Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0436%/8h= +47.7% APRpaid last 24h +0.131%

Price spread now: Coinbase International against HTX+0.257%7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$1101.105% of the position

Long on HTX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.427%+$43 on $10k

Price spread, last 3 days (all we have)−0.726%−$73 · spread now +0.257%, 7d avg +0.075%

Together, before fees−0.299%−$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Coinbase International is 0.183% dearer against HTX than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.075%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ENA-USDT	0.2098	0.0100	pay 0.0050% / 4h	2h 51m	$272K	$1.6M	50x
Short	Coinbase International ENA-PERP-INTX	0.2104	0.0536	get 0.0067% / 1h	51m 22s	$804K	$2.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against HTX. 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 HTXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.257%Rate

Funding earned: $91.56
Price spread: +0.257% → +0.075%: $18.27
Slippage, 4 orders: −$88.5
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$0.67
Costs to cover: 1.105%
Break-even: 7.1 days

Slippage from HTX: live order book, 2 min ago; Coinbase International: live order book, 2 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 HTX live order book, 2 min ago	18.99 bp	41.1 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 2 min ago	9.98 bp	18.7 bp −$19	27.6 bp −$276	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	−0.0480%	1h	0.2100	+0.091%	$361K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0096%	4h	0.2096	−0.095%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0072%	1h	0.2095	−0.138%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0008%	4h	0.2096	−0.100%	$10.4M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2098	−0.010%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2098	−0.010%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.201%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2103	+0.224%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.153%	$59K	$545K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2096	−0.128%	$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	0.2097	−0.076%	$653K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2097	−0.044%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	−0.160%	$402K	$604K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2097	−0.071%	$129.9M	$473.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2096	−0.086%	$87.9M	$195.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2098	−0.029%	$20.1M	$115.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2103	+0.243%	$19K	$446K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2095	−0.153%	$83K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.086%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2097	−0.048%	$45.1M	$48.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2098	−0.029%	$24.3M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2095	−0.138%	$47.5M	$67.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2097	−0.062%	—	$32.0M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2107	+0.412%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2102	+0.166%	$252K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2105	+0.305%	$356K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2101	+0.133%	$32K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	−0.043%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.412%	$856	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	−0.105%	$4K	$14K	10x	as long as short
HTX ENA-USDTlong	+0.0100%	4h	0.2098	long leg	$272K	$1.6M	50x
Phemex ENAUSDT	+0.0100%	4h	0.2097	−0.057%	$1.8M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2099	+0.037%	$2.7M	$5.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2097	−0.073%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	−0.057%	$77K	$11K	3x	as long as short
Lighter ENA	+0.0120%	1h	0.2099	+0.057%	$5.7M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0197%	1h	0.2100	+0.071%	$111.5M	$80.7M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0211% / S −0.0159%	1h	0.2098	−0.031%	$50K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2096	−0.095%	$5.6M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2096	−0.098%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0536%	1h	0.2104	+0.257%	$804K	$2.2M	50x
dYdX ENA-USD	+0.7211%	1h	0.2094	−0.219%	$138K	$12K	5x	as long as short