Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0476%/8h= −52.1% APRpaid last 24h −0.133%

Price spread now: HTX against Coinbase International+0.067%7-day average −0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$148as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$1041.042% of the position

Long on Coinbase International Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.434%−$43 on $10k

Price spread, last 3 days (all we have)−0.011%−$1 · spread now +0.067%, 7d avg −0.071%

Together, before fees−0.445%−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.138% dearer against Coinbase International than usual: you sell high and buy low (spread +0.067% now, against its 7-day average of −0.071%): +$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 23 hours. At the pace of the last 7 days (−0.434% in total) that is about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2092	0.0576	pay 0.0072% / 1h	30m 40s	$804K	$2.1M	50x
Short	HTX ENA-USDT	0.2093	0.0100	get 0.0050% / 4h	1h 30m	$271K	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.067%Rate

Funding earned: −$99.96
Price spread: +0.067% → −0.071%: $13.82
Slippage, 4 orders: −$82.2
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$190.34
Costs to cover: 1.042%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; HTX: 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	7.15 bp	18.2 bp −$18	26.2 bp −$262	doesn't fit	doesn't fit
Sell HTX live order book, 3 min ago	19.76 bp	28.8 bp −$29	doesn't fit	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	−0.0079%	1h	0.2090	−0.110%	$361K	$461K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0063%	4h	0.2087	−0.220%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2088	−0.177%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2090	−0.106%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.501%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2090	−0.116%	$2.6M	$5.6M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2090	−0.096%	$61K	$537K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2088	−0.209%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2091	−0.048%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2090	−0.096%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2090	−0.107%	$404K	$581K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2089	−0.131%	$128.7M	$457.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2089	−0.139%	$86.9M	$191.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2089	−0.134%	$20.1M	$111.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2091	−0.053%	$15K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2094	+0.096%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.279%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2089	−0.163%	$10.4M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2089	−0.134%	$45.1M	$46.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2090	−0.086%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2087	−0.244%	$47.2M	$65.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2089	−0.148%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2091	−0.057%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	+0.146%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	+0.040%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	+0.143%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2091	−0.057%	$183K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2041	−2.457%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2088	−0.191%	$4K	$14K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2093	+0.067%	$271K	$1.5M	50x
Phemex ENAUSDT	+0.0100%	4h	0.2088	−0.191%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2088	−0.191%	$77K	$11K	3x	as long as short
01 Exchange ENAUSD	+0.0112%	1h	0.2092	−0.010%	$4K	$432	10x	as long as short
Phoenix ENA	+0.0115%	1h	0.2096	+0.201%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0231% / S −0.0390%	1h	0.2089	−0.125%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0288%	1h	0.2088	−0.189%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2089	−0.124%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−0.092%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0512%	1h	0.2092	0.000%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0569%	1h	0.2092	+0.014%	$110.5M	$79.6M	10x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0576%	1h	0.2092	long leg	$804K	$2.1M	50x
dYdX ENA-USD	+0.1918%	1h	0.2089	−0.151%	$138K	$15K	5x	as long as short