Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: Bitget against Ondo Perps+0.196%7-day average −0.096% · you sell dearer than you buy

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

Long on Ondo Perps Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 4 days (all we have)−0.220%−$22 · spread now +0.196%, 7d avg −0.096%

Together, before fees−0.229%+ Points / potential airdropOndo Perps: Active · farm board−$23 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: Bitget is 0.292% dearer against Ondo Perps than usual: you sell high and buy low, +$29 on $10k if it goes back to its 7-day average of −0.096%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ENA-USD.P	0.2097	0.0100	pay 0.0013% / 1h	3m 17s	$33K	$316K	5x
Short	Bitget ENAUSDT	0.2101	0.0100	get 0.0050% / 4h	1h 03m	$47.6M	$59.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Ondo Perps. 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 Ondo PerpsbpFee BitgetbpOrdersPrice spread, now +0.196%Rate

Funding earned: $0
Price spread: +0.196% → −0.096%: $29.2
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bitget: 6 bp × 2 orders: −$12
Net: $12.2
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; Bitget: live order book, 1 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 Bitget live order book, 1 min ago	0.95 bp	11.2 bp −$11	15.5 bp −$155	doesn't fit	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	−0.0100%	4h	0.2103	+0.267%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2104	+0.315%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2100	+0.162%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2105	+0.377%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.259%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2104	+0.334%	$54K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2104	+0.325%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2104	+0.312%	$557K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2104	+0.339%	$113.7M	$75.5M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	+0.331%	$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	0.2105	+0.362%	$399K	$542K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2104	+0.315%	$127.4M	$426.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2102	+0.238%	$90.3M	$187.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2104	+0.324%	$21.1M	$107.0M	50x	as long as short
Ondo Perps ENA-USD.Plong	+0.0100%	1h	0.2097	long leg	$33K	$316K	5x
Arcus ENA-USD	+0.0100%	1h	0.2104	+0.334%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	+1.189%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2103	+0.300%	$12.5M	$26.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2104	+0.310%	$38.0M	$43.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2104	+0.324%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2101	+0.196%	$47.6M	$59.7M	75x
BingX ENA-USDC	+0.0100%	4h	0.2103	+0.281%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2113	+0.757%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2109	+0.566%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	+0.525%	$361K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2108	+0.525%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2104	+0.353%	$182K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2053	−2.103%	$931	$902K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2103	+0.286%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2108	+0.534%	$265K	$825K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2104	+0.334%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2102	+0.243%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	+0.310%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2112	+0.720%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0136%	1h	0.2105	+0.401%	$5.0M	$13.8M	10x	as long as short
Backpack ENA_USDC_PERP	+0.0186%	1h	0.2104	+0.353%	$390K	$437K	5x	as long as short
dYdX ENA-USD	+0.0268%	1h	0.2105	+0.383%	$139K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0753%	1h	0.2103	+0.269%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	+0.229%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2102	+0.234%	$1K	—	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0448%	1h	0.2105	+0.361%	$2.6M	$4.4M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2105	+0.391%	$868K	$1.8M	50x	as long as short