Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Nado against Ondo Perps−0.088%7-day average −0.010% · you buy dearer than you sell

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

Long on Ondo Perps Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.020%+$2 on $10k

Price spread, last 4 days (all we have)+0.312%+$31 · spread now −0.088%, 7d avg −0.010%

Together, before fees+0.332%+ Points / potential airdropOndo Perps: Active · Nado: Active · farm board+$33 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: Nado is 0.078% cheaper against Ondo Perps than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ENA-USD.P	0.2098	0.0100	pay 0.0013% / 1h	46m 57s	$27K	$330K	5x
Short	Nado ENA-PERP	0.2096	0.0100	get 0.0012% / 1h	46m 57s	$586K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.088%Rate

Funding earned: $0
Price spread: −0.088% → −0.010%: −$7.79
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$19.79
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Nado: live order book, 5 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 Nado live order book, 5 min ago	1.19 bp	7.3 bp −$7	19.5 bp −$195	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 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	−0.0178%	4h	0.2095	−0.133%	$43K	$14K	10x	as long as short
01 Exchange ENAUSD	−0.0168%	1h	0.2095	−0.143%	$4K	$60	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0133%	1h	0.2096	−0.087%	$2.6M	$3.5M	50x	as long as short
Bitget ENAUSDT	−0.0042%	4h	0.2095	−0.138%	$47.2M	$55.5M	75x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2096	−0.081%	$104K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2096	−0.100%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+1.139%	$734	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2097	−0.057%	$4.9M	$12.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.143%	$55K	$390K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2096	−0.087%	$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-PERPshort	+0.0100%	1h	0.2096	−0.088%	$586K	$1.7M	10x
Hyperliquid ENA	+0.0100%	1h	0.2096	−0.076%	$113.0M	$77.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2098	−0.003%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2096	−0.087%	$386K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2097	−0.038%	$126.1M	$404.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2097	−0.057%	$86.2M	$183.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2097	−0.038%	$20.8M	$98.4M	50x	as long as short
Ondo Perps ENA-USD.Plong	+0.0100%	1h	0.2098	long leg	$27K	$330K	5x
Arcus ENA-USD	+0.0100%	1h	0.2097	−0.048%	$78K	$235K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	+0.666%	$103K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2096	−0.100%	$13.7M	$26.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2096	−0.100%	$41.8M	$40.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2097	−0.067%	$24.9M	$15.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2095	−0.119%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2100	+0.091%	$3.0M	$7.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	+0.096%	$242K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2099	+0.045%	$355K	$4.4M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	+0.191%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2095	−0.124%	$166K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2046	−2.464%	$962	$915K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	−0.095%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.067%	$262K	$783K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2095	−0.143%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2096	−0.081%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	−0.140%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2101	+0.148%	$13K	$278K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0756%	1h	0.2096	−0.093%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2096	−0.086%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2095	−0.156%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0480%	1h	0.2099	+0.071%	$774K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0563%	1h	0.2097	−0.052%	$403K	$473K	5x	as long as short
dYdX ENA-USD	+0.1199%	1h	0.2097	−0.041%	$139K	$15K	5x	as long as short