Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0436%/8h= −47.7% APRpaid last 24h −0.132%

Price spread now: Paradex against Coinbase International−0.258%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Paradex is 0.258% cheaper against Coinbase International than usual: you would sell low and buy high (−$26 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2108	0.0536	pay 0.0067% / 1h	28m 48s	$805K	$2.2M	50x
Short	Paradex ENA-USD-PERP	0.2103	0.0100	get 0.0100% / 8h	2h 28m	$47K	$221	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.258%Rate

Funding earned: −$91.56
Price spread: −0.258% → 0.000%: −$25.75
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$131.31
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 5 min ago; Paradex: no order-book sample. Net counts fees only.

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	9.52 bp	18.1 bp −$18	27.7 bp −$277	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0282%	1h	0.2103	−0.247%	$362K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2103	−0.251%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2105	−0.166%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2104	−0.204%	$94K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2103	−0.233%	$97K	—	150x	as long as short
Gate ENA_USDT	+0.0018%	4h	0.2106	−0.114%	$10.5M	$21.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.711%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2095	−0.612%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2104	−0.209%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2103	−0.258%	$47K	$221	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2104	−0.216%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	−0.209%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2104	−0.199%	$406K	$595K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2106	−0.118%	$129.8M	$467.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2106	−0.095%	$87.9M	$193.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.076%	$20.3M	$114.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	−0.394%	$19K	$435K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2105	−0.161%	$82K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2106	−0.109%	$45.2M	$48.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2107	−0.071%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2105	−0.138%	$47.6M	$66.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2106	−0.119%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	−0.453%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	−0.413%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2099	−0.426%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2100	−0.398%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	−0.133%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2054	−2.590%	$1K	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2102	−0.304%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2107	−0.090%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2102	−0.304%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.378%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2103	−0.257%	$2.7M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2106	−0.133%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	−0.213%	$77K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0213% / S −0.0161%	1h	0.2103	−0.252%	$50K	—	100x	as long as short
Lighter ENA	+0.0288%	1h	0.2105	−0.157%	$5.7M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0327%	1h	0.2109	+0.014%	$111.2M	$80.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2104	−0.213%	$5.5M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2103	−0.233%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0536%	1h	0.2108	long leg	$805K	$2.2M	50x
dYdX ENA-USD	+0.7898%	1h	0.2102	−0.318%	$139K	$15K	5x	as long as short