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 +0.020%

Price spread now: Arcus against GRVT−0.266%54s7-day average −0.007% · 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−$550.554% of the position

Long on GRVT Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.018%+$2 on $10k

Price spread, last 4 days (all we have)−0.281%−$28 · spread now −0.266%, 7d avg −0.007%

Together, before fees−0.264%+ Points / potential airdropGRVT: Active · farm board−$26 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 0.259% cheaper against GRVT than usual: you would sell low and buy high, −$26 on $10k if it goes back to its 7-day average of −0.007%. 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	GRVT ENA_USDT_Perp	0.2105	0.0100	pay 0.0050% / 4h	2h 50m	$356K	$4.6M	10x
Short	Arcus ENA-USD	0.2099	0.0100	get 0.0013% / 1h	50m 04s	$84K	$222K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against GRVT. 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 GRVTbpFee ArcusbpOrdersPrice spread, now −0.266%Rate

Funding earned: $0
Price spread: −0.266% → −0.007%: −$25.91
Slippage, 4 orders: −$41.92
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$81.33
Costs to cover: 0.554%
Break-even: never at this rate

Slippage from GRVT: live order book, 4 min ago; Arcus: live order book, 38 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 GRVT live order book, 4 min ago	2.38 bp	12.2 bp −$12	61.9 bp −$619	doesn't fit	doesn't fit
Sell Arcus live order book, 38 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	−0.0446%	1h	0.2100	−0.223%	$361K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0095%	4h	0.2098	−0.323%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0072%	1h	0.2099	−0.247%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0012%	4h	0.2098	−0.314%	$10.4M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2099	−0.280%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2100	−0.235%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.893%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2103	−0.081%	$5K	$394K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2101	−0.162%	$5.7M	$13.1M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2098	−0.314%	$59K	$545K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2099	−0.285%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2099	−0.273%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2099	−0.281%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	−0.257%	$403K	$604K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2099	−0.280%	$130.1M	$472.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2098	−0.299%	$87.9M	$195.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	−0.266%	$20.1M	$115.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2103	−0.062%	$19K	$446K	5x	as long as short
Arcus ENA-USDshort	+0.0100%	1h	0.2099	−0.266%	$84K	$222K	10x
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.219%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	−0.271%	$45.2M	$48.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	−0.242%	$24.3M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	−0.337%	$47.5M	$67.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2098	−0.299%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2095	−0.468%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2102	−0.138%	$252K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perplong	+0.0100%	4h	0.2105	long leg	$356K	$4.6M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2101	−0.171%	$32K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2101	−0.190%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.618%	$1K	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	−0.314%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2101	−0.181%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2099	−0.266%	$1.8M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2101	−0.151%	$2.7M	$5.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2097	−0.364%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2098	−0.302%	$77K	$11K	3x	as long as short
Hyperliquid ENA	+0.0205%	1h	0.2102	−0.133%	$111.7M	$80.8M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0211% / S −0.0159%	1h	0.2099	−0.251%	$50K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2096	−0.399%	$5.6M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	−0.254%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	−0.181%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.7578%	1h	0.2099	−0.257%	$139K	$12K	5x	as long as short