Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0141%/8h= +15.5% APRpaid last 24h +0.046%

Price spread now: Arcus against Orderly+0.076%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Arcus is 0.076% dearer against Orderly than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2095	−0.0041	get 0.0021% / 4h	1h 06m	$44K	$25K	10x
Short	Arcus ENA-USD	0.2097	0.0100	get 0.0013% / 1h	6m 13s	$77K	$275K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Orderly. 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 OrderlybpFee ArcusbpOrdersPrice spread, now +0.076%Rate

Funding earned: $29.64
Price spread: +0.076% → 0.000%: $7.64
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $26.78
Costs to cover: 0.105%
Break-even: 0.7 days

Slippage unknown: Orderly: no order-book sample; Arcus: live order book, 57 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 Orderly no order-book sample	—	—	—	—	—
Sell Arcus live order book, 57 min ago	7.05 bp	10.2 bp −$10	23.0 bp −$230	doesn't fit	doesn't fit

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_USDClong	−0.0041%	4h	0.2095	long leg	$44K	$25K	10x
01 Exchange ENAUSD	−0.0008%	1h	0.2097	+0.081%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	+0.052%	$78K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2098	+0.146%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.336%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2097	+0.076%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2097	+0.052%	$658K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2100	+0.215%	$113.3M	$71.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2098	+0.129%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2098	+0.139%	$410K	$501K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2096	+0.012%	$128.2M	$415.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2095	−0.038%	$85.3M	$175.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	−0.014%	$20.7M	$101.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2095	−0.029%	$19K	$322K	5x	as long as short
Arcus ENA-USDshort	+0.0100%	1h	0.2097	+0.076%	$77K	$275K	10x
Bulk ENA-USD	+0.0100%	1h	0.2120	+1.174%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2099	+0.191%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	+0.181%	$45.5M	$42.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.148%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2095	−0.024%	$47.7M	$57.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2098	+0.138%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2100	+0.229%	$372K	$360K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	+0.813%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2108	+0.603%	$243K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	+0.601%	$355K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2108	+0.601%	$22K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2098	+0.134%	$179K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2046	−2.348%	$836	$838K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	+0.029%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.186%	$271K	$786K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2097	+0.076%	$1.8M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2097	+0.091%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2096	+0.015%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	+0.005%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2106	+0.520%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2099	+0.151%	$51K	—	100x	as long as short
Lighter ENA	+0.0272%	1h	0.2099	+0.153%	$5.3M	$14.0M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0287%	1h	0.2098	+0.125%	$2.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2100	+0.205%	$5.6M	$3.0M	75x	as long as short
dYdX ENA-USD	+0.0387%	1h	0.2099	+0.195%	$139K	$15K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	+0.097%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2107	+0.544%	$858K	$1.5M	50x	as long as short