Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0564%/8h= +61.8% APRpaid last 24h +0.150%

Price spread now: Coinbase International against Bitget−0.071%7-day average +0.227% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$640.639% of the position

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.482%+$48 on $10k

Price spread, last 4 days (all we have)+0.644%+$64 · spread now −0.071%, 7d avg +0.227%

Together, before fees+1.126%+$113 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.298% cheaper against Bitget than usual: you would sell low and buy high (spread −0.071% now, against its 7-day average of +0.227%). If the spread goes back, that is −$30 on $10k: about 42 hours of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.482% in total) that is about 4.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ENAUSDT	0.2123	0.0100	pay 0.0050% / 4h	1h 18m	$48.4M	$57.6M	75x
Short	Coinbase International ENA-PERP-INTX	0.2122	0.0664	get 0.0083% / 1h	18m 15s	$836K	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. 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 BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now −0.071%Rate

Funding earned: $118.44
Price spread: −0.071% → +0.227%: −$29.78
Slippage, 4 orders: −$41.85
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $24.81
Costs to cover: 0.639%
Break-even: 5.5 days

Slippage from Bitget: live order book, 6 min ago; Coinbase International: live order book, 5 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 Bitget live order book, 6 min ago	0.71 bp	10.6 bp −$11	18.3 bp −$183	35.2 bp −$3,523	doesn't fit
Sell Coinbase International live order book, 5 min ago	8.94 bp	23.6 bp −$24	34.8 bp −$348	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
Orderly PERP_ENA_USDC	−0.0022%	4h	0.2124	+0.028%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2124	+0.038%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2124	+0.057%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2129	+0.273%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.009%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2128	+0.226%	$55K	$497K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2126	+0.153%	$667K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2128	+0.207%	$114.5M	$71.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2129	+0.253%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2128	+0.228%	$416K	$506K	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	0.2125	+0.094%	$130.2M	$418.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2125	+0.071%	$87.0M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2125	+0.108%	$20.9M	$102.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	−0.240%	$19K	$365K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2128	+0.226%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.781%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2125	+0.099%	$11.1M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2125	+0.080%	$46.0M	$42.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2126	+0.122%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2123	long leg	$48.4M	$57.6M	75x
BingX ENA-USDT	+0.0100%	4h	0.2125	+0.099%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2126	+0.137%	$377K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2118	−0.247%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2121	−0.126%	$245K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2122	−0.057%	$357K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2121	−0.104%	$22K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	+0.221%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.237%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2124	+0.038%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.268%	$278K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2124	+0.038%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	+0.208%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2123	−0.002%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2124	+0.034%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2122	−0.066%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2124	+0.023%	$51K	—	100x	as long as short
dYdX ENA-USD	+0.0276%	1h	0.2126	+0.147%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2125	+0.100%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2126	+0.127%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0360%	1h	0.2127	+0.165%	$5.4M	$13.9M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2127	+0.168%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0664%	1h	0.2122	−0.071%	$836K	$1.5M	50x