Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.047%

Price spread now: Ondo Perps against Orderly+0.221%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 Ondo Perps

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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Ondo Perps is 0.221% dearer against Orderly than usual: you sell high and buy low: +$22 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	0.2131	0.0036	pay 0.0018% / 4h	2h 19m	$44K	$28K	10x
Short	Ondo Perps ENA-USD.P	0.2135	0.0100	get 0.0013% / 1h	19m 06s	$19K	$402K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now +0.221%Rate

Funding earned: $13.37
Price spread: +0.221% → 0.000%: $22.06
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: $24.43
Costs to cover: 0.110%
Break-even: from the start

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

Orderly and 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 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2132	+0.056%	$80K	$1.5M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2131	+0.015%	$92K	—	150x	as long as short
dYdX ENA-USD	+0.0015%	1h	0.2132	+0.046%	$141K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.338%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDClong	+0.0036%	4h	0.2131	long leg	$44K	$28K	10x
01 Exchange ENAUSD	+0.0096%	1h	0.2132	+0.056%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2131	+0.019%	$54K	$516K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2130	−0.007%	$685K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2132	+0.062%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2132	+0.085%	$417K	$543K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2134	+0.138%	$132.1M	$443.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2133	+0.122%	$87.5M	$186.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2133	+0.122%	$20.9M	$107.9M	50x	as long as short
Ondo Perps ENA-USD.Pshort	+0.0100%	1h	0.2135	+0.221%	$19K	$402K	5x
Arcus ENA-USD	+0.0100%	1h	0.2132	+0.066%	$79K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2135	+0.183%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2132	+0.084%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2132	+0.061%	$45.4M	$44.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2134	+0.141%	$24.7M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2133	+0.094%	$48.5M	$60.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2133	+0.131%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2134	+0.169%	$382K	$386K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2130	−0.007%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2130	−0.027%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	−0.075%	$352K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2131	+0.019%	$32K	$656K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2132	+0.042%	$183K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2080	−2.356%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2131	+0.019%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	+0.197%	$275K	$864K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2131	+0.019%	$1.9M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2132	+0.044%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	+0.001%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2129	−0.070%	$7K	$351K	10x	as long as short
Extended ENA-USD	+0.0224%	1h	0.2131	+0.019%	$1.6M	$4.1M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2133	+0.121%	$2.7M	$4.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2130	−0.019%	$51K	—	100x	as long as short
Lighter ENA	+0.0400%	1h	0.2134	+0.174%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2131	+0.041%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0490%	1h	0.2136	+0.244%	$115.4M	$72.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2136	+0.249%	$837K	$1.7M	50x	as long as short