Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.026%

Price spread now: Injective against Binance−1.579%77s7-day average — · you buy dearer than you sell

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

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.184%+$18 on $10k

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 Injective is 1.579% cheaper against Binance than usual: you would sell low and buy high (−$158 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.184%, so the current rate has only just turned against you. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2157	0.0100	pay 0.0050% / 4h	3h 18m	$134.5M	$443.3M	75x
Short	Injective ENA/USDC PERP	0.2123	0.0033	get 0.0004% / 1h	18m 01s	$522	$57K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now −1.579%Rate

Funding earned: −$14
Price spread: −1.579% → 0.000%: −$157.88
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$181.9
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 11 min ago; Injective: 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 Binance live order book, 11 min ago	0.23 bp	7.3 bp −$7	15.2 bp −$152	58.5 bp −$5,853	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2157	−0.012%	$80K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2153	−0.211%	$103K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2156	−0.072%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERPshort	+0.0033%	1h	0.2123	−1.579%	$522	$57K	5.5x
dYdX ENA-USD	+0.0035%	1h	0.2151	−0.303%	$142K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2150	−0.346%	$63K	$518K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2151	−0.302%	$712K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2157	−0.042%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2150	−0.360%	$423K	$553K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2157	long leg	$134.5M	$443.3M	75x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2158	+0.011%	$89.0M	$187.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2159	+0.062%	$21.2M	$110.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2145	−0.564%	$16K	$411K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2152	−0.253%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2150	−0.342%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2158	+0.011%	$11.0M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2159	+0.085%	$46.1M	$44.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2158	+0.048%	$24.8M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2157	−0.003%	$48.9M	$61.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2158	+0.006%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2159	+0.085%	$384K	$409K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2144	−0.601%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2144	−0.606%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2145	−0.593%	$357K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2146	−0.531%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2153	−0.216%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2101	−2.617%	$1K	$832K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2157	−0.021%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2164	+0.303%	$279K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2156	−0.068%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2149	−0.401%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2158	+0.010%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2147	−0.466%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0184%	1h	0.2152	−0.244%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0231%	1h	0.2158	+0.048%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0312%	1h	0.2158	+0.031%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2153	−0.217%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2151	−0.281%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2152	−0.252%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2150	−0.351%	$851K	$1.8M	50x	as long as short
Lighter ENA	+0.0704%	1h	0.2160	+0.118%	$5.7M	$12.7M	10x	as long as short
Hyperliquid ENA	+0.0769%	1h	0.2162	+0.187%	$117.4M	$74.6M	10x	as long as short