Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0183%/8h= +20.0% APRpaid last 24h +0.043%

Price spread now: Bulk against Orderly−0.146%45s7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Bulk

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—needs both histories

Funding pays, the price is against you. Bulk is 0.146% cheaper against Orderly than usual: you would sell low and buy high (spread −0.146% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 2.7 days of funding at the current rate (+$5 a day). The two prices were read 45 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	Orderly PERP_ENA_USDC	0.2090	−0.0083	get 0.0041% / 4h	2h 11m	$41K	$23K	10x
Short	Bulk ENA-USD	0.2087	0.0100	get 0.0013% / 1h	11m 42s	$88K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Orderly. 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 OrderlybpFee BulkbpOrdersPrice spread, now −0.146%Rate

Funding earned: $38.38
Price spread: −0.146% → 0.000%: −$14.56
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $10.82
Costs to cover: 0.130%
Break-even: 5.0 days

Slippage unknown: Orderly: no order-book sample; Bulk: 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 Orderly no order-book sample	—	—	—	—	—
Sell Bulk no order-book sample	—	—	—	—	—

Orderly and Bulk: 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	−0.0288%	1h	0.2089	−0.043%	$359K	$483K	5x	as long as short
Orderly PERP_ENA_USDClong	−0.0083%	4h	0.2090	long leg	$41K	$23K	10x
01 Exchange ENAUSD	−0.0008%	1h	0.2088	−0.110%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2091	+0.062%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2091	+0.067%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.603%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0062%	4h	0.2087	−0.139%	$10.4M	$21.7M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	+0.220%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2086	−0.187%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2087	−0.160%	$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	0.2089	−0.030%	$655K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2086	−0.199%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2087	−0.160%	$404K	$593K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2087	−0.160%	$128.6M	$465.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2086	−0.201%	$87.0M	$193.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2087	−0.139%	$20.1M	$113.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.024%	$19K	$423K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2087	−0.139%	$82K	$223K	10x	as long as short
Bulk ENA-USDshort	+0.0100%	1h	0.2087	−0.146%	$88K	$2K	10x
MEXC ENA_USDT	+0.0100%	4h	0.2086	−0.211%	$45.3M	$49.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2087	−0.144%	$24.1M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2085	−0.234%	$47.2M	$66.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2086	−0.187%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2096	+0.314%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	+0.368%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2100	+0.466%	$351K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2098	+0.388%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2091	+0.053%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2040	−2.407%	$1K	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	+0.053%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2096	+0.306%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2089	−0.043%	$1.9M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2090	+0.003%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2090	−0.012%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2086	−0.190%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0163%	1h	0.2091	+0.043%	$50K	—	100x	as long as short
Lighter ENA	+0.0304%	1h	0.2089	−0.043%	$5.6M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2091	+0.067%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0349%	1h	0.2088	−0.086%	$110.1M	$80.8M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2089	−0.023%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2103	+0.627%	$805K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5465%	1h	0.2087	−0.155%	$138K	$15K	5x	as long as short