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 −0.142%

Price spread now: Bitget against Coinbase International−0.680%7-day average −0.225% · you buy dearer than you sell

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$610.606% of the position

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.444%−$44 on $10k

Price spread, last 3 days (all we have)+0.367%+$37 · spread now −0.680%, 7d avg −0.225%

Together, before fees−0.077%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Bitget is 0.455% cheaper against Coinbase International than usual: you would sell low and buy high (−$45 if the spread goes back to its 7-day average of −0.225%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2103	0.0536	pay 0.0067% / 1h	12m 45s	$805K	$2.1M	50x
Short	Bitget ENAUSDT	0.2089	0.0100	get 0.0050% / 4h	2h 12m	$47.3M	$66.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Coinbase International. 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 Coinbase InternationalbpFee BitgetbpOrdersPrice spread, now −0.680%Rate

Funding earned: −$91.56
Price spread: −0.680% → −0.225%: −$45.48
Slippage, 4 orders: −$38.58
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$197.61
Costs to cover: 0.606%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 1 min ago; Bitget: live order book, 6 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 Coinbase International live order book, 1 min ago	8.12 bp	23.0 bp −$23	24.4 bp −$244	doesn't fit	doesn't fit
Sell Bitget live order book, 6 min ago	0.48 bp	10.2 bp −$10	14.9 bp −$149	32.3 bp −$3,232	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	−0.0285%	1h	0.2092	−0.547%	$360K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0083%	4h	0.2091	−0.571%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2091	−0.566%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2092	−0.547%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2091	−0.552%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.970%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0058%	4h	0.2090	−0.604%	$10.4M	$21.7M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	−0.404%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2090	−0.618%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2091	−0.589%	$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	0.2091	−0.556%	$656K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2091	−0.565%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2090	−0.604%	$404K	$593K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2090	−0.618%	$128.8M	$465.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2089	−0.666%	$87.1M	$193.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2090	−0.604%	$20.2M	$113.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	−0.124%	$19K	$424K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2092	−0.523%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.190%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2090	−0.618%	$45.7M	$49.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2092	−0.523%	$24.2M	$16.5M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2089	−0.680%	$47.3M	$66.1M	75x
BingX ENA-USDC	+0.0100%	4h	0.2090	−0.613%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2096	−0.311%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	−0.257%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2100	−0.160%	$351K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2098	−0.238%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2091	−0.552%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2040	−2.986%	$925	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	−0.571%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2096	−0.338%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2091	−0.571%	$1.9M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2092	−0.527%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2092	−0.541%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2090	−0.614%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0163%	1h	0.2091	−0.561%	$50K	—	100x	as long as short
Lighter ENA	+0.0304%	1h	0.2093	−0.471%	$5.6M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2091	−0.556%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0349%	1h	0.2092	−0.499%	$110.4M	$80.8M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−0.618%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0536%	1h	0.2103	long leg	$805K	$2.1M	50x
dYdX ENA-USD	+0.5555%	1h	0.2093	−0.491%	$138K	$15K	5x	as long as short