Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Nado against Ondo Perps−0.085%7-day average −0.003% · you buy dearer than you sell

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

Long on Ondo Perps Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.020%+$2 on $10k

Price spread, last 4 days (all we have)+0.394%+$39 · spread now −0.085%, 7d avg −0.003%

Together, before fees+0.414%+ Points / potential airdropOndo Perps: Active · Nado: Active · farm board+$41 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: Nado is 0.082% cheaper against Ondo Perps than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ENA-USD.P	0.2122	0.0100	pay 0.0013% / 1h	27m 04s	$33K	$330K	5x
Short	Nado ENA-PERP	0.2120	0.0100	get 0.0012% / 1h	27m 04s	$561K	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.085%Rate

Funding earned: $0
Price spread: −0.085% → −0.003%: −$8.2
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$20.2
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Nado: live order book, 2 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 Nado live order book, 2 min ago	1.42 bp	7.8 bp −$8	19.7 bp −$197	doesn't fit	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
Orderly PERP_ENA_USDC	−0.0117%	4h	0.2120	−0.075%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2121	−0.024%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2122	−0.014%	$55K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2116	−0.267%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.075%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2122	+0.009%	$53K	$483K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2120	−0.101%	$47K	$110	10x	as long as short
Nado ENA-PERPshort	+0.0100%	1h	0.2120	−0.085%	$561K	$1.8M	10x
Hyperliquid ENA	+0.0100%	1h	0.2123	+0.071%	$114.9M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2122	+0.027%	$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	0.2121	−0.041%	$402K	$544K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2122	−0.006%	$128.4M	$429.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2120	−0.104%	$89.4M	$186.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	+0.009%	$21.2M	$108.4M	50x	as long as short
Ondo Perps ENA-USD.Plong	+0.0100%	1h	0.2122	long leg	$33K	$330K	5x
Arcus ENA-USD	+0.0100%	1h	0.2120	−0.085%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.203%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2122	−0.014%	$12.4M	$26.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2122	+0.005%	$37.6M	$42.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	+0.009%	$24.9M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	−0.108%	$48.0M	$60.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2121	−0.028%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	−0.128%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2120	−0.093%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2121	−0.021%	$350K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	−0.179%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	+0.019%	$186K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.399%	$1K	$904K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	−0.038%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.316%	$267K	$820K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2121	−0.038%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2120	−0.066%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	−0.007%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2119	−0.156%	$8K	$276K	10x	as long as short
dYdX ENA-USD	+0.0184%	1h	0.2121	−0.061%	$140K	$16K	5x	as long as short
Lighter ENA	+0.0184%	1h	0.2124	+0.085%	$5.0M	$13.5M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2121	−0.016%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2121	−0.019%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	−0.237%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0444%	1h	0.2122	+0.030%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0547%	1h	0.2122	+0.019%	$394K	$437K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2127	+0.222%	$877K	$1.8M	50x	as long as short