Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0142%/8h= −15.5% APRpaid last 24h −0.011%

Price spread now: Bitget against Paradex−0.077%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Bitget

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 airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bitget is 0.077% cheaper against Paradex than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ENA-USD-PERP	0.2110	0.0100	pay 0.0100% / 8h	5h 54m	$47K	—	10x
Short	Bitget ENAUSDT	0.2108	−0.0042	pay 0.0021% / 4h	1h 54m	$47.5M	$56.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Paradex. 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 ParadexbpFee BitgetbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$29.79
Price spread: −0.077% → 0.000%: −$7.67
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$53.47
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Bitget: 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 Paradex no order-book sample	—	—	—	—	—
Sell Bitget live order book, 2 min ago	0.47 bp	10.9 bp −$11	19.1 bp −$191	doesn't fit	doesn't fit

Paradex: 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_USDC	−0.0181%	4h	0.2110	−0.001%	$44K	$14K	10x	as long as short
01 Exchange ENAUSD	−0.0168%	1h	0.2111	+0.042%	$4K	$60	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0132%	1h	0.2111	+0.045%	$2.6M	$4.1M	50x	as long as short
Bitget ENAUSDTshort	−0.0042%	4h	0.2108	−0.077%	$47.5M	$56.5M	75x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	+0.061%	$105K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	+0.155%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+0.573%	$734	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2111	+0.075%	$4.9M	$12.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2111	+0.056%	$57K	$390K	50x	as long as short
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2110	long leg	$47K	—	10x

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2111	+0.054%	$586K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2109	−0.015%	$113.9M	$76.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2112	+0.089%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2110	+0.003%	$389K	$527K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2110	+0.018%	$126.8M	$408.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2109	−0.025%	$86.6M	$185.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	−0.015%	$20.9M	$100.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	+0.037%	$27K	$332K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2111	+0.056%	$78K	$236K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	+0.102%	$103K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2110	−0.001%	$13.7M	$26.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2110	+0.009%	$42.3M	$40.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2111	+0.046%	$25.0M	$15.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2109	−0.020%	—	$30.2M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2110	+0.009%	$3.0M	$8.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2111	+0.070%	$245K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2112	+0.126%	$357K	$4.4M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.293%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.061%	$167K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2061	−2.338%	$1K	$919K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	+0.009%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.611%	$265K	$782K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2111	+0.056%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2109	−0.041%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	+0.038%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0112%	1h	0.2115	+0.246%	$13K	$278K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0756%	1h	0.2111	+0.037%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	+0.013%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2110	−0.009%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0480%	1h	0.2113	+0.165%	$778K	$1.9M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0629%	1h	0.2111	+0.056%	$405K	$474K	5x	as long as short
dYdX ENA-USD	+0.1144%	1h	0.2111	+0.039%	$140K	$15K	5x	as long as short