Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0217%/8h= −23.7% APRpaid last 24h −0.053%

Price spread now: Orderly against Nado+0.048%7-day average — · you sell dearer than you buy

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

Long on Nado 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—+ Points / potential airdropNado: Active · farm boardneeds both histories

The price spread pays, funding is against you. Orderly is 0.048% dearer against Nado than usual: you sell high and buy low (spread +0.048% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ENA-PERP	0.2104	0.0100	pay 0.0012% / 1h	20m 48s	$653K	$1.7M	10x
Short	Orderly PERP_ENA_USDC	0.2105	−0.0117	pay 0.0058% / 4h	3h 20m	$44K	$26K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Nado. 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 NadobpFee OrderlybpOrdersPrice spread, now +0.048%Rate

Funding earned: −$45.49
Price spread: +0.048% → 0.000%: $4.75
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$53.73
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 3 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 Nado live order book, 3 min ago	0.95 bp	6.0 bp −$6	15.3 bp −$153	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 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_USDCshort	−0.0117%	4h	0.2105	+0.048%	$44K	$26K	10x
Backpack ENA_USDC_PERP	−0.0109%	1h	0.2105	+0.038%	$359K	$402K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2106	+0.081%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2106	+0.070%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2105	+0.048%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.898%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2105	+0.024%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2105	+0.045%	$47K	$110	10x	as long as short
Nado ENA-PERPlong	+0.0100%	1h	0.2104	long leg	$653K	$1.7M	10x
Aster ENAUSDT	+0.0100%	4h	0.2105	+0.032%	$1.5M	$3.2M	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	0.2105	+0.029%	$401K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2105	+0.019%	$127.6M	$413.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2105	+0.019%	$85.1M	$174.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2106	+0.067%	$21.0M	$103.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2102	−0.100%	$22K	$333K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2106	+0.071%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.216%	$92K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2104	−0.048%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2104	−0.043%	$45.6M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	+0.043%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	−0.048%	$47.8M	$57.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2104	−0.024%	—	$31.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2105	+0.023%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	−0.211%	$241K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2102	−0.139%	$348K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	−0.119%	$20K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	+0.086%	$191K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.685%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2105	+0.024%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2108	+0.157%	$273K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	+0.024%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2103	−0.065%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	+0.051%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2102	−0.095%	$8K	$274K	10x	as long as short
Hyperliquid ENA	+0.0165%	1h	0.2107	+0.124%	$114.4M	$74.0M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0173%	1h	0.2106	+0.091%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0176%	1h	0.2107	+0.143%	$5.2M	$13.3M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2106	+0.061%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2104	−0.010%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2105	+0.023%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2104	−0.019%	$861K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1141%	1h	0.2105	+0.020%	$139K	$15K	5x	as long as short