Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Nado against BingX−0.099%7-day average +0.047% · 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−$51as in the Price arb table

costs, in and out, $10k−$370.365% of the position

Long on BingX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.018%+$2 on $10k

Price spread, last 3 days (all we have)+0.540%+$54 · spread now −0.099%, 7d avg +0.047%

Together, before fees+0.558%+ Points / potential airdropNado: Active · farm board+$56 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: Nado is 0.146% cheaper against BingX than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDC	0.2080	0.0100	pay 0.0050% / 4h	2h 04m	—	$6.5M	—
Short	Nado ENA-PERP	0.2078	0.0100	get 0.0013% / 1h	4m 27s	$652K	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against BingX. 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 BingXbpFee NadobpOrdersPrice spread, now −0.099%Rate

Funding earned: $0
Price spread: −0.099% → +0.047%: −$14.57
Slippage, 4 orders: −$19.53
Fee BingX: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$51.09
Costs to cover: 0.365%
Break-even: never at this rate

Slippage from BingX: live order book, 16 min ago; Nado: live order book, 4 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 BingX live order book, 16 min ago	0.48 bp	13.8 bp −$14	32.5 bp −$325	71.9 bp −$7,186	471.8 bp −$235.9K
Sell Nado live order book, 4 min ago	0.24 bp	7.5 bp −$7	18.0 bp −$180	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
Backpack ENA_USDC_PERP	−0.0292%	1h	0.2079	−0.067%	$359K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0079%	4h	0.2079	−0.062%	$40K	$23K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2080	−0.024%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2079	−0.034%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2081	+0.027%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+2.077%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2090	+0.471%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2079	−0.058%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2078	−0.102%	$47K	$221	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2079	−0.034%	$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	0.2079	−0.057%	$402K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2079	−0.038%	$128.0M	$465.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2079	−0.082%	$86.4M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2079	−0.048%	$20.1M	$112.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2088	+0.370%	$20K	$412K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2080	−0.010%	$81K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	+0.320%	$88K	$2K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2078	−0.101%	$10.4M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2080	−0.010%	$45.1M	$49.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2080	+0.005%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2078	−0.125%	$47.0M	$65.9M	75x	as long as short
BingX ENA-USDClong	+0.0100%	4h	0.2080	long leg	—	$6.5M	—
Variational Omni ENA	+0.0100%	4h	0.2080	+0.003%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	+0.500%	$248K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2091	+0.522%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2086	+0.279%	$31K	$712K	50x	as long as short
Nado ENA-PERPshort	+0.0100%	1h	0.2078	−0.099%	$652K	$1.8M	10x
Polymarket Perps ENA-USD	+0.0100%	1h	0.2080	+0.010%	$191K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2031	−2.389%	$1K	$812K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2078	−0.106%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2086	+0.298%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2078	−0.106%	$1.8M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2079	−0.058%	$76K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0105%	1h	0.2079	−0.038%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0184%	1h	0.2079	−0.076%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0164%	1h	0.2080	+0.013%	$50K	—	100x	as long as short
Lighter ENA	+0.0312%	1h	0.2082	+0.062%	$5.6M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0339%	1h	0.2082	+0.106%	$109.7M	$80.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2076	−0.207%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2079	−0.045%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2086	+0.260%	$797K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5061%	1h	0.2080	−0.027%	$137K	$15K	5x	as long as short