Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Paradex against Bulk−0.935%55s7-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 Paradex

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 airdropParadex: 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: Paradex is 0.935% cheaper against Bulk than usual: you would sell low and buy high, −$94 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 55 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	Bulk ENA-USD	0.2120	0.0100	pay 0.0013% / 1h	7m 43s	$93K	$4K	10x
Short	Paradex ENA-USD-PERP	0.2100	0.0100	get 0.0100% / 8h	5h 07m	$47K	$110	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.935%Rate

Funding earned: $0.01
Price spread: −0.935% → 0.000%: −$93.5
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$104.5
Costs to cover: 0.110%
Break-even: 115431.8 days

Slippage unknown: Bulk: no order-book sample; Paradex: 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 Paradex no order-book sample	—	—	—	—	—

Bulk and Paradex: 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	−0.0039%	4h	0.2104	−0.769%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2103	−0.816%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2105	−0.689%	$78K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2106	−0.660%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.160%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2104	−0.755%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2104	−0.767%	$660K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2102	−0.825%	$113.2M	$71.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2103	−0.824%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2100	−0.943%	$410K	$501K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2101	−0.914%	$128.5M	$415.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2098	−1.028%	$85.6M	$174.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2100	−0.958%	$20.7M	$101.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.401%	$19K	$325K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2099	−0.991%	$78K	$275K	10x	as long as short
Bulk ENA-USDlong	+0.0100%	1h	0.2120	long leg	$93K	$4K	10x
Gate ENA_USDT	+0.0100%	4h	0.2102	−0.868%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	−1.005%	$45.6M	$42.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	−1.014%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	−1.099%	$47.7M	$57.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2099	−0.991%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2104	−0.731%	$373K	$360K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	−0.357%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2112	−0.382%	$244K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	−0.292%	$356K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2119	−0.047%	$22K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2105	−0.698%	$187K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2053	−3.156%	$936	$838K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2104	−0.755%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2108	−0.571%	$272K	$786K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2104	−0.755%	$1.8M	$8.8M	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2100	−0.935%	$47K	$110	10x
Extended ENA-USD	+0.0104%	1h	0.2101	−0.897%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	−0.762%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2119	−0.057%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2106	−0.671%	$51K	—	100x	as long as short
Lighter ENA	+0.0280%	1h	0.2102	−0.854%	$5.3M	$13.9M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0286%	1h	0.2105	−0.684%	$2.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2107	−0.594%	$5.6M	$3.1M	75x	as long as short
dYdX ENA-USD	+0.0394%	1h	0.2099	−0.967%	$139K	$15K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2105	−0.719%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2115	−0.217%	$832K	$1.5M	50x	as long as short