Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0308%/8h= +33.7% APRpaid last 24h +0.065%

Price spread now: Coinbase International against BloFin−0.047%7-day average +0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$670.669% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

Price spread, last 3 days (all we have)−0.055%−$6 · spread now −0.047%, 7d avg +0.072%

Together, before fees−0.033%−$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.119% cheaper against BloFin than usual: you would sell low and buy high (spread −0.047% now, against its 7-day average of +0.072%). If the spread goes back, that is −$12 on $10k: about 31 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.022% in total) that is about 37 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.022% in total (about 1.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ENA-USDT	0.2132	0.0340	pay 0.0170% / 4h	2h 48m	$5.7M	$2.0M	75x
Short	Coinbase International ENA-PERP-INTX	0.2131	0.0648	get 0.0081% / 1h	48m 53s	$837K	$1.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BloFin. 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 BloFinbpFee Coinbase InternationalbpOrdersPrice spread, now −0.047%Rate

Funding earned: $64.68
Price spread: −0.047% → +0.072%: −$11.85
Slippage, 4 orders: −$44.93
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$14.1
Costs to cover: 0.669%
Break-even: 8.5 days

Slippage from BloFin: live order book, 5 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 BloFin live order book, 5 min ago	6.59 bp	14.1 bp −$14	22.0 bp −$220	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	9.17 bp	19.0 bp −$19	28.3 bp −$283	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2129	−0.141%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2131	−0.060%	$91K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2133	+0.028%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.422%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0036%	1h	0.2134	+0.052%	$141K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0038%	4h	0.2129	−0.183%	$41K	$23K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2129	−0.183%	$5.5M	$13.6M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2132	−0.019%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2133	+0.019%	$703K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2130	−0.131%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2135	+0.100%	$418K	$548K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2125	−0.328%	$132.2M	$444.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2124	−0.389%	$87.0M	$186.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2125	−0.356%	$21.1M	$109.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	−0.370%	$17K	$408K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2135	+0.122%	$116K	$253K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.237%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2126	−0.295%	$10.8M	$20.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2125	−0.333%	$44.9M	$43.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2127	−0.253%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2123	−0.436%	$48.1M	$61.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2125	−0.352%	—	$32.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2129	−0.174%	$368K	$383K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2125	−0.337%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2121	−0.533%	$244K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.388%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	−0.300%	$32K	$690K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2133	+0.014%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2077	−2.589%	$1K	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2129	−0.159%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.094%	$275K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2129	−0.159%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2133	+0.031%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2129	−0.138%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2127	−0.253%	$7K	$351K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2130	−0.136%	$2.7M	$4.9M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2131	−0.085%	$51K	—	100x	as long as short
Extended ENA-USD	+0.0304%	1h	0.2126	−0.284%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDTlong	+0.0340%	4h	0.2132	long leg	$5.7M	$2.0M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2131	−0.060%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0499%	1h	0.2130	−0.131%	$114.7M	$74.4M	10x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0648%	1h	0.2131	−0.047%	$837K	$1.8M	50x