Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0436%/8h= +47.7% APRpaid last 24h +0.131%

Price spread now: Coinbase International against BingX+0.195%7-day average +0.178% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$540.537% of the position

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.423%+$42 on $10k

Price spread, last 3 days (all we have)+0.360%+$36 · spread now +0.195%, 7d avg +0.178%

Together, before fees+0.783%+$78 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.178%, so right now this pair is about funding alone: +$13 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDC	0.2104	0.0100	pay 0.0050% / 4h	2h 55m	—	$6.5M	—
Short	Coinbase International ENA-PERP-INTX	0.2108	0.0536	get 0.0067% / 1h	55m 35s	$806K	$2.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. 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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.195%Rate

Funding earned: $91.56
Price spread: +0.195% → +0.178%: $1.73
Slippage, 4 orders: −$33.73
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $39.55
Costs to cover: 0.537%
Break-even: 4.0 days

Slippage from BingX: live order book, 10 min ago; Coinbase International: live order book, 3 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 BingX live order book, 10 min ago	0.47 bp	14.4 bp −$14	31.9 bp −$319	69.8 bp −$6,976	473.0 bp −$236.5K
Sell Coinbase International live order book, 3 min ago	6.64 bp	12.2 bp −$12	20.5 bp −$205	doesn't fit	doesn't fit

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	−0.0531%	1h	0.2101	−0.109%	$362K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0096%	4h	0.2100	−0.181%	$42K	$22K	10x	as long as short
01 Exchange ENAUSD	−0.0056%	1h	0.2102	−0.081%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0014%	4h	0.2103	−0.019%	$10.4M	$21.4M	50x	as long as short
Phoenix ENA	0.0000%	1h	0.2107	+0.152%	$5K	$394K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2100	−0.157%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2101	−0.140%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.936%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2103	−0.033%	$59K	$547K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2102	−0.066%	$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	0.2104	+0.005%	$656K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2102	−0.078%	$1.5M	$3.5M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2104	+0.001%	$404K	$604K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2104	0.000%	$130.7M	$472.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2103	−0.014%	$88.5M	$195.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2105	+0.043%	$20.2M	$116.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2106	+0.100%	$19K	$446K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	+0.014%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2108	+0.185%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2103	−0.038%	$45.4M	$48.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2104	+0.024%	$24.3M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2102	−0.067%	$47.7M	$67.3M	75x	as long as short
BingX ENA-USDClong	+0.0100%	4h	0.2104	long leg	—	$6.5M	—
Variational Omni ENA	+0.0100%	4h	0.2107	+0.149%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	+0.088%	$252K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2105	+0.085%	$362K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2105	+0.062%	$32K	$714K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2103	−0.019%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2053	−2.415%	$1K	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2101	−0.128%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.333%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2101	−0.128%	$1.8M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2103	−0.041%	$2.7M	$5.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2103	−0.028%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	−0.128%	$77K	$11K	3x	as long as short
Lighter ENA	+0.0136%	1h	0.2106	+0.119%	$5.7M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0210% / S −0.0158%	1h	0.2101	−0.148%	$50K	—	100x	as long as short
Hyperliquid ENA	+0.0229%	1h	0.2104	+0.019%	$111.7M	$81.4M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2106	+0.119%	$5.6M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2101	−0.115%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0536%	1h	0.2108	+0.195%	$806K	$2.2M	50x
dYdX ENA-USD	+0.5900%	1h	0.2104	+0.018%	$139K	$12K	5x	as long as short