140	+0.805%	$5.8M	$13.5M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	+0.165%	$5.6M	$8.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2130	+0.292%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0456%	1h	0.2132	+0.429%	$815K	$2.4M	50x	as long as short
Hyperliquid ENA	+0.0598%	1h	0.2141	+0.843%	$114.0M	$80.3M	10x	as long as short
dYdX ENA-USD	+0.6222%	1h	0.2138	+0.673%	$141K	$12K	5x	as long as short