Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: edgeX against Popdex−0.431%7-day average +0.044% · 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−$96as in the Price arb table

costs, in and out, $10k−$490.489% of the position

Long on Popdex Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.007%+$1 on $10k

Price spread, last 4 days (all we have)+0.677%+$68 · spread now −0.431%, 7d avg +0.044%

Together, before fees+0.684%+ Points / potential airdropedgeX: Active · farm board+$68 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: edgeX is 0.475% cheaper against Popdex than usual: you would sell low and buy high, −$48 on $10k if it goes back to its 7-day average of +0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2145	0.0096	pay 0.0012% / 1h	26m 41s	$63K	$520K	50x
Short	edgeX ENAUSDC	0.2136	0.0100	get 0.0050% / 4h	3h 26m	$250K	$7.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.431%Rate

Funding earned: $0.84
Price spread: −0.431% → +0.044%: −$47.53
Slippage, 4 orders: −$33.54
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$95.63
Costs to cover: 0.489%
Break-even: 803.9 days

Slippage from Popdex: live order book, 47 min ago; edgeX: live order book, 2 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, 47 min ago	4.94 bp	11.2 bp −$11	58.8 bp −$588	doesn't fit	doesn't fit
Sell edgeX live order book, 2 min ago	7.00 bp	11.5 bp −$11	13.0 bp −$130	43.7 bp −$4,368	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2144	−0.033%	$80K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2145	0.000%	$98K	—	150x	as long as short
dYdX ENA-USD	+0.0024%	1h	0.2149	+0.202%	$142K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2144	−0.037%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.007%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0070%	1h	0.2147	+0.117%	$382K	$416K	5x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2145	long leg	$63K	$520K	50x
Nado ENA-PERP	+0.0100%	1h	0.2146	+0.030%	$712K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2149	+0.200%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2150	+0.240%	$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	0.2151	+0.268%	$133.5M	$444.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2150	+0.256%	$88.8M	$187.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2151	+0.298%	$21.1M	$110.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2141	−0.205%	$15K	$409K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2145	0.000%	$106K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2143	−0.093%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2149	+0.196%	$10.9M	$21.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2149	+0.205%	$46.2M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2151	+0.261%	$24.7M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2147	+0.117%	$48.7M	$61.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2149	+0.172%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2123	−1.011%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2136	−0.431%	$250K	$7.5M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.995%	$357K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2140	−0.233%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2146	+0.061%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2095	−2.317%	$1K	$829K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2146	+0.047%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2152	+0.331%	$279K	$1.2M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2145	0.000%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2151	+0.261%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2144	−0.036%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2144	−0.070%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0216%	1h	0.2147	+0.070%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0233%	1h	0.2147	+0.097%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0272%	1h	0.2150	+0.235%	$1.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0332% / S −0.0430%	1h	0.2144	−0.031%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2146	+0.061%	$5.6M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2146	+0.024%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2143	−0.075%	$848K	$1.8M	50x	as long as short
Lighter ENA	+0.0736%	1h	0.2152	+0.345%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0746%	1h	0.2153	+0.359%	$116.0M	$75.5M	10x	as long as short