Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0139%/8h= +15.2% APRpaid last 24h +0.034%

Price spread now: Injective against Orderly+0.812%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 5 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

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Injective is 0.812% dearer against Orderly than usual: you sell high and buy low: +$81 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2105	−0.0113	get 0.0056% / 4h	2h 54m	$44K	$15K	10x
Short	Injective ENA/USDC PERP	0.2122	0.0026	get 0.0003% / 1h	54m 45s	$734	$57K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.812%Rate

Funding earned: $29.17
Price spread: +0.812% → 0.000%: $81.24
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $104.39
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Injective: 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 Injective no order-book sample	—	—	—	—	—

Orderly and Injective: 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
Kraken Futures PF_ENAUSD	−0.0244%	1h	0.2106	+0.036%	$2.6M	$4.4M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	−0.0130%	1h	0.2104	−0.019%	$89K	$1.1M	50x	as long as short
Orderly PERP_ENA_USDClong	−0.0113%	4h	0.2105	long leg	$44K	$15K	10x
01 Exchange ENAUSD	−0.0048%	1h	0.2114	+0.456%	$4K	$169	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2136	+1.501%	$82K	—	150x	as long as short
Injective ENA/USDC PERPshort	+0.0026%	1h	0.2122	+0.812%	$734	$57K	5.5x
Bitget ENAUSDT	+0.0038%	4h	0.2100	−0.219%	$47.3M	$60.0M	75x	as long as short
Lighter ENA	+0.0096%	1h	0.2100	−0.209%	$4.9M	$12.9M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2113	+0.390%	$55K	$469K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	+0.519%	$47K	$110	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	0.2108	+0.137%	$594K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2103	−0.090%	$113.5M	$77.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	−0.055%	$1.3M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	+0.661%	$405K	$546K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2102	−0.157%	$127.0M	$422.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2102	−0.152%	$86.0M	$191.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2102	−0.157%	$20.7M	$104.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2128	+1.097%	$39K	$328K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2116	+0.532%	$79K	$246K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2131	+1.229%	$104K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2102	−0.143%	$13.2M	$27.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2102	−0.124%	$41.2M	$42.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2104	−0.062%	$24.8M	$15.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2102	−0.143%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2125	+0.947%	$3.1M	$8.7M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2130	+1.181%	$252K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2132	+1.279%	$357K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2133	+1.340%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2115	+0.494%	$173K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2064	−1.957%	$880	$921K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2104	−0.038%	$4K	$6K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.280%	$261K	$809K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2104	−0.038%	$1.8M	$9.0M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2102	−0.135%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	+0.482%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2130	+1.207%	$13K	$306K	10x	as long as short
Backpack ENA_USDC_PERP	+0.0287%	1h	0.2101	−0.162%	$409K	$482K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0756%	1h	0.2107	+0.095%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	+0.233%	$5.5M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2108	+0.171%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0496%	1h	0.2110	+0.271%	$776K	$1.9M	50x	as long as short
dYdX ENA-USD	+0.1113%	1h	0.2120	+0.730%	$140K	$16K	5x	as long as short