Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0197%/8h= −21.6% APRpaid last 24h −0.056%

Price spread now: Orderly against Popdex+0.218%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Popdex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Orderly is 0.218% dearer against Popdex than usual: you sell high and buy low (spread +0.218% now, against zero (this spread has no 7-day history yet)): +$22 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2112	0.0096	pay 0.0012% / 1h	27m 49s	$54K	$499K	50x
Short	Orderly PERP_ENA_USDC	0.2117	−0.0101	pay 0.0051% / 4h	3h 27m	$44K	$16K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.218%Rate

Funding earned: −$41.45
Price spread: +0.218% → 0.000%: $21.78
Slippage, 4 orders: no order book: not counted
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$32.07
Costs to cover: 0.124%
Break-even: from the start

Slippage unknown: Popdex: live order book, 6 min ago; Orderly: no order-book sample. Net counts fees only.

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, 6 min ago	7.76 bp	13.5 bp −$13	88.7 bp −$887	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
01 Exchange ENAUSD	−0.0112%	1h	0.2113	+0.038%	$4K	$169	10x	as long as short
Orderly PERP_ENA_USDCshort	−0.0101%	4h	0.2117	+0.218%	$44K	$16K	10x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2118	+0.284%	$75K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2116	+0.189%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.511%	$734	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0036%	4h	0.2118	+0.289%	$13.2M	$27.7M	50x	as long as short
Bitget ENAUSDT	+0.0092%	4h	0.2117	+0.218%	$48.0M	$61.2M	75x	as long as short
Lighter ENA	+0.0096%	1h	0.2120	+0.379%	$4.9M	$13.0M	10x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2112	long leg	$54K	$499K	50x
Paradex ENA-USD-PERP	+0.0099%	8h	0.2116	+0.194%	$47K	$110	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	0.2115	+0.149%	$559K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2121	+0.445%	$115.3M	$76.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2119	+0.332%	$1.4M	$3.4M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2116	+0.213%	$406K	$562K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2118	+0.275%	$127.8M	$431.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2117	+0.246%	$88.2M	$194.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2118	+0.284%	$20.9M	$108.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	+0.099%	$28K	$326K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2115	+0.142%	$77K	$283K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	+0.026%	$92K	$511	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2119	+0.346%	$40.8M	$43.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2120	+0.398%	$24.9M	$16.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2118	+0.294%	—	$31.1M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2119	+0.346%	$410K	$480K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	+0.099%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2118	+0.295%	$246K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2116	+0.185%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	+0.237%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2116	+0.189%	$174K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2068	−2.093%	$1K	$930K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	+0.237%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2120	+0.388%	$264K	$843K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	+0.379%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2119	+0.329%	$1.6M	$4.7M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	+0.316%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0119%	1h	0.2118	+0.296%	$140K	$16K	5x	as long as short
Phoenix ENA	+0.0150%	1h	0.2118	+0.275%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0197%	1h	0.2119	+0.309%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0756%	1h	0.2116	+0.187%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2118	+0.270%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2115	+0.152%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2117	+0.227%	$784K	$2.0M	50x	as long as short