Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0244%/8h= +26.7% APRpaid last 24h +0.073%

Price spread now: BloFin against Popdex+0.248%7-day average +0.092% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$510.508% of the position

Long on Popdex Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.228%+$23 on $10k

Price spread, last 3 days (all we have)−0.025%−$3 · spread now +0.248%, 7d avg +0.092%

Together, before fees+0.203%+$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.156% dearer against Popdex than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.092%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2135	0.0096	pay 0.0012% / 1h	2m 00s	$52K	$524K	50x
Short	BloFin ENA-USDT	0.2140	0.0340	get 0.0170% / 4h	3h 02m	$5.7M	$2.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.248%Rate

Funding earned: $51.24
Price spread: +0.248% → +0.092%: $15.64
Slippage, 4 orders: −$32.37
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee BloFin: 6 bp × 2 orders: −$12
Net: $16.12
Costs to cover: 0.508%
Break-even: 4.8 days

Slippage from Popdex: live order book, 7 min ago; BloFin: live order book, 7 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, 7 min ago	2.54 bp	9.8 bp −$10	91.6 bp −$916	doesn't fit	doesn't fit
Sell BloFin live order book, 7 min ago	0.69 bp	14.1 bp −$14	25.7 bp −$257	doesn't fit	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2137	+0.089%	$80K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2137	+0.080%	$92K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0032%	4h	0.2136	+0.033%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.543%	$522	$57K	5.5x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2135	long leg	$52K	$524K	50x
Nado ENA-PERP	+0.0100%	1h	0.2134	−0.037%	$715K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2136	+0.047%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2138	+0.152%	$421K	$550K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2135	−0.019%	$133.4M	$441.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2134	−0.061%	$87.6M	$186.1M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2134	−0.047%	$21.1M	$109.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2153	+0.852%	$16K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2136	+0.047%	$106K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2167	+1.499%	$95K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2135	0.000%	$10.8M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2134	−0.042%	$45.2M	$45.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2135	−0.009%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2133	−0.089%	$48.4M	$61.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2135	−0.014%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2135	+0.009%	$378K	$378K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2153	+0.831%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2166	+1.461%	$252K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2148	+0.610%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2149	+0.656%	$33K	$686K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2136	+0.028%	$177K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2085	−2.342%	$1K	$835K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2135	0.000%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2141	+0.267%	$277K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2135	0.000%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2135	0.000%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2137	+0.073%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2157	+1.026%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0160%	1h	0.2135	−0.019%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0234%	1h	0.2137	+0.113%	$2.7M	$5.1M	50x	as long as short
dYdX ENA-USD	+0.0260%	1h	0.2138	+0.125%	$141K	$15K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2137	+0.090%	$80K	—	100x	as long as short
BloFin ENA-USDTshort	+0.0340%	4h	0.2140	+0.248%	$5.7M	$2.0M	75x
Extended ENA-USD	+0.0376%	1h	0.2133	−0.093%	$1.6M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2135	+0.005%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2162	+1.265%	$855K	$1.8M	50x	as long as short
Hyperliquid ENA	+0.0741%	1h	0.2137	+0.084%	$115.2M	$74.5M	10x	as long as short
Lighter ENA	+0.0784%	1h	0.2137	+0.117%	$5.7M	$13.7M	10x	as long as short