Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.010%

Price spread now: Bitget against Popdex−0.222%45s7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$390.386% of the position

Long on Popdex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.008%−$1 on $10k

Price spread, last 4 days (all we have)+0.225%+$23 · spread now −0.222%, 7d avg −0.058%

Together, before fees+0.217%+$22 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.164% cheaper against Popdex than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of −0.058%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2117	0.0096	pay 0.0012% / 1h	23m 49s	$61K	$524K	50x
Short	Bitget ENAUSDT	0.2112	0.0100	get 0.0050% / 4h	23m 49s	$47.9M	$64.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Popdex. 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 PopdexbpFee BitgetbpOrdersPrice spread, now −0.222%Rate

Funding earned: $0.84
Price spread: −0.222% → −0.058%: −$16.4
Slippage, 4 orders: −$20.22
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$54.18
Costs to cover: 0.386%
Break-even: 458.5 days

Slippage from Popdex: live order book, 55 min ago; Bitget: live order book, 5 min ago.

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 Popdex live order book, 55 min ago	1.19 bp	7.7 bp −$8	60.4 bp −$604	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	0.94 bp	12.7 bp −$13	19.0 bp −$190	39.1 bp −$3,905	doesn't fit

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_USDC	−0.0008%	4h	0.2115	−0.090%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2117	−0.024%	$92K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2118	+0.024%	$97K	—	150x	as long as short
Backpack ENA_USDC_PERP	+0.0030%	1h	0.2116	−0.047%	$374K	$445K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.302%	$522	$57K	5.5x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2117	long leg	$61K	$524K	50x
Nado ENA-PERP	+0.0100%	1h	0.2117	−0.009%	$678K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2116	−0.035%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2118	+0.026%	$409K	$562K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2114	−0.123%	$130.6M	$452.6M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2114	−0.151%	$88.7M	$189.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2114	−0.142%	$20.5M	$110.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2119	+0.113%	$15K	$404K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2117	0.000%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.024%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2114	−0.128%	$10.8M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2115	−0.113%	$46.4M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	−0.085%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2112	−0.222%	$47.9M	$64.0M	75x
BingX ENA-USDC	+0.0100%	4h	0.2114	−0.142%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2123	+0.298%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.046%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2127	+0.476%	$355K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	+0.047%	$32K	$709K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	+0.028%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.452%	$1K	$825K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	−0.047%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.293%	$275K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	−0.047%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.021%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	−0.061%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.562%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2118	+0.028%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0208%	1h	0.2113	−0.183%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2117	+0.023%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2117	+0.009%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2121	+0.184%	$5.6M	$6.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2116	−0.031%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0504%	1h	0.2117	0.000%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2131	+0.642%	$841K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0762%	1h	0.2118	+0.028%	$114.0M	$78.3M	10x	as long as short
dYdX ENA-USD	+0.1711%	1h	0.2120	+0.150%	$140K	$15K	5x	as long as short