Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.010%

Price spread now: Bitget against Popdex−0.034%7-day average −0.061% · 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−$36as in the Price arb table

costs, in and out, $10k−$390.390% of the position

Long on Popdex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.006%−$1 on $10k

Price spread, last 4 days (all we have)+0.076%+$8 · spread now −0.034%, 7d avg −0.061%

Together, before fees+0.070%+$7 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: Bitget is 0.027% dearer against Popdex than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.061%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2086	0.0096	pay 0.0012% / 1h	11m 25s	$59K	$538K	50x
Short	Bitget ENAUSDT	0.2085	0.0100	get 0.0050% / 4h	2h 11m	$47.2M	$66.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.034%Rate

Funding earned: $0.84
Price spread: −0.034% → −0.061%: $2.7
Slippage, 4 orders: −$20.59
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$35.45
Costs to cover: 0.390%
Break-even: 302.4 days

Slippage from Popdex: live order book, 13 min ago; Bitget: 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, 13 min ago	0.71 bp	7.7 bp −$8	66.4 bp −$664	doesn't fit	doesn't fit
Sell Bitget live order book, 8 min ago	0.48 bp	10.2 bp −$10	14.9 bp −$149	32.3 bp −$3,232	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
Backpack ENA_USDC_PERP	−0.0288%	1h	0.2089	+0.144%	$359K	$483K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0083%	4h	0.2090	+0.187%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2088	+0.077%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2091	+0.249%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2087	+0.070%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.793%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0062%	4h	0.2087	+0.048%	$10.4M	$21.7M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	+0.407%	$5K	$394K	10x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2086	long leg	$59K	$538K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2087	+0.026%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2086	+0.005%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2087	+0.050%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2087	+0.026%	$404K	$593K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2087	+0.051%	$128.6M	$465.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2087	+0.053%	$87.0M	$193.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2087	+0.062%	$20.1M	$113.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	+0.163%	$19K	$423K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2087	+0.048%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	+0.041%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2087	+0.053%	$45.4M	$49.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2087	+0.058%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2085	−0.034%	$47.2M	$66.0M	75x
BingX ENA-USDT	+0.0100%	4h	0.2087	+0.038%	—	$32.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2096	+0.501%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	+0.556%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2091	+0.239%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2098	+0.575%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2088	+0.077%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2040	−2.224%	$1K	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	+0.240%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2096	+0.494%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2089	+0.144%	$1.9M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2090	+0.190%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2090	+0.175%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2086	−0.003%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0163%	1h	0.2091	+0.230%	$50K	—	100x	as long as short
Lighter ENA	+0.0304%	1h	0.2089	+0.144%	$5.6M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2091	+0.254%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0349%	1h	0.2090	+0.182%	$110.2M	$80.8M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2086	+0.007%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2103	+0.815%	$805K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5465%	1h	0.2087	+0.032%	$138K	$15K	5x	as long as short