Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: HTX against Popdex+0.599%7-day average +0.090% · 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−$38as in the Price arb table

costs, in and out, $10k−$890.885% of the position

Long on Popdex Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%+$1 on $10k

Price spread, last 3 days (all we have)−0.587%−$59 · spread now +0.599%, 7d avg +0.090%

Together, before fees−0.582%−$58 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: HTX is 0.508% dearer against Popdex than usual: you sell high and buy low, +$51 on $10k if it goes back to its 7-day average of +0.090%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2104	0.0096	pay 0.0012% / 1h	39m 11s	$53K	$526K	50x
Short	HTX ENA-USDT	0.2117	0.0100	get 0.0050% / 4h	2h 39m	$274K	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.599%Rate

Funding earned: $0.84
Price spread: +0.599% → +0.090%: $50.84
Slippage, 4 orders: −$70.1
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee HTX: 6 bp × 2 orders: −$12
Net: −$36.82
Costs to cover: 0.885%
Break-even: 313.9 days

Slippage from Popdex: live order book, 30 min ago; HTX: live order book, 5 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, 30 min ago	2.54 bp	9.8 bp −$10	91.6 bp −$916	doesn't fit	doesn't fit
Sell HTX live order book, 5 min ago	23.16 bp	29.8 bp −$30	doesn't fit	doesn't fit	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
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2109	+0.230%	$106K	—	150x	as long as short
dYdX ENA-USD	+0.0025%	1h	0.2105	+0.033%	$139K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.922%	$522	$57K	5.5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0034%	1h	0.2110	+0.285%	$79K	$1.6M	50x	as long as short
Orderly PERP_ENA_USDC	+0.0037%	4h	0.2108	+0.181%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0048%	1h	0.2105	+0.029%	$4K	$302	10x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2104	long leg	$53K	$526K	50x
Nado ENA-PERP	+0.0100%	1h	0.2107	+0.151%	$674K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2108	+0.214%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2105	+0.071%	$412K	$548K	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	0.2109	+0.257%	$130.8M	$446.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2110	+0.285%	$86.3M	$188.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2110	+0.280%	$21.0M	$108.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2097	−0.333%	$16K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2105	+0.048%	$114K	$259K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2109	+0.238%	$10.9M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2109	+0.238%	$45.0M	$44.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2110	+0.295%	$24.3M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2108	+0.204%	$48.0M	$61.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2109	+0.257%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2111	+0.323%	$365K	$385K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2102	−0.075%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2111	+0.356%	$242K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	−0.016%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	+0.333%	$32K	$691K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2108	+0.185%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.158%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	+0.285%	$3K	$10K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2117	+0.599%	$274K	$1.0M	50x
Phemex ENAUSDT	+0.0100%	4h	0.2109	+0.238%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	+0.607%	$93K	$4K	10x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2105	+0.046%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2109	+0.218%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2105	+0.029%	$7K	$351K	10x	as long as short
Lighter ENA	+0.0240%	1h	0.2113	+0.409%	$5.5M	$13.6M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2108	+0.212%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0253%	1h	0.2112	+0.377%	$2.7M	$4.9M	50x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2109	+0.235%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	+1.350%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2108	+0.177%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0450%	1h	0.2113	+0.428%	$113.8M	$72.6M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2111	+0.323%	$827K	$1.7M	50x	as long as short