Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Nado against Bulk−0.036%7-day average — · you buy dearer than you sell

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

Long on Bulk Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.036% cheaper against Bulk than usual: you would sell low and buy high, −$4 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ENA-USD	0.2105	0.0100	pay 0.0013% / 1h	19m 08s	$92K	$511	10x
Short	Nado ENA-PERP	0.2104	0.0100	get 0.0012% / 1h	19m 08s	$562K	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Bulk. 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 BulkbpFee NadobpOrdersPrice spread, now −0.036%Rate

Funding earned: $0
Price spread: −0.036% → 0.000%: −$3.56
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$17.56
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Bulk: no order-book sample; Nado: 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 Bulk no order-book sample	—	—	—	—	—
Sell Nado live order book, 5 min ago	2.14 bp	8.4 bp −$8	18.6 bp −$186	doesn't fit	doesn't fit

Bulk: 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	−0.0088%	4h	0.2106	+0.033%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2107	+0.081%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2105	+0.023%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2107	+0.081%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.874%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	+0.048%	$53K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2103	−0.083%	$47K	$110	10x	as long as short
Nado ENA-PERPshort	+0.0100%	1h	0.2104	−0.036%	$562K	$1.8M	10x
Hyperliquid ENA	+0.0100%	1h	0.2109	+0.166%	$114.3M	$74.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2107	+0.082%	$1.4M	$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	0.2104	−0.046%	$406K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2107	+0.079%	$128.2M	$425.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2106	+0.043%	$90.4M	$187.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	+0.109%	$21.1M	$107.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.570%	$33K	$320K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2106	+0.048%	$78K	$281K	10x	as long as short
Bulk ENA-USDlong	+0.0100%	1h	0.2105	long leg	$92K	$511	10x
Gate ENA_USDT	+0.0100%	4h	0.2107	+0.086%	$12.8M	$27.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	+0.100%	$39.2M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2107	+0.114%	$24.8M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2105	+0.014%	$47.8M	$59.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2107	+0.076%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2108	+0.147%	$408K	$486K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.362%	$3.0M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	−0.452%	$253K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2099	−0.285%	$354K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2099	−0.285%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	+0.043%	$181K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2055	−2.371%	$1K	$908K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	+0.095%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.271%	$266K	$814K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2107	+0.095%	$1.8M	$8.9M	50x	as long as short
Lighter ENA	+0.0104%	1h	0.2108	+0.162%	$5.0M	$13.9M	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2105	+0.005%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	+0.078%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0149%	1h	0.2107	+0.110%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2104	−0.038%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2106	+0.069%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2104	−0.029%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2104	−0.028%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2098	−0.337%	$867K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0982%	1h	0.2104	−0.071%	$139K	$16K	5x	as long as short