Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h +0.061%

Price spread now: edgeX against 01 Exchange−0.193%57s7-day average — · you buy dearer than you sell

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

Long on 01 Exchange Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and edgeX is 0.193% cheaper against 01 Exchange than usual: you would sell low and buy high (−$19 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 57 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	01 Exchange ENAUSD	0.2112	0.0144	pay 0.0018% / 1h	4m 31s	$4K	$312	10x
Short	edgeX ENAUSDC	0.2108	0.0100	get 0.0050% / 4h	1h 04m	$250K	$7.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against 01 Exchange. 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 01 ExchangebpFee edgeXbpOrdersPrice spread, now −0.193%Rate

Funding earned: −$9.24
Price spread: −0.193% → 0.000%: −$19.25
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$44.49
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: 01 Exchange: no order-book sample; edgeX: live order book, 5 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 01 Exchange no order-book sample	—	—	—	—	—
Sell edgeX live order book, 5 min ago	7.12 bp	11.6 bp −$12	13.1 bp −$131	44.3 bp −$4,432	doesn't fit

01 Exchange: 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 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	−0.0038%	4h	0.2106	−0.256%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0006%	1h	0.2108	−0.180%	$372K	$447K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2107	−0.208%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2108	−0.188%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.549%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2109	−0.142%	$2.7M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2111	−0.038%	$62K	$530K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2109	−0.127%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2110	−0.095%	$664K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2112	−0.012%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2110	−0.090%	$408K	$575K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2111	−0.051%	$130.6M	$454.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2111	−0.047%	$88.1M	$190.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2111	−0.033%	$20.4M	$111.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2105	−0.303%	$15K	$398K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2110	−0.085%	$83K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	−0.594%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2110	−0.085%	$10.7M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2110	−0.085%	$46.4M	$47.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	−0.137%	$24.0M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2110	−0.095%	$47.8M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2110	−0.104%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2109	−0.115%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2108	−0.193%	$250K	$7.7M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2105	−0.303%	$358K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2109	−0.133%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	−0.019%	$177K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2056	−2.638%	$1K	$818K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	−0.227%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.223%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2107	−0.227%	$2.0M	$9.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	−0.227%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2109	−0.109%	$5K	$356K	10x	as long as short
01 Exchange ENAUSDlong	+0.0144%	1h	0.2112	long leg	$4K	$312	10x
GMX ENA/USD [ETH-USDC]	L +0.0248% / S −0.0430%	1h	0.2107	−0.218%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2107	−0.218%	$5.5M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2109	−0.147%	$1.6M	$4.1M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2111	−0.061%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0552%	1h	0.2112	−0.009%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2113	+0.043%	$835K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0583%	1h	0.2112	0.000%	$111.5M	$78.5M	10x	as long as short
dYdX ENA-USD	+0.1982%	1h	0.2109	−0.156%	$139K	$15K	5x	as long as short