Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.007%

Price spread now: Nado against Phemex−0.170%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$530.526% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.025%+$2 on $10k

Price spread, last 4 days (all we have)−0.306%−$31 · spread now −0.170%, 7d avg −0.036%

Together, before fees−0.282%+ Points / potential airdropNado: Active · farm board−$28 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.134% cheaper against Phemex than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2100	0.0100	pay 0.0050% / 4h	1h 48m	$1.9M	$8.9M	50x
Short	Nado ENA-PERP	0.2096	0.0100	get 0.0012% / 1h	48m 19s	$586K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Phemex. 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 PhemexbpFee NadobpOrdersPrice spread, now −0.170%Rate

Funding earned: $0
Price spread: −0.170% → −0.036%: −$13.43
Slippage, 4 orders: −$33.61
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$66.04
Costs to cover: 0.526%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Nado: live order book, 3 min ago.

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 Phemex live order book, 4 min ago	4.76 bp	20.1 bp −$20	77.4 bp −$774	doesn't fit	doesn't fit
Sell Nado live order book, 3 min ago	1.19 bp	7.3 bp −$7	19.5 bp −$195	doesn't fit	doesn't fit

ENA on 42 exchanges

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_USDC	−0.0178%	4h	0.2095	−0.257%	$43K	$14K	10x	as long as short
01 Exchange ENAUSD	−0.0168%	1h	0.2095	−0.243%	$4K	$60	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0133%	1h	0.2096	−0.169%	$2.6M	$3.8M	50x	as long as short
Bitget ENAUSDT	−0.0042%	4h	0.2094	−0.290%	$47.2M	$55.7M	75x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2096	−0.186%	$104K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2102	+0.109%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+1.043%	$734	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2098	−0.086%	$4.9M	$12.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.238%	$55K	$390K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	−0.246%	$47K	—	10x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERPshort	+0.0100%	1h	0.2096	−0.170%	$586K	$1.7M	10x
Hyperliquid ENA	+0.0100%	1h	0.2097	−0.162%	$113.0M	$77.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2097	−0.125%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2097	−0.163%	$386K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2096	−0.195%	$126.0M	$405.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2095	−0.238%	$86.1M	$184.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2096	−0.205%	$20.8M	$98.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	−0.095%	$27K	$330K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	−0.143%	$78K	$235K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	+0.570%	$103K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2096	−0.186%	$13.7M	$26.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2096	−0.195%	$41.8M	$40.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	−0.181%	$24.9M	$15.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2096	−0.181%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2100	−0.004%	$3.0M	$7.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	0.000%	$242K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	+0.191%	$356K	$4.4M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	+0.095%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	−0.205%	$166K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.543%	$1K	$915K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	−0.190%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2101	+0.048%	$262K	$785K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2100	long leg	$1.9M	$8.9M	50x
Extended ENA-USD	+0.0104%	1h	0.2095	−0.238%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	−0.215%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2101	+0.052%	$13K	$278K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0756%	1h	0.2102	+0.086%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2099	−0.071%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2100	+0.009%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0480%	1h	0.2099	−0.024%	$774K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0570%	1h	0.2101	+0.029%	$403K	$473K	5x	as long as short
dYdX ENA-USD	+0.1199%	1h	0.2097	−0.136%	$139K	$15K	5x	as long as short