Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Binance against Ondo Perps+0.268%56s7-day average −0.040% · you sell dearer than you buy

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

Long on Ondo Perps Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.030%−$3 on $10k

Price spread, last 4 days (all we have)−0.161%−$16 · spread now +0.268%, 7d avg −0.040%

Together, before fees−0.191%+ Points / potential airdropOndo Perps: Active · farm board−$19 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: Binance is 0.308% dearer against Ondo Perps than usual: you sell high and buy low, +$31 on $10k if it goes back to its 7-day average of −0.040%. The two prices were read 56 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	Ondo Perps ENA-USD.P	0.2119	0.0100	pay 0.0013% / 1h	18m 44s	$15K	$399K	5x
Short	Binance ENAUSDT	0.2124	0.0100	get 0.0050% / 4h	18m 44s	$131.2M	$451.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Ondo Perps. 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 Ondo PerpsbpFee BinancebpOrdersPrice spread, now +0.268%Rate

Funding earned: $0
Price spread: +0.268% → −0.040%: $30.82
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Binance: 5 bp × 2 orders: −$10
Net: $15.82
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; Binance: live order book, 10 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Binance live order book, 10 min ago	0.23 bp	6.5 bp −$7	16.8 bp −$168	57.5 bp −$5,749	doesn't fit

Ondo Perps: 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_USDC	−0.0005%	4h	0.2125	+0.307%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2126	+0.340%	$93K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2125	+0.284%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.217%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0044%	1h	0.2126	+0.354%	$377K	$446K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	+0.245%	$61K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	+0.260%	$681K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2125	+0.281%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2123	+0.176%	$410K	$561K	10x	as long as short
Binance ENAUSDTshort	+0.0100%	4h	0.2124	+0.268%	$131.2M	$451.0M	75x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2125	+0.274%	$89.3M	$189.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2125	+0.283%	$20.6M	$111.1M	50x	as long as short
Ondo Perps ENA-USD.Plong	+0.0100%	1h	0.2119	long leg	$15K	$399K	5x
Arcus ENA-USD	+0.0100%	1h	0.2124	+0.245%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2121	+0.104%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2125	+0.283%	$10.9M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2125	+0.283%	$46.5M	$45.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2126	+0.326%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2123	+0.208%	$48.1M	$63.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2125	+0.278%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2120	+0.069%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.147%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	−0.074%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	−0.085%	$34K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2125	+0.311%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2074	−2.119%	$1K	$826K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2125	+0.293%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2127	+0.382%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2125	+0.293%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2122	+0.142%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2126	+0.325%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2118	−0.033%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2125	+0.311%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0208%	1h	0.2124	+0.255%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2126	+0.321%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2125	+0.291%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2125	+0.288%	$5.6M	$6.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	+0.259%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0528%	1h	0.2127	+0.401%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2120	+0.042%	$837K	$2.0M	50x	as long as short
Hyperliquid ENA	+0.0758%	1h	0.2128	+0.439%	$114.6M	$78.3M	10x	as long as short
dYdX ENA-USD	+0.1536%	1h	0.2121	+0.105%	$140K	$15K	5x	as long as short