Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: Bitget against Ondo Perps+0.019%50s7-day average −0.108% · you sell dearer than you buy

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

Long on Ondo Perps Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 4 days (all we have)+0.130%+$13 · spread now +0.019%, 7d avg −0.108%

Together, before fees+0.122%+ Points / potential airdropOndo Perps: Active · farm board+$12 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: Bitget is 0.128% dearer against Ondo Perps than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.108%. The two prices were read 50 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	Ondo Perps ENA-USD.P	0.2089	0.0100	pay 0.0013% / 1h	10m 42s	$19K	$423K	5x
Short	Bitget ENAUSDT	0.2090	0.0100	get 0.0050% / 4h	2h 10m	$47.3M	$66.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee BitgetbpOrdersPrice spread, now +0.019%Rate

Funding earned: $0
Price spread: +0.019% → −0.108%: $12.76
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$4.24
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Bitget: live order book, 8 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bitget live order book, 8 min ago	0.48 bp	10.2 bp −$10	14.9 bp −$149	32.3 bp −$3,232	doesn't fit

Ondo Perps: 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	−0.0289%	1h	0.2092	+0.110%	$361K	$483K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2088	−0.072%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2088	−0.086%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2089	−0.024%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2087	−0.092%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.627%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0062%	4h	0.2091	+0.057%	$10.4M	$21.7M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	+0.244%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2086	−0.163%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2091	+0.074%	$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	0.2086	−0.158%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2091	+0.069%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2091	+0.100%	$405K	$593K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2091	+0.081%	$128.9M	$465.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2090	+0.048%	$87.1M	$193.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	+0.110%	$20.2M	$113.4M	50x	as long as short
Ondo Perps ENA-USD.Plong	+0.0100%	1h	0.2089	long leg	$19K	$423K	5x
Arcus ENA-USD	+0.0100%	1h	0.2087	−0.115%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	−0.122%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2091	+0.057%	$45.4M	$49.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2091	+0.091%	$24.0M	$16.6M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2090	+0.019%	$47.3M	$66.0M	75x
BingX ENA-USDT	+0.0100%	4h	0.2091	+0.062%	—	$32.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2096	+0.338%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	+0.392%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2091	+0.076%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2098	+0.412%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2088	−0.086%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2038	−2.470%	$1K	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2088	−0.067%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2097	+0.359%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2090	+0.029%	$1.9M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2089	−0.025%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2089	+0.001%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0184%	1h	0.2090	+0.031%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0163%	1h	0.2087	−0.115%	$50K	—	100x	as long as short
Lighter ENA	+0.0304%	1h	0.2094	+0.201%	$5.6M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2087	−0.124%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0350%	1h	0.2093	+0.191%	$110.4M	$80.8M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2086	−0.156%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2090	+0.010%	$800K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5372%	1h	0.2091	+0.054%	$138K	$15K	5x	as long as short