Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Binance against Popdex+0.003%51s7-day average +0.009% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$270.274% of the position

Long on Popdex Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.112%+$11 · spread now +0.003%, 7d avg +0.009%

Together, before fees+0.114%+$11 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2120	0.0096	pay 0.0012% / 1h	20m 49s	$61K	$523K	50x
Short	Binance ENAUSDT	0.2120	0.0100	get 0.0050% / 4h	20m 49s	$131.0M	$452.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Popdex. 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 PopdexbpFee BinancebpOrdersPrice spread, now +0.003%Rate

Funding earned: $0.84
Price spread: +0.003% → +0.009%: −$0.58
Slippage, 4 orders: −$11
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Binance: 5 bp × 2 orders: −$10
Net: −$27.14
Costs to cover: 0.274%
Break-even: 233.2 days

Slippage from Popdex: live order book, 58 min ago; Binance: live order book, 8 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 Popdex live order book, 58 min ago	1.19 bp	7.7 bp −$8	60.4 bp −$604	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	0.23 bp	6.5 bp −$7	16.8 bp −$168	57.5 bp −$5,749	doesn't fit

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_USDC	−0.0007%	4h	0.2119	−0.052%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2120	−0.014%	$92K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2120	−0.005%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.160%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0037%	1h	0.2121	+0.052%	$375K	$445K	5x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2120	long leg	$61K	$523K	50x
Nado ENA-PERP	+0.0100%	1h	0.2120	+0.005%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2121	+0.051%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2120	+0.008%	$410K	$562K	10x	as long as short
Binance ENAUSDTshort	+0.0100%	4h	0.2120	+0.003%	$131.0M	$452.6M	75x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2119	−0.024%	$89.0M	$189.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2120	+0.019%	$20.6M	$110.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2119	−0.028%	$15K	$404K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2121	+0.047%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.165%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2120	+0.019%	$10.8M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2120	+0.009%	$46.4M	$45.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2121	+0.061%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2120	−0.014%	$48.1M	$63.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2121	+0.057%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2120	+0.012%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.203%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	−0.130%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	−0.142%	$34K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2121	+0.057%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2070	−2.349%	$1K	$826K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2119	−0.047%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.085%	$275K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2119	−0.047%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2119	−0.041%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	−0.042%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2118	−0.090%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2122	+0.094%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0208%	1h	0.2120	−0.014%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2121	+0.031%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2120	+0.005%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2120	+0.009%	$5.6M	$6.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	+0.017%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0528%	1h	0.2123	+0.146%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2120	−0.014%	$837K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0760%	1h	0.2124	+0.208%	$114.4M	$78.3M	10x	as long as short
dYdX ENA-USD	+0.1575%	1h	0.2121	+0.048%	$140K	$15K	5x	as long as short