Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.057%

Price spread now: Orderly against Extended−0.288%7-day average — · you buy dearer than you sell

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

Long on Extended Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Orderly is 0.288% cheaper against Extended than usual: you would sell low and buy high (−$29 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	Extended ENA-USD	0.2119	0.0128	pay 0.0016% / 1h	56m 58s	$1.6M	$4.1M	50x
Short	Orderly PERP_ENA_USDC	0.2113	0.0028	get 0.0014% / 4h	1h 56m	$44K	$27K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Extended. 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 ExtendedbpFee OrderlybpOrdersPrice spread, now −0.288%Rate

Funding earned: −$21
Price spread: −0.288% → 0.000%: −$28.82
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$60.82
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Extended: live order book, 2 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 Extended live order book, 2 min ago	0.23 bp	7.0 bp −$7	14.1 bp −$141	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 41 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
dYdX ENA-USD	0.0000%	1h	0.2117	−0.088%	$140K	$15K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2114	−0.232%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	−0.225%	$87K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2113	−0.283%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDCshort	+0.0028%	4h	0.2113	−0.288%	$44K	$27K	10x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.193%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.345%	$54K	$501K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.291%	$682K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2118	−0.057%	$113.9M	$71.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2115	−0.197%	$1.5M	$3.3M	50x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2116	−0.142%	$413K	$519K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2119	−0.010%	$130.4M	$428.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2119	+0.009%	$86.7M	$178.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2120	+0.019%	$20.8M	$104.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	+0.358%	$19K	$384K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2114	−0.250%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.463%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	−0.156%	$11.0M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	−0.142%	$45.4M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2116	−0.165%	$24.6M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	−0.038%	$48.3M	$58.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2117	−0.085%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	+0.437%	$3.8M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.431%	$249K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	+0.239%	$361K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	+0.269%	$32K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	−0.298%	$182K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.662%	$1K	$842K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2114	−0.250%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	−0.104%	$276K	$787K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	−0.203%	$1.8M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2113	−0.284%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	−0.250%	$74K	$4K	3x	as long as short
Extended ENA-USDlong	+0.0128%	1h	0.2119	long leg	$1.6M	$4.1M	50x
Phoenix ENA	+0.0188%	1h	0.2121	+0.075%	$7K	$298K	10x	as long as short
Backpack ENA_USDC_PERP	+0.0192%	1h	0.2118	−0.071%	$380K	$363K	5x	as long as short
Lighter ENA	+0.0208%	1h	0.2117	−0.109%	$5.5M	$13.6M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2114	−0.249%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2116	−0.169%	$2.7M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.299%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2131	+0.566%	$838K	$1.6M	50x	as long as short