Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h 0.000%

Price spread now: OKX against Popdex+0.119%7-day average −0.002% · 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−$33as in the Price arb table

costs, in and out, $10k−$450.449% of the position

Long on Popdex Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.006%−$1 on $10k

Price spread, last 4 days (all we have)+0.130%+$13 · spread now +0.119%, 7d avg −0.002%

Together, before fees+0.124%+$12 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: OKX is 0.121% dearer against Popdex than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2103	0.0096	pay 0.0012% / 1h	25m 52s	$55K	$496K	50x
Short	OKX ENA-USDT-SWAP	0.2105	0.0100	get 0.0050% / 4h	1h 25m	$20.7M	$102.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.119%Rate

Funding earned: $0.84
Price spread: +0.119% → −0.002%: $12.13
Slippage, 4 orders: −$28.54
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee OKX: 5 bp × 2 orders: −$10
Net: −$31.97
Costs to cover: 0.449%
Break-even: 273.5 days

Slippage from Popdex: live order book, 38 min ago; OKX: live order book, 3 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, 38 min ago	2.35 bp	12.1 bp −$12	64.8 bp −$648	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.24 bp	12.1 bp −$12	19.6 bp −$196	87.0 bp −$8,703	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	−0.0014%	4h	0.2101	−0.086%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2102	−0.024%	$78K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2102	−0.048%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2104	+0.043%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.970%	$522	$57K	5.5x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2103	long leg	$55K	$496K	50x
Nado ENA-PERP	+0.0100%	1h	0.2104	+0.024%	$679K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2107	+0.209%	$113.2M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	+0.065%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2102	−0.071%	$410K	$506K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2104	+0.062%	$129.1M	$419.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2104	+0.067%	$86.2M	$175.6M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2105	+0.119%	$20.7M	$102.0M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	+0.214%	$19K	$364K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2103	0.000%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	+0.571%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2105	+0.076%	$11.0M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2104	+0.052%	$45.4M	$42.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	+0.119%	$24.5M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2103	+0.014%	$47.9M	$57.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2104	+0.062%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2105	+0.109%	$373K	$363K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2101	−0.089%	$3.4M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2110	+0.324%	$243K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2111	+0.360%	$357K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2113	+0.476%	$22K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2103	0.000%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2052	−2.406%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2103	0.000%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2113	+0.456%	$276K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	+0.095%	$1.8M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2101	−0.104%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2104	+0.028%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2102	−0.068%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2112	+0.428%	$8K	$298K	10x	as long as short
dYdX ENA-USD	+0.0212%	1h	0.2102	−0.043%	$139K	$15K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2102	−0.048%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0286%	1h	0.2105	+0.085%	$2.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.029%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0368%	1h	0.2105	+0.086%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2102	−0.059%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2118	+0.694%	$833K	$1.5M	50x	as long as short