Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.006%

Price spread now: Gate against Bulk−0.389%7-day average — · you buy dearer than you sell

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

Long on Bulk Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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 −$1 a day on $10k at the current rate, and Gate is 0.389% cheaper against Bulk than usual: you would sell low and buy high (−$39 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ENA-USD	0.2107	0.0100	pay 0.0013% / 1h	17m 18s	$89K	$2K	10x
Short	Gate ENA_USDT	0.2099	0.0054	get 0.0027% / 4h	2h 17m	$10.5M	$21.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Bulk. 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 BulkbpFee GatebpOrdersPrice spread, now −0.389%Rate

Funding earned: −$9.66
Price spread: −0.389% → 0.000%: −$38.92
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$70.58
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Bulk: no order-book sample; Gate: live order book, 1 min ago. 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 Bulk no order-book sample	—	—	—	—	—
Sell Gate live order book, 1 min ago	4.05 bp	14.6 bp −$15	32.9 bp −$329	55.1 bp −$5,515	91.9 bp −$46.0K

Bulk: 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
Backpack ENA_USDC_PERP	−0.0276%	1h	0.2101	−0.299%	$362K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2100	−0.351%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2100	−0.327%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2101	−0.304%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2100	−0.313%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.778%	$522	$57K	5.5x	as long as short
Gate ENA_USDTshort	+0.0054%	4h	0.2099	−0.389%	$10.5M	$21.7M	50x
Phoenix ENA	+0.0076%	1h	0.2107	−0.009%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	−0.380%	$60K	$539K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	−0.331%	$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	0.2100	−0.327%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2100	−0.337%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2101	−0.290%	$406K	$593K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2100	−0.327%	$129.5M	$466.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	−0.365%	$87.8M	$193.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2100	−0.308%	$20.3M	$113.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	−0.313%	$19K	$430K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2101	−0.285%	$82K	$223K	10x	as long as short
Bulk ENA-USDlong	+0.0100%	1h	0.2107	long leg	$89K	$2K	10x
MEXC ENA_USDT	+0.0100%	4h	0.2099	−0.370%	$46.0M	$49.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2100	−0.318%	$24.3M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2099	−0.399%	$47.5M	$66.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2100	−0.346%	—	$32.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2104	−0.141%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2103	−0.209%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2103	−0.190%	$351K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2103	−0.190%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2100	−0.351%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.776%	$856	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	−0.332%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2102	−0.214%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2099	−0.380%	$1.9M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2101	−0.290%	$2.6M	$5.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2100	−0.324%	$77K	$11K	3x	as long as short
Extended ENA-USD	+0.0144%	1h	0.2099	−0.363%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0163%	1h	0.2100	−0.323%	$50K	—	100x	as long as short
Lighter ENA	+0.0328%	1h	0.2103	−0.199%	$5.7M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2100	−0.313%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0349%	1h	0.2102	−0.237%	$110.9M	$80.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2098	−0.411%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2104	−0.161%	$803K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.6068%	1h	0.2102	−0.228%	$139K	$15K	5x	as long as short