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 −0.140%

Price spread now: Gate against Coinbase International−0.038%7-day average −0.182% · you buy dearer than you sell

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$700.700% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.494%−$49 on $10k

Price spread, last 3 days (all we have)−0.086%−$9 · spread now −0.038%, 7d avg −0.182%

Together, before fees−0.580%−$58 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.144% dearer against Coinbase International than usual: you sell high and buy low (spread −0.038% now, against its 7-day average of −0.182%): +$14 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2127	0.0552	pay 0.0069% / 1h	10m 24s	$840K	$1.9M	50x
Short	Gate ENA_USDT	0.2126	0.0100	get 0.0050% / 4h	10m 24s	$10.8M	$21.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.038%Rate

Funding earned: −$94.92
Price spread: −0.038% → −0.182%: $14.41
Slippage, 4 orders: −$44.98
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$150.49
Costs to cover: 0.700%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Gate: live order book, 3 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, 3 min ago	8.21 bp	14.2 bp −$14	23.2 bp −$232	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	4.23 bp	16.8 bp −$17	41.6 bp −$416	63.0 bp −$6,301	101.0 bp −$50.5K

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	0.2122	−0.216%	$94K	$1.7M	50x	as long as short
Orderly PERP_ENA_USDC	+0.0003%	4h	0.2121	−0.249%	$41K	$24K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2124	−0.144%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.150%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0050%	1h	0.2122	−0.240%	$376K	$444K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2126	−0.028%	$62K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2126	−0.047%	$680K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2125	−0.093%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2125	−0.087%	$411K	$561K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2126	−0.031%	$131.4M	$450.0M	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	0.2126	−0.038%	$89.4M	$189.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2126	−0.038%	$20.6M	$110.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2123	−0.150%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	−0.028%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2121	−0.263%	$89K	$500	10x	as long as short
Gate ENA_USDTshort	+0.0100%	4h	0.2126	−0.038%	$10.8M	$21.6M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2124	−0.122%	$46.5M	$45.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2127	+0.028%	$24.6M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	−0.136%	$48.2M	$63.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2123	−0.155%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2121	−0.266%	$3.9M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.046%	$246K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.113%	$364K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2129	+0.113%	$34K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2127	−0.005%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.624%	$1K	$827K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	−0.263%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	−0.160%	$275K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	−0.310%	$1.9M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	−0.036%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	−0.230%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.094%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2128	+0.061%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0232%	1h	0.2126	−0.034%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2123	−0.188%	$2.7M	$5.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2123	−0.162%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2121	−0.254%	$5.6M	$4.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2123	−0.153%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0552%	1h	0.2127	+0.038%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0552%	1h	0.2127	long leg	$840K	$1.9M	50x
Hyperliquid ENA	+0.0755%	1h	0.2127	+0.028%	$114.6M	$78.5M	10x	as long as short
dYdX ENA-USD	+0.1254%	1h	0.2122	−0.200%	$140K	$15K	5x	as long as short