Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0532%/8h= −58.3% APRpaid last 24h −0.140%

Price spread now: GRVT against Coinbase International−0.936%7-day average −0.123% · you buy dearer than you sell

Net, funding: paid 7d − costs−$130as in the Funding arb table

Net, price: spread back to 7d avg − costs−$163as in the Price arb table

costs, in and out, $10k−$820.820% of the position

Long on Coinbase International Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.476%−$48 on $10k

Price spread, last 4 days (all we have)+0.474%+$47 · spread now −0.936%, 7d avg −0.123%

Together, before fees−0.003%+ Points / potential airdropGRVT: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and GRVT is 0.813% cheaper against Coinbase International than usual: you would sell low and buy high (−$81 if the spread goes back to its 7-day average of −0.123%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2128	0.0632	pay 0.0079% / 1h	3m 28s	$870K	$1.7M	50x
Short	GRVT ENA_USDT_Perp	0.2108	0.0100	get 0.0050% / 4h	3m 28s	$358K	$5.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.936%Rate

Funding earned: −$111.72
Price spread: −0.936% → −0.123%: −$81.28
Slippage, 4 orders: −$63.04
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$275.05
Costs to cover: 0.820%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; GRVT: 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, 5 min ago	10.19 bp	24.6 bp −$25	31.8 bp −$318	doesn't fit	doesn't fit
Sell GRVT live order book, 6 min ago	2.37 bp	14.3 bp −$14	104.7 bp −$1,047	doesn't fit	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	−0.0135%	1h	0.2110	−0.827%	$361K	$401K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2114	−0.653%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2115	−0.601%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2109	−0.898%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	−0.596%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.221%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2110	−0.846%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2114	−0.663%	$56K	$475K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2113	−0.697%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2114	−0.639%	$659K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2114	−0.648%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	−0.669%	$403K	$521K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2115	−0.599%	$128.6M	$416.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	−0.616%	$85.4M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2115	−0.592%	$21.1M	$103.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2105	−1.071%	$20K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2115	−0.616%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−1.015%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2115	−0.620%	$11.1M	$22.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	−0.578%	$46.1M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2117	−0.522%	$25.0M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2115	−0.634%	$48.0M	$57.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2116	−0.583%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2105	−1.096%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2107	−1.000%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perpshort	+0.0100%	4h	0.2108	−0.936%	$358K	$5.0M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2108	−0.945%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	−0.522%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−3.336%	$1K	$850K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2109	−0.898%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	−0.799%	$273K	$796K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2110	−0.851%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2113	−0.714%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2109	−0.899%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0159%	1h	0.2112	−0.742%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0168%	1h	0.2116	−0.578%	$5.2M	$13.5M	10x	as long as short
Hyperliquid ENA	+0.0204%	1h	0.2119	−0.428%	$115.4M	$74.8M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0243%	1h	0.2111	−0.821%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2116	−0.584%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2107	−0.987%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2116	−0.592%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0632%	1h	0.2128	long leg	$870K	$1.7M	50x