Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0126%/8h= −13.8% APRpaid last 24h −0.043%

Price spread now: Orderly against Ondo Perps+0.042%7-day average — · you sell dearer than you buy

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

Long on Ondo Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropOndo Perps: Active · farm boardneeds both histories

The price spread pays, funding is against you. Orderly is 0.042% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.042% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 27 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ENA-USD.P	0.2124	0.0100	pay 0.0013% / 1h	45m 22s	$15K	$400K	5x
Short	Orderly PERP_ENA_USDC	0.2125	−0.0026	pay 0.0013% / 4h	45m 22s	$41K	$24K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.042%Rate

Funding earned: −$26.56
Price spread: +0.042% → 0.000%: $4.24
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$33.32
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Ondo Perps and Orderly: 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_USDCshort	−0.0026%	4h	0.2125	+0.042%	$41K	$24K	10x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2126	+0.089%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2126	+0.072%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.038%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	−0.009%	$63K	$522K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2125	+0.056%	$687K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2126	+0.101%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2126	+0.090%	$412K	$567K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2126	+0.066%	$131.3M	$454.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2125	+0.052%	$89.1M	$190.8M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2127	+0.113%	$20.6M	$112.2M	50x	as long as short
Ondo Perps ENA-USD.Plong	+0.0100%	1h	0.2124	long leg	$15K	$400K	5x
Arcus ENA-USD	+0.0100%	1h	0.2126	+0.085%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2125	+0.060%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2126	+0.066%	$10.9M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2125	+0.047%	$46.9M	$45.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2126	+0.104%	$24.5M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2125	+0.024%	$48.1M	$64.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2125	+0.061%	—	$32.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2128	+0.193%	$376K	$447K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2126	+0.065%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.196%	$253K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.246%	$355K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2128	+0.179%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2125	+0.028%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2074	−2.387%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2126	+0.085%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2130	+0.273%	$277K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2125	+0.038%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2125	+0.036%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2126	+0.072%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.231%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2127	+0.113%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2127	+0.116%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2125	+0.050%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	+0.146%	$5.6M	$7.0M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2125	+0.046%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	−0.001%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2135	+0.485%	$843K	$2.1M	50x	as long as short
Lighter ENA	+0.0656%	1h	0.2129	+0.231%	$5.7M	$12.8M	10x	as long as short
Hyperliquid ENA	+0.0854%	1h	0.2129	+0.226%	$114.4M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1772%	1h	0.2126	+0.107%	$140K	$15K	5x	as long as short