Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0142%/8h= −15.5% APRpaid last 24h −0.011%

Price spread now: Bitget against Nado+0.017%7-day average −0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$380.383% of the position

Long on Nado Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.029%−$3 on $10k

Price spread, last 7 days+0.275%+$28 · spread now +0.017%, 7d avg −0.074%

Together, before fees+0.246%+ Points / potential airdropNado: Active · farm board+$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.090% dearer against Nado than usual: you sell high and buy low (spread +0.017% now, against its 7-day average of −0.074%): +$9 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.1 days. At the pace of the last 4 days (−0.029% in total) that is about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ENA-PERP	0.2111	0.0100	pay 0.0012% / 1h	56m 52s	$586K	$1.7M	10x
Short	Bitget ENAUSDT	0.2111	−0.0042	pay 0.0021% / 4h	1h 56m	$47.6M	$56.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Nado. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 NadobpFee BitgetbpOrdersPrice spread, now +0.017%Rate

Funding earned: −$29.82
Price spread: +0.017% → −0.074%: $9.02
Slippage, 4 orders: −$19.31
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$59.11
Costs to cover: 0.383%
Break-even: never at this rate

Slippage from Nado: live order book, 5 min ago; Bitget: live order book, 5 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 Nado live order book, 5 min ago	1.42 bp	6.9 bp −$7	17.4 bp −$174	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	0.48 bp	10.9 bp −$11	14.9 bp −$149	46.0 bp −$4,596	doesn't fit

ENA on 42 exchanges

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	−0.0182%	4h	0.2112	+0.069%	$44K	$14K	10x	as long as short
01 Exchange ENAUSD	−0.0168%	1h	0.2110	−0.002%	$4K	$60	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0132%	1h	0.2113	+0.103%	$2.6M	$4.1M	50x	as long as short
Bitget ENAUSDTshort	−0.0042%	4h	0.2111	+0.017%	$47.6M	$56.8M	75x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2113	+0.130%	$105K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	+0.120%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+0.538%	$734	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2114	+0.187%	$5.0M	$12.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2111	+0.021%	$57K	$390K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	+0.008%	$47K	—	10x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERPlong	+0.0100%	1h	0.2111	long leg	$586K	$1.7M	10x
Hyperliquid ENA	+0.0100%	1h	0.2113	+0.111%	$114.0M	$78.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2112	+0.084%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	+0.007%	$389K	$527K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2112	+0.069%	$127.1M	$409.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2112	+0.064%	$86.7M	$185.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2112	+0.069%	$20.9M	$101.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	+0.230%	$27K	$333K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2112	+0.069%	$79K	$236K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2114	+0.187%	$103K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2112	+0.045%	$13.7M	$26.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	+0.031%	$42.4M	$40.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2112	+0.092%	$25.0M	$15.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2112	+0.050%	—	$30.2M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2105	−0.284%	$3.0M	$8.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	−0.284%	$244K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	+0.211%	$362K	$4.4M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.258%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.040%	$167K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.315%	$1K	$919K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2112	+0.069%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.306%	$265K	$782K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2112	+0.069%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2110	−0.009%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	+0.140%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0112%	1h	0.2115	+0.211%	$13K	$278K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0756%	1h	0.2113	+0.125%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2113	+0.097%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2110	−0.011%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0480%	1h	0.2120	+0.452%	$781K	$1.9M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0586%	1h	0.2113	+0.102%	$406K	$474K	5x	as long as short
dYdX ENA-USD	+0.0600%	1h	0.2112	+0.090%	$140K	$15K	5x	as long as short