Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.046%

Price spread now: Orderly against Paradex+0.205%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Orderly

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

The price spread pays, funding is against you. Orderly is 0.205% dearer against Paradex than usual: you sell high and buy low (spread +0.205% now, against zero (this spread has no 7-day history yet)): +$21 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ENA-USD-PERP	0.2151	0.0100	pay 0.0100% / 8h	7h 25m	$48K	$221	10x
Short	Orderly PERP_ENA_USDC	0.2155	0.0033	get 0.0017% / 4h	3h 25m	$42K	$23K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Paradex. 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 ParadexbpFee OrderlybpOrdersPrice spread, now +0.205%Rate

Funding earned: −$13.99
Price spread: +0.205% → 0.000%: $20.51
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$3.47
Costs to cover: 0.100%
Break-even: from the start

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

Paradex and 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
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2156	+0.231%	$98K	—	150x	as long as short
dYdX ENA-USD	+0.0024%	1h	0.2149	−0.059%	$142K	$15K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0028%	1h	0.2156	+0.261%	$80K	$1.7M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.264%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDCshort	+0.0033%	4h	0.2155	+0.205%	$42K	$23K	10x
Backpack ENA_USDC_PERP	+0.0086%	1h	0.2156	+0.252%	$383K	$416K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2151	+0.019%	$63K	$519K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2152	+0.056%	$714K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2157	+0.309%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2150	−0.021%	$422K	$549K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2156	+0.228%	$133.8M	$444.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2155	+0.191%	$89.0M	$187.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2155	+0.200%	$21.2M	$111.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2147	−0.185%	$15K	$410K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2152	+0.066%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2143	−0.353%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2155	+0.196%	$11.0M	$21.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2156	+0.238%	$46.4M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2156	+0.252%	$24.8M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2154	+0.159%	$48.8M	$61.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2155	+0.205%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2155	+0.205%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2136	−0.690%	$250K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−1.253%	$357K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2140	−0.492%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2154	+0.135%	$187K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2100	−2.338%	$1K	$830K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2156	+0.252%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2164	+0.624%	$281K	$1.2M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2154	+0.159%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2151	long leg	$48K	$221	10x
Aevo ENA-PERP	+0.0104%	1h	0.2156	+0.266%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2144	−0.330%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0216%	1h	0.2152	+0.084%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0232%	1h	0.2157	+0.313%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2154	+0.151%	$1.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2155	+0.210%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2146	−0.199%	$5.6M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2153	+0.120%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2143	−0.334%	$848K	$1.8M	50x	as long as short
Lighter ENA	+0.0744%	1h	0.2159	+0.373%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0755%	1h	0.2159	+0.382%	$116.4M	$75.5M	10x	as long as short