Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0548%/8h= +60.0% APRpaid last 24h +0.137%

Price spread now: Coinbase International against edgeX+0.464%7-day average +0.131% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$690.690% of the position

Long on edgeX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.458%+$46 on $10k

Price spread, last 3 days (all we have)−0.221%−$22 · spread now +0.464%, 7d avg +0.131%

Together, before fees+0.236%+ Points / potential airdropedgeX: Active · farm board+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Coinbase International is 0.333% dearer against edgeX than usual: you sell high and buy low: +$33 more if the spread goes back to its 7-day average of +0.131%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ENAUSDC	0.2106	0.0100	pay 0.0050% / 4h	2h 04m	$246K	$7.5M	20x
Short	Coinbase International ENA-PERP-INTX	0.2116	0.0648	get 0.0081% / 1h	4m 57s	$830K	$1.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.464%Rate

Funding earned: $115.08
Price spread: +0.464% → +0.131%: $33.31
Slippage, 4 orders: −$50
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $79.39
Costs to cover: 0.690%
Break-even: 2.2 days

Slippage from edgeX: live order book, 4 min ago; Coinbase International: 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 edgeX live order book, 4 min ago	7.13 bp	11.6 bp −$12	13.1 bp −$131	44.1 bp −$4,413	doesn't fit
Sell Coinbase International live order book, 4 min ago	14.43 bp	23.5 bp −$23	24.1 bp −$241	doesn't fit	doesn't fit

ENA on 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2113	+0.331%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	+0.312%	$87K	—	150x	as long as short
dYdX ENA-USD	+0.0011%	1h	0.2114	+0.382%	$140K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.830%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0034%	4h	0.2112	+0.288%	$44K	$27K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	+0.193%	$54K	$507K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2110	+0.184%	$678K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2113	+0.319%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	+0.260%	$412K	$530K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2114	+0.393%	$130.1M	$433.9M	75x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2115	+0.440%	$86.6M	$180.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	+0.478%	$20.8M	$104.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2116	+0.473%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2111	+0.241%	$78K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	+0.170%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2114	+0.379%	$11.0M	$21.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2114	+0.364%	$44.8M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	+0.431%	$24.5M	$16.0M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	+0.379%	$48.1M	$59.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2114	+0.369%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2114	+0.397%	$381K	$371K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	+0.392%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDClong	+0.0100%	4h	0.2106	long leg	$246K	$7.5M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	−0.079%	$355K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	+0.003%	$32K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	+0.331%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.072%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2113	+0.336%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2114	+0.374%	$275K	$812K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2112	+0.288%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2110	+0.176%	$47K	$110	10x	as long as short
01 Exchange ENAUSD	+0.0104%	1h	0.2110	+0.208%	$4K	$302	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2112	+0.282%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2115	+0.446%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2118	+0.554%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2112	+0.304%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0252%	1h	0.2114	+0.403%	$2.7M	$4.3M	50x	as long as short
Lighter ENA	+0.0384%	1h	0.2116	+0.469%	$5.5M	$13.8M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2112	+0.307%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0471%	1h	0.2116	+0.469%	$113.7M	$71.4M	10x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0648%	1h	0.2116	+0.464%	$830K	$1.6M	50x