Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0452%/8h= +49.5% APRpaid last 24h +0.154%

Price spread now: Coinbase International against GRVT+0.553%7-day average +0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$560.555% of the position

Long on GRVT Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.469%+$47 on $10k

Price spread, last 3 days (all we have)−0.260%−$26 · spread now +0.553%, 7d avg +0.112%

Together, before fees+0.209%+ Points / potential airdropGRVT: Active · farm board+$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Coinbase International is 0.440% dearer against GRVT than usual: you sell high and buy low: +$44 more if the spread goes back to its 7-day average of +0.112%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ENA_USDT_Perp	0.2120	0.0100	pay 0.0050% / 4h	28m 36s	$361K	$4.6M	10x
Short	Coinbase International ENA-PERP-INTX	0.2132	0.0552	get 0.0069% / 1h	28m 36s	$842K	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.553%Rate

Funding earned: $94.92
Price spread: +0.553% → +0.112%: $44.04
Slippage, 4 orders: −$36.52
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $83.44
Costs to cover: 0.555%
Break-even: 0.8 days

Slippage from GRVT: live order book, 5 min ago; Coinbase International: live order book, 5 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, 5 min ago	2.36 bp	10.7 bp −$11	49.2 bp −$492	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	7.76 bp	14.5 bp −$14	23.4 bp −$234	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
Orderly PERP_ENA_USDC	−0.0013%	4h	0.2119	−0.051%	$41K	$24K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2118	−0.115%	$106K	—	150x	as long as short
Backpack ENA_USDC_PERP	+0.0027%	1h	0.2122	+0.105%	$375K	$445K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0033%	1h	0.2120	+0.001%	$92K	$1.7M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.161%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	+0.237%	$63K	$521K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	−0.150%	$678K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2123	+0.162%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2125	+0.221%	$411K	$562K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2124	+0.213%	$131.4M	$452.7M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2125	+0.227%	$89.3M	$189.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2125	+0.251%	$20.5M	$111.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2116	−0.202%	$15K	$398K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2125	+0.237%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.164%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2124	+0.213%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2125	+0.242%	$46.7M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2124	+0.199%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	+0.176%	$48.1M	$64.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2125	+0.227%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	−0.041%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	+0.125%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perplong	+0.0100%	4h	0.2120	long leg	$361K	$4.6M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	+0.190%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	−0.126%	$178K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2066	−2.527%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2120	+0.001%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	−0.041%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	+0.001%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2124	+0.200%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	−0.040%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2118	−0.093%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2127	+0.312%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0224%	1h	0.2125	+0.225%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2121	+0.068%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2117	−0.126%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2118	−0.108%	$5.6M	$6.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	−0.148%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0544%	1h	0.2128	+0.359%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0552%	1h	0.2132	+0.553%	$842K	$2.1M	50x
Hyperliquid ENA	+0.0781%	1h	0.2126	+0.288%	$114.2M	$78.8M	10x	as long as short
dYdX ENA-USD	+0.1727%	1h	0.2125	+0.247%	$140K	$15K	5x	as long as short