Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h −0.011%

Price spread now: Bitget against SoDEX−0.062%7-day average — · you buy dearer than you sell

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

Long on SoDEX Short on Bitget

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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bitget is 0.062% cheaper against SoDEX than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX ENA-USD	0.2104	0.0100	pay 0.0013% / 1h	39m 09s	$4K	$6K	10x
Short	Bitget ENAUSDT	0.2103	0.0006	get 0.0003% / 4h	2h 39m	$47.3M	$59.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against SoDEX. 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 SoDEXbpFee BitgetbpOrdersPrice spread, now −0.062%Rate

Funding earned: −$19.74
Price spread: −0.062% → 0.000%: −$6.18
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$45.92
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Bitget: live order book, 3 min ago. 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 SoDEX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 3 min ago	1.19 bp	8.3 bp −$8	15.8 bp −$158	doesn't fit	doesn't fit

SoDEX: 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 exchanges

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
Kraken Futures PF_ENAUSD	−0.0244%	1h	0.2104	+0.002%	$2.6M	$4.4M	50x	as long as short
01 Exchange ENAUSD	−0.0200%	1h	0.2104	−0.010%	$4K	$169	10x	as long as short
Orderly PERP_ENA_USDC	−0.0134%	4h	0.2103	−0.062%	$44K	$15K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2105	+0.048%	$89K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2105	+0.030%	$81K	—	150x	as long as short
Bitget ENAUSDTshort	+0.0006%	4h	0.2103	−0.062%	$47.3M	$59.8M	75x
Injective ENA/USDC PERP	+0.0026%	1h	0.2122	+0.851%	$734	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2106	+0.109%	$4.9M	$12.9M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2105	+0.048%	$55K	$392K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2104	−0.018%	$47K	$110	10x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2105	+0.038%	$594K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2106	+0.105%	$112.8M	$77.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2106	+0.091%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2103	−0.038%	$397K	$548K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2104	+0.009%	$127.1M	$423.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2104	−0.005%	$85.6M	$190.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2105	+0.062%	$20.8M	$104.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2103	−0.067%	$38K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2105	+0.048%	$78K	$243K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2095	−0.428%	$102K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2105	+0.048%	$13.4M	$27.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2105	+0.033%	$41.7M	$43.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	+0.071%	$24.8M	$15.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2104	+0.019%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2106	+0.076%	$3.0M	$8.5M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	−0.168%	$245K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2107	+0.143%	$362K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2107	+0.143%	$19K	$644K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	+0.076%	$172K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2054	−2.362%	$1K	$931K	20x	as long as short
SoDEX ENA-USDlong	+0.0100%	1h	0.2104	long leg	$4K	$6K	10x
HTX ENA-USDT	+0.0100%	4h	0.2105	+0.057%	$263K	$828K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2104	0.000%	$1.8M	$9.0M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2103	−0.057%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	+0.075%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0112%	1h	0.2105	+0.038%	$13K	$306K	10x	as long as short
dYdX ENA-USD	+0.0254%	1h	0.2105	+0.062%	$139K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0756%	1h	0.2105	+0.031%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2104	0.000%	$5.5M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2105	+0.038%	$1K	—	15x	as long as short
Backpack ENA_USDC_PERP	+0.0446%	1h	0.2106	+0.081%	$406K	$487K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0496%	1h	0.2105	+0.062%	$764K	$2.0M	50x	as long as short