Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against MEXC−0.103%7-day average −0.008% · 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−$33as in the Price arb table

costs, in and out, $10k−$240.237% of the position

Long on MEXC Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.049%+$5 · spread now −0.103%, 7d avg −0.008%

Together, before fees+0.045%+$5 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: Popdex is 0.095% cheaper against MEXC than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ENA_USDT	0.2130	0.0100	pay 0.0050% / 4h	1h 21m	$37.7M	$42.9M	200x
Short	Popdex ENAUSDT	0.2128	0.0096	get 0.0012% / 1h	21m 50s	$54K	$483K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against MEXC. 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 MEXCbpFee PopdexbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$0.84
Price spread: −0.103% → −0.008%: −$9.48
Slippage, 4 orders: −$17.26
Fee MEXC: 0 bp × 2 orders: $0
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$33.98
Costs to cover: 0.237%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Popdex: live order book, 22 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 MEXC live order book, 2 min ago	0.23 bp	3.1 bp −$3	9.0 bp −$90	40.4 bp −$4,041	59.1 bp −$29.5K
Sell Popdex live order book, 22 min ago	1.40 bp	9.8 bp −$10	76.1 bp −$761	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
Orderly PERP_ENA_USDC	−0.0115%	4h	0.2127	−0.155%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2130	−0.005%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	−0.141%	$55K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2131	+0.019%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.319%	$522	$57K	5.5x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2128	−0.103%	$54K	$483K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2131	+0.022%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2129	−0.068%	$564K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2128	−0.092%	$115.1M	$75.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2130	−0.010%	$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	0.2131	+0.023%	$403K	$544K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2129	−0.078%	$128.9M	$429.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2127	−0.141%	$91.3M	$187.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2129	−0.066%	$21.3M	$108.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	−0.239%	$33K	$331K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2131	+0.038%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.596%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2129	−0.075%	$12.5M	$26.5M	50x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2130	long leg	$37.7M	$42.9M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2127	−0.141%	$25.0M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2127	−0.131%	$48.2M	$60.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2129	−0.075%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	−0.039%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2120	−0.465%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2122	−0.386%	$350K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2122	−0.385%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2129	−0.052%	$186K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2078	−2.469%	$1K	$904K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2126	−0.197%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2131	+0.033%	$267K	$820K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	−0.150%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2128	−0.083%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	−0.130%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2133	+0.141%	$8K	$276K	10x	as long as short
dYdX ENA-USD	+0.0187%	1h	0.2130	−0.011%	$141K	$16K	5x	as long as short
Lighter ENA	+0.0200%	1h	0.2129	−0.061%	$5.1M	$13.5M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2128	−0.118%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	+0.061%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2127	−0.166%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0443%	1h	0.2127	−0.164%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0490%	1h	0.2127	−0.141%	$395K	$437K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2135	+0.249%	$881K	$1.8M	50x	as long as short