Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0280%/8h= +30.7% APRpaid last 24h +0.057%

Price spread now: Nado against Orderly+0.016%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 Nado

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—+ Points / potential airdropNado: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$8 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2087	−0.0180	get 0.0090% / 4h	1h 04m	$43K	$16K	10x
Short	Nado ENA-PERP	0.2087	0.0100	get 0.0012% / 1h	4m 52s	$539K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.016%Rate

Funding earned: $58.8
Price spread: +0.016% → 0.000%: $1.56
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $47.36
Costs to cover: 0.130%
Break-even: 1.4 days

Slippage unknown: Orderly: no order-book sample; Nado: live order book, 2 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 Nado live order book, 2 min ago	0.96 bp	5.7 bp −$6	14.7 bp −$147	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 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_USDClong	−0.0180%	4h	0.2087	long leg	$43K	$16K	10x
01 Exchange ENAUSD	−0.0168%	1h	0.2088	+0.072%	$4K	$60	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0134%	1h	0.2088	+0.057%	$2.6M	$3.0M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2088	+0.058%	$53K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2087	−0.003%	$81K	—	150x	as long as short
Bitget ENAUSDT	+0.0014%	4h	0.2087	+0.019%	$47.5M	$55.5M	75x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+1.677%	$734	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2090	+0.134%	$5.0M	$13.2M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2087	+0.005%	$55K	$386K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2085	−0.082%	$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	0.2087	+0.016%	$539K	$1.7M	10x
Hyperliquid ENA	+0.0100%	1h	0.2090	+0.139%	$111.9M	$74.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2090	+0.152%	$1.3M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2086	−0.035%	$379K	$497K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2090	+0.140%	$124.6M	$402.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2091	+0.196%	$83.9M	$182.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2091	+0.206%	$20.5M	$97.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2081	−0.268%	$32K	$314K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2086	−0.043%	$77K	$219K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2088	+0.059%	$102K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2089	+0.086%	$14.1M	$27.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2089	+0.115%	$43.3M	$42.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2090	+0.149%	$24.8M	$14.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2090	+0.129%	—	$29.4M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2089	+0.105%	$404K	$468K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2088	+0.077%	$2.8M	$7.6M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2087	−0.014%	$239K	$6.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2084	−0.139%	$353K	$4.2M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2084	−0.139%	$18K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2088	+0.034%	$116K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2035	−2.477%	$1K	$929K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2088	+0.053%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2098	+0.527%	$270K	$769K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2088	+0.053%	$1.8M	$9.1M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2087	+0.008%	$1.6M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2087	+0.026%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2090	+0.158%	$13K	$278K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0304% / S −0.0754%	1h	0.2089	+0.123%	$57K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2088	+0.038%	$5.4M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2089	+0.084%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0480%	1h	0.2089	+0.077%	$766K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0919%	1h	0.2087	+0.015%	$138K	$16K	5x	as long as short