Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0195%/8h= +21.3% APRpaid last 24h +0.053%

Price spread now: Paradex against Orderly+0.121%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Paradex is 0.121% dearer against Orderly than usual: you sell high and buy low: +$12 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	0.2094	−0.0095	get 0.0048% / 4h	37m 10s	$43K	$17K	10x
Short	Paradex ENA-USD-PERP	0.2097	0.0100	get 0.0100% / 8h	37m 10s	$47K	$110	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.121%Rate

Funding earned: $40.94
Price spread: +0.121% → 0.000%: $12.11
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Paradex: 2 bp × 2 orders: −$4
Net: $43.05
Costs to cover: 0.100%
Break-even: from the start

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

Orderly and Paradex: 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_USDClong	−0.0095%	4h	0.2094	long leg	$43K	$17K	10x
01 Exchange ENAUSD	0.0000%	1h	0.2095	+0.010%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	+0.033%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2095	+0.017%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.385%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2097	+0.134%	$4.9M	$13.8M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2094	−0.019%	$55K	$478K	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2097	+0.121%	$47K	$110	10x
Nado ENA-PERP	+0.0100%	1h	0.2095	+0.014%	$557K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2098	+0.158%	$113.8M	$74.9M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2098	+0.172%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2097	+0.138%	$404K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2097	+0.146%	$127.5M	$425.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2097	+0.105%	$89.7M	$187.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	+0.196%	$21.0M	$106.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	+0.625%	$38K	$318K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2096	+0.076%	$77K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2096	+0.063%	$91K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2098	+0.167%	$12.7M	$26.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	−0.010%	$39.0M	$42.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2098	+0.153%	$24.7M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2095	+0.053%	$47.6M	$59.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2098	+0.172%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2098	+0.167%	$406K	$492K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2106	+0.565%	$3.0M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2099	+0.212%	$253K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2100	+0.257%	$362K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2109	+0.697%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2095	+0.043%	$185K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.254%	$1K	$905K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2095	+0.029%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.229%	$264K	$817K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2095	+0.029%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2094	−0.005%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	+0.018%	$73K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0150%	1h	0.2096	+0.062%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2108	+0.668%	$8K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2094	+0.002%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2094	−0.014%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2094	−0.008%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2099	+0.244%	$868K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0803%	1h	0.2096	+0.091%	$138K	$16K	5x	as long as short