Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0452%/8h= −49.5% APRpaid last 24h −0.134%

Price spread now: edgeX against Coinbase International−0.444%77s7-day average −0.138% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$590.591% of the position

Long on Coinbase International Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.441%−$44 on $10k

Price spread, last 3 days (all we have)+0.058%+$6 · spread now −0.444%, 7d avg −0.138%

Together, before fees−0.383%+ Points / potential airdropedgeX: Active · farm board−$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and edgeX is 0.306% cheaper against Coinbase International than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of −0.138%). Swap the legs. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2132	0.0552	pay 0.0069% / 1h	3m 40s	$842K	$1.9M	50x
Short	edgeX ENAUSDC	0.2122	0.0100	get 0.0050% / 4h	3m 40s	$246K	$7.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.444%Rate

Funding earned: −$94.92
Price spread: −0.444% → −0.138%: −$30.61
Slippage, 4 orders: −$40.15
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$184.67
Costs to cover: 0.591%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; edgeX: 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 Coinbase International live order book, 5 min ago	5.87 bp	19.5 bp −$20	26.1 bp −$261	doesn't fit	doesn't fit
Sell edgeX live order book, 5 min ago	7.05 bp	11.6 bp −$12	13.1 bp −$131	44.0 bp −$4,402	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	−0.131%	$95K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2128	−0.164%	$97K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0012%	4h	0.2127	−0.197%	$41K	$24K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.380%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0055%	1h	0.2130	−0.061%	$378K	$443K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2128	−0.164%	$63K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2128	−0.162%	$681K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2129	−0.141%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2128	−0.147%	$411K	$559K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2128	−0.164%	$131.9M	$449.8M	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	0.2127	−0.188%	$89.4M	$189.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2128	−0.164%	$20.7M	$110.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	−0.192%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2129	−0.117%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	−0.262%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	−0.202%	$10.8M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2128	−0.178%	$46.5M	$45.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2129	−0.122%	$24.7M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2126	−0.239%	$48.2M	$63.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2128	−0.169%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2121	−0.476%	$3.9M	$10.2M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2122	−0.444%	$246K	$7.6M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2127	−0.211%	$361K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2121	−0.493%	$34K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2129	−0.131%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2078	−2.519%	$928	$829K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2128	−0.164%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.136%	$277K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	−0.211%	$1.9M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2127	−0.200%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2128	−0.143%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2125	−0.319%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2130	−0.080%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2130	−0.071%	$2.7M	$5.2M	50x	as long as short
Extended ENA-USD	+0.0248%	1h	0.2127	−0.190%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2128	−0.159%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2125	−0.324%	$5.6M	$4.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2127	−0.188%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0552%	1h	0.2132	long leg	$842K	$1.9M	50x
Lighter ENA	+0.0560%	1h	0.2131	−0.042%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0744%	1h	0.2132	+0.014%	$114.9M	$78.3M	10x	as long as short
dYdX ENA-USD	+0.1097%	1h	0.2128	−0.171%	$141K	$15K	5x	as long as short