Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0212%/8h= −23.2% APRpaid last 24h −0.066%

Price spread now: BloFin against Coinbase International−0.386%7-day average −0.064% · 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−$96as in the Price arb table

costs, in and out, $10k−$640.643% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 3 days (all we have)+0.624%+$62 · spread now −0.386%, 7d avg −0.064%

Together, before fees+0.613%+$61 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and BloFin is 0.322% cheaper against Coinbase International than usual: you would sell low and buy high (−$32 if the spread goes back to its 7-day average of −0.064%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.011% in total (about -0.5% 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	Coinbase International ENA-PERP-INTX	0.2125	0.0552	pay 0.0069% / 1h	54m 20s	$839K	$2.1M	50x
Short	BloFin ENA-USDT	0.2117	0.0340	get 0.0170% / 4h	54m 20s	$5.6M	$8.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.386%Rate

Funding earned: −$44.52
Price spread: −0.386% → −0.064%: −$32.15
Slippage, 4 orders: −$42.25
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$140.92
Costs to cover: 0.643%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; BloFin: live order book, 4 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, 4 min ago	7.53 bp	20.0 bp −$20	23.6 bp −$236	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	0.24 bp	10.9 bp −$11	16.8 bp −$168	48.0 bp −$4,799	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	−0.0071%	1h	0.2117	−0.376%	$374K	$447K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0035%	4h	0.2113	−0.555%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2117	−0.381%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2115	−0.480%	$105K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.071%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2113	−0.560%	$63K	$529K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.553%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2115	−0.474%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	−0.534%	$409K	$573K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2115	−0.485%	$130.7M	$455.0M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2113	−0.551%	$88.7M	$190.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2114	−0.513%	$20.5M	$111.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	−0.329%	$16K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2114	−0.513%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	−0.155%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2114	−0.499%	$10.8M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2113	−0.555%	$46.5M	$45.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	−0.485%	$24.4M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2112	−0.612%	$47.9M	$64.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2115	−0.471%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	−0.298%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2122	−0.137%	$251K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2123	−0.106%	$352K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2123	−0.089%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	−0.532%	$178K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2066	−2.772%	$1K	$820K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	−0.419%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2118	−0.329%	$275K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	−0.419%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.614%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2117	−0.383%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2120	−0.212%	$5K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0136%	1h	0.2114	−0.489%	$4K	$312	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2117	−0.388%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2114	−0.489%	$38K	—	100x	as long as short
BloFin ENA-USDTshort	+0.0340%	4h	0.2117	−0.386%	$5.6M	$8.1M	75x
Extended ENA-USD	+0.0352%	1h	0.2113	−0.567%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.569%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0477%	1h	0.2117	−0.381%	$112.0M	$77.8M	10x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0552%	1h	0.2125	long leg	$839K	$2.1M	50x
Lighter ENA	+0.0560%	1h	0.2115	−0.447%	$5.7M	$12.8M	10x	as long as short
dYdX ENA-USD	+0.1725%	1h	0.2116	−0.416%	$140K	$15K	5x	as long as short