Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.057%

Price spread now: Bulk against Orderly−0.629%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Bulk

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

Funding pays, the price is against you. Bulk is 0.629% cheaper against Orderly than usual: you would sell low and buy high (spread −0.629% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$63 on $10k: about 7.4 days of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2083	−0.0184	get 0.0092% / 4h	1h 08m	$43K	$16K	10x
Short	Bulk ENA-USD	0.2070	0.0100	get 0.0013% / 1h	8m 43s	$101K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.629%Rate

Funding earned: $59.55
Price spread: −0.629% → 0.000%: −$62.94
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$16.38
Costs to cover: 0.130%
Break-even: 8.9 days

Slippage unknown: Orderly: no order-book sample; Bulk: live order book, 38 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 Bulk live order book, 38 min ago	2.38 bp	8.6 bp −$9	13.4 bp −$134	24.9 bp −$2,488	74.6 bp −$37.3K

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 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
01 Exchange ENAUSD	−0.0192%	1h	0.2084	+0.034%	$4K	$60	10x	as long as short
Orderly PERP_ENA_USDClong	−0.0184%	4h	0.2083	long leg	$43K	$16K	10x
Kraken Futures PF_ENAUSD	−0.0134%	1h	0.2084	+0.020%	$2.6M	$3.0M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2084	+0.062%	$53K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2084	+0.026%	$81K	—	150x	as long as short
Bitget ENAUSDT	+0.0010%	4h	0.2087	+0.211%	$47.4M	$55.6M	75x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+1.863%	$734	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2090	+0.350%	$5.1M	$13.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2083	−0.005%	$55K	$386K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2082	−0.047%	$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-PERP	+0.0100%	1h	0.2083	+0.002%	$538K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2089	+0.307%	$112.0M	$74.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2088	+0.257%	$1.3M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2082	−0.032%	$378K	$497K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2088	+0.246%	$124.5M	$402.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2088	+0.230%	$83.8M	$183.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2087	+0.197%	$20.5M	$97.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2081	−0.086%	$32K	$315K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2083	−0.005%	$77K	$219K	10x	as long as short
Bulk ENA-USDshort	+0.0100%	1h	0.2070	−0.629%	$101K	$11K	10x
Gate ENA_USDT	+0.0100%	4h	0.2088	+0.250%	$14.0M	$27.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2088	+0.240%	$43.2M	$42.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2088	+0.254%	$24.8M	$14.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2089	+0.264%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2085	+0.110%	$403K	$471K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2078	−0.239%	$2.8M	$7.7M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2074	−0.455%	$238K	$6.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2078	−0.232%	$352K	$4.2M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2076	−0.341%	$18K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2083	+0.010%	$115K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2034	−2.357%	$1K	$929K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2084	+0.043%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2085	+0.110%	$269K	$769K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2084	+0.043%	$1.8M	$9.1M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2087	+0.195%	$1.6M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2084	+0.048%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2084	+0.034%	$13K	$278K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0304% / S −0.0754%	1h	0.2079	−0.209%	$57K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2084	+0.043%	$5.4M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2084	+0.020%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0480%	1h	0.2087	+0.211%	$765K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0897%	1h	0.2087	+0.197%	$138K	$15K	5x	as long as short