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: KuCoin against Coinbase International−0.230%7-day average −0.141% · you buy dearer than you sell

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$750.750% of the position

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.518%−$52 on $10k

Price spread, last 3 days (all we have)+0.122%+$12 · spread now −0.230%, 7d avg −0.141%

Together, before fees−0.396%−$40 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 KuCoin is 0.089% cheaper against Coinbase International than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.141%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2135	0.0552	pay 0.0069% / 1h	49m 05s	$843K	$2.1M	50x
Short	KuCoin ENAUSDTM	0.2130	0.0100	get 0.0050% / 4h	49m 05s	$24.5M	$16.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.230%Rate

Funding earned: −$94.92
Price spread: −0.230% → −0.141%: −$8.89
Slippage, 4 orders: −$53.02
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$178.83
Costs to cover: 0.750%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; KuCoin: live order book, 10 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	10.32 bp	15.3 bp −$15	23.2 bp −$232	doesn't fit	doesn't fit
Sell KuCoin live order book, 10 min ago	2.36 bp	12.2 bp −$12	33.5 bp −$335	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
Orderly PERP_ENA_USDC	−0.0029%	4h	0.2127	−0.337%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2128	−0.314%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2130	−0.205%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.520%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0080%	1h	0.2130	−0.211%	$376K	$447K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2129	−0.258%	$63K	$525K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2130	−0.234%	$684K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2130	−0.209%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2129	−0.274%	$412K	$567K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2129	−0.266%	$131.5M	$455.2M	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	0.2129	−0.276%	$89.4M	$191.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2127	−0.351%	$20.6M	$112.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2128	−0.290%	$15K	$401K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2129	−0.258%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2125	−0.423%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2129	−0.253%	$10.9M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2129	−0.262%	$47.1M	$45.4M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2130	−0.230%	$24.5M	$16.4M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2128	−0.314%	$48.2M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2128	−0.286%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	−0.497%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2124	−0.488%	$253K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.474%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	−0.492%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2130	−0.201%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2078	−2.628%	$1K	$823K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2128	−0.305%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2132	−0.108%	$276K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	−0.351%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	−0.296%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	−0.352%	$78K	$11K	3x	as long as short
01 Exchange ENAUSD	+0.0168%	1h	0.2131	−0.164%	$4K	$302	10x	as long as short
Phoenix ENA	+0.0189%	1h	0.2125	−0.431%	$6K	$347K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2128	−0.284%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2130	−0.204%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	−0.314%	$5.6M	$7.4M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2127	−0.341%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2130	−0.233%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0552%	1h	0.2135	long leg	$843K	$2.1M	50x
Lighter ENA	+0.0624%	1h	0.2132	−0.141%	$5.7M	$12.8M	10x	as long as short
Hyperliquid ENA	+0.0816%	1h	0.2133	−0.066%	$114.6M	$78.8M	10x	as long as short
dYdX ENA-USD	+0.1718%	1h	0.2127	−0.339%	$141K	$15K	5x	as long as short