Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0205%/8h= −22.4% APRpaid last 24h −0.057%

Price spread now: Orderly against Pacifica−0.162%7-day average — · you buy dearer than you sell

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

Long on Pacifica Short on Orderly

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—+ Points / potential airdropPacifica: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Orderly is 0.162% cheaper against Pacifica than usual: you would sell low and buy high (−$16 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica ENA	0.2138	0.0100	pay 0.0013% / 1h	3m 02s	$408K	$549K	10x
Short	Orderly PERP_ENA_USDC	0.2135	−0.0105	pay 0.0052% / 4h	3h 03m	$44K	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Pacifica. 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 PacificabpFee OrderlybpOrdersPrice spread, now −0.162%Rate

Funding earned: −$43.03
Price spread: −0.162% → 0.000%: −$16.23
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$73.26
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Pacifica: live order book, 31 min ago; Orderly: 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 Pacifica live order book, 31 min ago	1.88 bp	7.3 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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_USDCshort	−0.0105%	4h	0.2135	−0.162%	$44K	$15K	10x
01 Exchange ENAUSD	−0.0104%	1h	0.2137	−0.059%	$4K	$169	10x	as long as short
Phemex ENAUSDT	−0.0041%	4h	0.2144	+0.259%	$1.9M	$9.0M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2147	+0.376%	$91K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2137	−0.083%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	−0.775%	$734	$57K	5.5x	as long as short
Bitget ENAUSDT	+0.0046%	4h	0.2141	+0.128%	$48.3M	$59.8M	75x	as long as short
dYdX ENA-USD	+0.0089%	1h	0.2138	−0.039%	$141K	$16K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2145	+0.315%	$5.0M	$13.2M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2136	−0.116%	$54K	$485K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0099%	8h	0.2138	−0.026%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2136	−0.097%	$565K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2146	+0.347%	$117.4M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2144	+0.270%	$1.4M	$3.3M	50x	as long as short
Pacifica ENAlong	+0.0100%	1h	0.2138	long leg	$408K	$549K	10x
Binance ENAUSDT	+0.0100%	4h	0.2144	+0.245%	$129.5M	$422.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2143	+0.226%	$87.9M	$191.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2144	+0.245%	$21.2M	$106.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2134	−0.232%	$39K	$329K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2137	−0.069%	$79K	$247K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2144	+0.268%	$13.5M	$28.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2142	+0.188%	$42.2M	$44.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2144	+0.273%	$25.2M	$15.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2144	+0.254%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2145	+0.282%	$415K	$476K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2135	−0.162%	$3.1M	$8.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2136	−0.093%	$252K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2135	−0.146%	$358K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2137	−0.069%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2139	+0.015%	$176K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2086	−2.440%	$1K	$920K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2144	+0.259%	$4K	$6K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2152	+0.609%	$266K	$812K	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2133	−0.232%	$104K	$12K	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2142	+0.151%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2140	+0.055%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2138	−0.027%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0194%	1h	0.2146	+0.342%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0756%	1h	0.2144	+0.279%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2143	+0.193%	$5.6M	$3.5M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2136	−0.106%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2150	+0.525%	$793K	$2.0M	50x	as long as short