Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Arcus against edgeX−0.030%54s7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$510.514% of the position

Long on edgeX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.607%−$61 · spread now −0.030%, 7d avg −0.006%

Together, before fees−0.609%+ Points / potential airdropedgeX: Active · farm board−$61 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Arcus is 0.024% cheaper against edgeX than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.006%. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ENAUSDC	0.2095	0.0100	pay 0.0050% / 4h	2h 44m	$250K	$8.0M	20x
Short	Arcus ENA-USD	0.2094	0.0100	get 0.0013% / 1h	44m 39s	$83K	$221K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against edgeX. 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 edgeXbpFee ArcusbpOrdersPrice spread, now −0.030%Rate

Funding earned: $0
Price spread: −0.030% → −0.006%: −$2.43
Slippage, 4 orders: −$37.86
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$53.79
Costs to cover: 0.514%
Break-even: never at this rate

Slippage from edgeX: live order book, 4 min ago; Arcus: live order book, 43 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 edgeX live order book, 4 min ago	7.16 bp	11.7 bp −$12	13.2 bp −$132	44.3 bp −$4,435	doesn't fit
Sell Arcus live order book, 43 min ago	4.69 bp	11.4 bp −$11	24.8 bp −$248	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	−0.0408%	1h	0.2093	−0.068%	$360K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0090%	4h	0.2092	−0.116%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0048%	1h	0.2094	−0.044%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0046%	4h	0.2093	−0.092%	$10.3M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2093	−0.063%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2093	−0.067%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.374%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2096	+0.070%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2093	−0.078%	$59K	$542K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2093	−0.085%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2092	−0.114%	$653K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2093	−0.097%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2093	−0.063%	$402K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2093	−0.075%	$129.2M	$470.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2093	−0.087%	$87.6M	$194.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2094	−0.035%	$20.1M	$114.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2094	−0.044%	$19K	$444K	5x	as long as short
Arcus ENA-USDshort	+0.0100%	1h	0.2094	−0.030%	$83K	$221K	10x
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.256%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	−0.054%	$44.9M	$48.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2092	−0.102%	$24.2M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2092	−0.116%	$47.4M	$66.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2093	−0.063%	—	$32.0M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2094	−0.027%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDClong	+0.0100%	4h	0.2095	long leg	$250K	$8.0M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	+0.019%	$356K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	+0.018%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2095	+0.008%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2043	−2.479%	$780	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2092	−0.125%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2100	+0.266%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2092	−0.125%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2093	−0.088%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2093	−0.074%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2094	−0.007%	$2.7M	$5.8M	50x	as long as short
Lighter ENA	+0.0136%	1h	0.2094	−0.006%	$5.6M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0211% / S −0.0159%	1h	0.2093	−0.100%	$50K	—	100x	as long as short
Hyperliquid ENA	+0.0245%	1h	0.2095	+0.018%	$111.3M	$80.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2093	−0.068%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2093	−0.097%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.295%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.8963%	1h	0.2094	−0.047%	$138K	$12K	5x	as long as short