Funding arb · Price arb /

ENA

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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: Paradex against Popdex−0.250%7-day average — · you buy dearer than you sell

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

Long on Popdex Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.250% cheaper against Popdex than usual: you would sell low and buy high, −$25 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2127	0.0096	pay 0.0012% / 1h	43m 49s	$64K	$523K	50x
Short	Paradex ENA-USD-PERP	0.2122	0.0100	get 0.0100% / 8h	43m 49s	$47K	$221	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.250%Rate

Funding earned: $0.85
Price spread: −0.250% → 0.000%: −$25.04
Slippage, 4 orders: no order book: not counted
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$34.59
Costs to cover: 0.104%
Break-even: 292.0 days

Slippage unknown: Popdex: live order book, 35 min ago; Paradex: 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, 35 min ago	1.19 bp	7.7 bp −$8	60.4 bp −$604	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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
Orderly PERP_ENA_USDC	−0.0027%	4h	0.2126	−0.061%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	−0.005%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2127	+0.016%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.169%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0090%	1h	0.2127	−0.005%	$375K	$448K	5x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2127	long leg	$64K	$523K	50x
Nado ENA-PERP	+0.0100%	1h	0.2126	−0.056%	$684K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2126	−0.028%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2123	−0.189%	$411K	$567K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2125	−0.075%	$131.4M	$455.0M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2125	−0.113%	$89.0M	$191.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2124	−0.118%	$20.6M	$112.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	−0.132%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2124	−0.141%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2125	−0.072%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2126	−0.038%	$10.9M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2126	−0.042%	$47.0M	$45.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2127	0.000%	$24.5M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	−0.136%	$48.1M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2125	−0.099%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2126	−0.067%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.064%	$253K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.114%	$355K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2128	+0.047%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	+0.028%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2074	−2.468%	$1K	$823K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2126	−0.047%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	+0.357%	$277K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2126	−0.047%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2122	−0.250%	$47K	$221	10x
Aevo ENA-PERP	+0.0104%	1h	0.2127	−0.007%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.099%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2127	+0.009%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2127	+0.019%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2127	+0.009%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2125	−0.075%	$5.6M	$7.0M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2125	−0.106%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2126	−0.025%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2135	+0.353%	$843K	$2.1M	50x	as long as short
Lighter ENA	+0.0632%	1h	0.2130	+0.118%	$5.7M	$12.8M	10x	as long as short
Hyperliquid ENA	+0.0861%	1h	0.2130	+0.118%	$114.4M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1746%	1h	0.2125	−0.109%	$140K	$15K	5x	as long as short