Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0079%/8h= −8.6% APRpaid last 24h +0.020%

Price spread now: Orderly against 01 Exchange−0.096%7-day average — · you buy dearer than you sell

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

Long on 01 Exchange Short on Orderly

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—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.096% cheaper against 01 Exchange than usual: you would sell low and buy high (−$10 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	01 Exchange ENAUSD	0.2081	0	get 0.0000% / 1h	4m 54s	$4K	$432	10x
Short	Orderly PERP_ENA_USDC	0.2079	−0.0079	pay 0.0039% / 4h	2h 04m	$40K	$23K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against 01 Exchange. 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 01 ExchangebpFee OrderlybpOrdersPrice spread, now −0.096%Rate

Funding earned: −$16.49
Price spread: −0.096% → 0.000%: −$9.61
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$39.1
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: 01 Exchange: no order-book sample; 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

01 Exchange and 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
Backpack ENA_USDC_PERP	−0.0292%	1h	0.2079	−0.101%	$359K	$484K	5x	as long as short
Orderly PERP_ENA_USDCshort	−0.0079%	4h	0.2079	−0.096%	$40K	$23K	10x
01 Exchange ENAUSDlong	0.0000%	1h	0.2081	long leg	$4K	$432	10x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2079	−0.067%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2080	−0.043%	$95K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+2.042%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2090	+0.437%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2080	−0.043%	$59K	$538K	50x	as long as short
Gate ENA_USDT	+0.0096%	4h	0.2077	−0.163%	$10.4M	$21.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2080	−0.040%	$47K	$221	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	0.2080	−0.026%	$652K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2078	−0.134%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2081	+0.003%	$403K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2078	−0.134%	$127.9M	$465.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2077	−0.173%	$86.3M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2078	−0.144%	$20.1M	$112.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2088	+0.336%	$20K	$412K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2080	−0.043%	$81K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	+0.286%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2078	−0.130%	$45.0M	$49.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2079	−0.106%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2077	−0.202%	$46.9M	$65.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2077	−0.168%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2080	−0.031%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	+0.466%	$248K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2091	+0.488%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2086	+0.245%	$31K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2081	−0.014%	$191K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2031	−2.422%	$1K	$812K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2078	−0.139%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2086	+0.264%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2078	−0.139%	$1.8M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2079	−0.091%	$76K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0105%	1h	0.2079	−0.071%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0184%	1h	0.2078	−0.152%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0164%	1h	0.2080	−0.059%	$50K	—	100x	as long as short
Lighter ENA	+0.0312%	1h	0.2082	+0.034%	$5.6M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0336%	1h	0.2081	−0.019%	$109.6M	$80.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2076	−0.240%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2080	−0.061%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2086	+0.226%	$797K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5067%	1h	0.2081	+0.022%	$137K	$15K	5x	as long as short