Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.006%

Price spread now: Gate against Arcus−0.014%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$600.603% of the position

Long on Arcus Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.006%−$1 on $10k

Price spread, last 4 days (all we have)+0.070%+$7 · spread now −0.014%, 7d avg −0.056%

Together, before fees+0.065%+$6 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: Gate is 0.042% dearer against Arcus than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus ENA-USD	0.2121	0.0100	pay 0.0013% / 1h	59m 51s	$83K	$220K	10x
Short	Gate ENA_USDT	0.2121	0.0100	get 0.0050% / 4h	59m 51s	$10.8M	$21.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Arcus. 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 ArcusbpFee GatebpOrdersPrice spread, now −0.014%Rate

Funding earned: $0
Price spread: −0.014% → −0.056%: $4.22
Slippage, 4 orders: −$40.85
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$56.13
Costs to cover: 0.603%
Break-even: never at this rate

Slippage from Arcus: live order book, 18 min ago; Gate: live order book, 4 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 Arcus live order book, 18 min ago	7.16 bp	14.7 bp −$15	24.8 bp −$248	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	4.97 bp	16.2 bp −$16	32.7 bp −$327	58.3 bp −$5,831	95.6 bp −$47.8K

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	−0.0036%	4h	0.2120	−0.038%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2121	+0.005%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2121	−0.004%	$105K	—	150x	as long as short
Backpack ENA_USDC_PERP	+0.0012%	1h	0.2122	+0.028%	$375K	$447K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.113%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0065%	1h	0.2122	+0.065%	$2.7M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	−0.047%	$63K	$530K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2122	+0.068%	$666K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2121	−0.023%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2120	−0.066%	$410K	$575K	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	0.2120	−0.046%	$131.1M	$455.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2118	−0.151%	$89.0M	$191.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2120	−0.052%	$20.5M	$112.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2117	−0.170%	$15K	$400K	5x	as long as short
Arcus ENA-USDlong	+0.0100%	1h	0.2121	long leg	$83K	$220K	10x
Bulk ENA-USD	+0.0100%	1h	0.2122	+0.028%	$89K	$500	10x	as long as short
Gate ENA_USDTshort	+0.0100%	4h	0.2121	−0.014%	$10.8M	$21.6M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2120	−0.028%	$46.7M	$47.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	+0.047%	$24.2M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	−0.085%	$48.0M	$64.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2120	−0.028%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2115	−0.275%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2112	−0.432%	$251K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2107	−0.660%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	−0.471%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	+0.047%	$178K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2069	−2.471%	$1K	$819K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	0.000%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.104%	$275K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2119	−0.094%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2119	−0.077%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2121	−0.014%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2109	−0.542%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0152%	1h	0.2121	+0.005%	$4K	$312	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2121	−0.020%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	−0.193%	$5.6M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2120	−0.032%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	−0.028%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0452%	1h	0.2124	+0.126%	$112.3M	$78.6M	10x	as long as short
Lighter ENA	+0.0560%	1h	0.2121	+0.009%	$5.7M	$12.8M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2124	+0.165%	$839K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.1985%	1h	0.2120	−0.045%	$140K	$15K	5x	as long as short