Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0183%/8h= −20.0% APRpaid last 24h −0.043%

Price spread now: Orderly against Bulk−0.812%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 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 −$5 a day on $10k at the current rate, and Orderly is 0.812% cheaper against Bulk than usual: you would sell low and buy high (−$81 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	Bulk ENA-USD	0.2107	0.0100	pay 0.0013% / 1h	12m 11s	$89K	$2K	10x
Short	Orderly PERP_ENA_USDC	0.2090	−0.0083	pay 0.0041% / 4h	2h 12m	$41K	$23K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.812%Rate

Funding earned: −$38.38
Price spread: −0.812% → 0.000%: −$81.16
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$132.54
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Bulk: no order-book sample; 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 Bulk no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Bulk and 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
Backpack ENA_USDC_PERP	−0.0288%	1h	0.2089	−0.854%	$359K	$483K	5x	as long as short
Orderly PERP_ENA_USDCshort	−0.0083%	4h	0.2090	−0.812%	$41K	$23K	10x
01 Exchange ENAUSD	−0.0008%	1h	0.2090	−0.797%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2091	−0.750%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2091	−0.745%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.778%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0060%	4h	0.2087	−0.925%	$10.4M	$21.7M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	−0.593%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2090	−0.807%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2089	−0.831%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2089	−0.841%	$655K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2091	−0.761%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2090	−0.793%	$404K	$593K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2089	−0.853%	$128.8M	$465.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2087	−0.935%	$87.1M	$193.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2089	−0.859%	$20.2M	$113.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2090	−0.812%	$19K	$422K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2091	−0.759%	$82K	$223K	10x	as long as short
Bulk ENA-USDlong	+0.0100%	1h	0.2107	long leg	$89K	$2K	10x
MEXC ENA_USDT	+0.0100%	4h	0.2089	−0.854%	$45.6M	$49.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2089	−0.835%	$24.1M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2087	−0.963%	$47.2M	$66.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2087	−0.959%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2096	−0.500%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	−0.446%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2100	−0.349%	$351K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2098	−0.427%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2091	−0.759%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2040	−3.199%	$1K	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	−0.759%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2096	−0.508%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2089	−0.854%	$1.9M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2090	−0.808%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2090	−0.823%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2090	−0.792%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0163%	1h	0.2091	−0.769%	$50K	—	100x	as long as short
Lighter ENA	+0.0304%	1h	0.2091	−0.750%	$5.6M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2091	−0.745%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0349%	1h	0.2093	−0.683%	$110.4M	$80.8M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2089	−0.834%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2103	−0.190%	$805K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5555%	1h	0.2093	−0.680%	$138K	$15K	5x	as long as short