Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h −0.047%

Price spread now: Orderly against Arcus−0.133%7-day average — · you buy dearer than you sell

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

Long on Arcus Short on Orderly

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—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.133% cheaper against Arcus than usual: you would sell low and buy high (−$13 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	Arcus ENA-USD	0.2112	0.0100	pay 0.0013% / 1h	42m 51s	$115K	$253K	10x
Short	Orderly PERP_ENA_USDC	0.2109	0.0037	get 0.0018% / 4h	2h 42m	$41K	$23K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Arcus. 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 ArcusbpFee OrderlybpOrdersPrice spread, now −0.133%Rate

Funding earned: −$13.23
Price spread: −0.133% → 0.000%: −$13.26
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$36.99
Costs to cover: 0.105%
Break-even: never at this rate

Slippage unknown: Arcus: live order book, 25 min ago; Orderly: no order-book sample. 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 Arcus live order book, 25 min ago	6.91 bp	13.6 bp −$14	25.2 bp −$252	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2110	−0.104%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2111	−0.066%	$90K	—	150x	as long as short
dYdX ENA-USD	+0.0032%	1h	0.2115	+0.129%	$140K	$15K	5x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2110	−0.076%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.540%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDCshort	+0.0037%	4h	0.2109	−0.133%	$41K	$23K	10x
Backpack ENA_USDC_PERP	+0.0069%	1h	0.2106	−0.284%	$364K	$383K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2111	−0.047%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2109	−0.125%	$700K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2106	−0.298%	$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	0.2111	−0.028%	$414K	$548K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2104	−0.388%	$131.0M	$445.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2103	−0.412%	$86.0M	$187.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2104	−0.388%	$20.9M	$108.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	−0.052%	$16K	$405K	5x	as long as short
Arcus ENA-USDlong	+0.0100%	1h	0.2112	long leg	$115K	$253K	10x
Gate ENA_USDT	+0.0100%	4h	0.2103	−0.440%	$10.9M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2104	−0.398%	$44.7M	$43.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	−0.341%	$24.3M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2102	−0.488%	$47.8M	$61.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2104	−0.402%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2109	−0.139%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	+0.204%	$242K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	−0.190%	$357K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.189%	$32K	$691K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	−0.043%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.528%	$1K	$846K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	−0.095%	$3K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2112	−0.005%	$273K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2109	−0.142%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	+0.226%	$93K	$4K	10x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	−0.035%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2110	−0.105%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0168%	1h	0.2112	+0.005%	$5.5M	$13.6M	10x	as long as short
Phoenix ENA	+0.0188%	1h	0.2117	+0.227%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2110	−0.085%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0253%	1h	0.2112	−0.020%	$2.6M	$4.9M	50x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2102	−0.453%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	+0.966%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	−0.096%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0412%	1h	0.2107	−0.237%	$113.4M	$74.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2111	−0.052%	$829K	$1.7M	50x	as long as short