Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.020%

Price spread now: Pacifica against GRVT+0.022%52s7-day average −0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

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

costs, in and out, $10k−$420.415% of the position

Long on GRVT Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 4 days (all we have)−0.075%−$7 · spread now +0.022%, 7d avg −0.048%

Together, before fees−0.066%+ Points / potential airdropGRVT: Active · Pacifica: Active · farm board−$7 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: Pacifica is 0.070% dearer against GRVT than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.048%. The two prices were read 52 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	0.2117	0.0100	pay 0.0050% / 4h	58m 35s	$351K	$4.6M	10x
Short	Pacifica ENA	0.2117	0.0100	get 0.0013% / 1h	58m 35s	$410K	$573K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.022%Rate

Funding earned: $0
Price spread: +0.022% → −0.048%: $6.96
Slippage, 4 orders: −$24.54
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$34.58
Costs to cover: 0.415%
Break-even: never at this rate

Slippage from GRVT: live order book, 5 min ago; Pacifica: live order book, 20 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	2.37 bp	12.9 bp −$13	36.8 bp −$368	doesn't fit	doesn't fit
Sell Pacifica live order book, 20 min ago	1.43 bp	6.4 bp −$6	doesn't fit	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	−0.0182%	1h	0.2117	−0.004%	$374K	$447K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0036%	4h	0.2116	−0.046%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2117	+0.001%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2117	+0.003%	$105K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.303%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	+0.143%	$63K	$530K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	+0.128%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2118	+0.067%	$1.5M	$3.3M	50x	as long as short
Pacifica ENAshort	+0.0100%	1h	0.2117	+0.022%	$410K	$573K	10x
Binance ENAUSDT	+0.0100%	4h	0.2119	+0.115%	$131.1M	$455.4M	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	0.2120	+0.138%	$89.1M	$191.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2120	+0.166%	$20.5M	$112.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2117	+0.020%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2119	+0.095%	$83K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	+0.218%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2117	−0.009%	$10.8M	$21.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	+0.010%	$46.6M	$45.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2118	+0.062%	$24.4M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	+0.095%	$48.0M	$64.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2117	+0.010%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2115	−0.086%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2112	−0.243%	$251K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perplong	+0.0100%	4h	0.2117	long leg	$351K	$4.6M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	−0.283%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2121	+0.176%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.437%	$998	$820K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	+0.001%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2120	+0.124%	$275K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	−0.046%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	−0.047%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2117	−0.013%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2122	+0.246%	$5K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0176%	1h	0.2121	+0.171%	$4K	$312	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2118	+0.035%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2117	−0.018%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	−0.023%	$5.5M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2117	−0.019%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	+0.147%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0468%	1h	0.2124	+0.336%	$112.3M	$78.6M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2124	+0.355%	$839K	$2.2M	50x	as long as short
Lighter ENA	+0.0664%	1h	0.2120	+0.147%	$5.7M	$12.8M	10x	as long as short
dYdX ENA-USD	+0.1878%	1h	0.2118	+0.046%	$140K	$15K	5x	as long as short