Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0564%/8h= −61.8% APRpaid last 24h −0.139%

Price spread now: MEXC against Coinbase International−0.278%7-day average −0.165% · you buy dearer than you sell

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$480.484% of the position

Long on Coinbase International Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.493%−$49 on $10k

Price spread, last 4 days (all we have)−0.224%−$22 · spread now −0.278%, 7d avg −0.165%

Together, before fees−0.717%−$72 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and MEXC is 0.113% cheaper against Coinbase International than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.165%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2125	0.0664	pay 0.0083% / 1h	15m 06s	$836K	$1.5M	50x
Short	MEXC ENA_USDT	0.2119	0.0100	get 0.0050% / 4h	1h 15m	$46.0M	$42.2M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.278%Rate

Funding earned: −$118.44
Price spread: −0.278% → −0.165%: −$11.27
Slippage, 4 orders: −$38.37
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$178.09
Costs to cover: 0.484%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; MEXC: live order book, 4 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	12.46 bp	21.9 bp −$22	35.4 bp −$354	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.23 bp	3.1 bp −$3	8.1 bp −$81	36.5 bp −$3,646	56.8 bp −$28.4K

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	−0.0027%	4h	0.2120	−0.245%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2120	−0.202%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2121	−0.199%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2122	−0.127%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.066%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2121	−0.179%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2121	−0.162%	$666K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2121	−0.174%	$114.2M	$71.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2123	−0.098%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2122	−0.150%	$414K	$506K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2120	−0.246%	$129.9M	$418.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2118	−0.301%	$86.6M	$175.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2119	−0.268%	$20.8M	$102.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	−0.009%	$19K	$359K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2122	−0.132%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.856%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2119	−0.259%	$11.1M	$21.5M	50x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2119	−0.278%	$46.0M	$42.2M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2120	−0.202%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2117	−0.391%	$48.2M	$57.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2119	−0.278%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2120	−0.216%	$376K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	−0.055%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.028%	$245K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	+0.029%	$358K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	+0.056%	$22K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	−0.113%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2069	−2.640%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2120	−0.226%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	−0.085%	$277K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	−0.226%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2122	−0.118%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2119	−0.285%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2120	−0.241%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2129	+0.198%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2121	−0.186%	$51K	—	100x	as long as short
dYdX ENA-USD	+0.0257%	1h	0.2123	−0.105%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2121	−0.158%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2120	−0.231%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0352%	1h	0.2121	−0.174%	$5.3M	$13.9M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	−0.220%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0664%	1h	0.2125	long leg	$836K	$1.5M	50x