Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against KuCoin−0.127%7-day average −0.029% · 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−$66as in the Price arb table

costs, in and out, $10k−$560.558% of the position

Long on KuCoin Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.063%+$6 · spread now −0.127%, 7d avg −0.029%

Together, before fees+0.060%+$6 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 0.099% cheaper against KuCoin than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2118	0.0100	pay 0.0050% / 4h	10m 09s	$24.9M	$15.8M	75x
Short	Popdex ENAUSDT	0.2115	0.0096	get 0.0012% / 1h	10m 09s	$53K	$484K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against KuCoin. 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 KuCoinbpFee PopdexbpOrdersPrice spread, now −0.127%Rate

Funding earned: −$0.84
Price spread: −0.127% → −0.029%: −$9.9
Slippage, 4 orders: −$37.38
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$66.52
Costs to cover: 0.558%
Break-even: never at this rate

Slippage from KuCoin: live order book, 9 min ago; Popdex: live order book, 29 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 KuCoin live order book, 9 min ago	2.37 bp	14.8 bp −$15	33.4 bp −$334	doesn't fit	doesn't fit
Sell Popdex live order book, 29 min ago	2.62 bp	10.5 bp −$10	91.4 bp −$914	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
Orderly PERP_ENA_USDC	−0.0084%	4h	0.2118	+0.014%	$44K	$17K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2117	−0.054%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2116	−0.094%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.269%	$522	$57K	5.5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0033%	1h	0.2118	+0.019%	$54K	$1.1M	50x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2115	−0.127%	$53K	$484K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	−0.299%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2114	−0.153%	$565K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2119	+0.047%	$114.9M	$74.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2117	−0.042%	$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	0.2114	−0.192%	$408K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2117	−0.019%	$128.9M	$424.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2116	−0.076%	$90.8M	$187.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	−0.033%	$21.1M	$107.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2109	−0.416%	$33K	$310K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2116	−0.080%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2105	−0.600%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2117	−0.014%	$13.0M	$27.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2118	+0.005%	$39.6M	$43.2M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2118	long leg	$24.9M	$15.8M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2115	−0.104%	$48.0M	$59.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2117	−0.038%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2118	+0.028%	$410K	$483K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2108	−0.473%	$3.0M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2108	−0.479%	$254K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2111	−0.316%	$357K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2112	−0.269%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	−0.033%	$182K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2066	−2.451%	$1K	$909K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	−0.033%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.227%	$267K	$808K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	−0.080%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2116	−0.095%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2117	−0.028%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0136%	1h	0.2119	+0.085%	$5.0M	$13.9M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0148%	1h	0.2118	+0.032%	$2.6M	$4.3M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2111	−0.307%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0754%	1h	0.2117	−0.045%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	−0.368%	$5.5M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2116	−0.084%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2098	−0.935%	$867K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0869%	1h	0.2113	−0.243%	$140K	$16K	5x	as long as short