Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.026%

Price spread now: Binance against Injective+0.194%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.196%−$20 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Binance is 0.194% dearer against Injective than usual: you sell high and buy low: +$19 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.196%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ENA/USDC PERP	0.2123	0.0033	pay 0.0004% / 1h	8m 44s	$522	$57K	5.5x
Short	Binance ENAUSDT	0.2128	0.0100	get 0.0050% / 4h	8m 44s	$131.8M	$450.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. 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 InjectivebpFee BinancebpOrdersPrice spread, now +0.194%Rate

Funding earned: $14
Price spread: +0.194% → 0.000%: $19.45
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: $23.43
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Binance: live order book, 5 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 5 min ago	0.23 bp	6.9 bp −$7	16.7 bp −$167	55.8 bp −$5,584	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2128	+0.207%	$95K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2127	+0.175%	$97K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0006%	4h	0.2126	+0.132%	$41K	$24K	10x	as long as short
Injective ENA/USDC PERPlong	+0.0033%	1h	0.2123	long leg	$522	$57K	5.5x
Backpack ENA_USDC_PERP	+0.0052%	1h	0.2128	+0.235%	$377K	$444K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2126	+0.122%	$62K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2125	+0.099%	$680K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2129	+0.240%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2128	+0.209%	$411K	$559K	10x	as long as short
Binance ENAUSDTshort	+0.0100%	4h	0.2128	+0.194%	$131.8M	$450.0M	75x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2127	+0.188%	$89.4M	$189.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2127	+0.188%	$20.7M	$110.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2123	0.000%	$15K	$390K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2129	+0.264%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+0.119%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	+0.170%	$10.8M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2127	+0.193%	$46.5M	$45.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2129	+0.245%	$24.6M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2127	+0.146%	$48.2M	$63.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2127	+0.188%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2121	−0.116%	$3.9M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.197%	$246K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2121	−0.092%	$362K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2129	+0.264%	$34K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2127	+0.170%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2075	−2.261%	$1K	$827K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	+0.170%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.518%	$277K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	+0.170%	$1.9M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2127	+0.178%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	+0.178%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.245%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2127	+0.188%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2128	+0.225%	$2.7M	$5.2M	50x	as long as short
Extended ENA-USD	+0.0240%	1h	0.2126	+0.143%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2127	+0.165%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.198%	$5.6M	$4.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2127	+0.158%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2126	+0.118%	$839K	$1.9M	50x	as long as short
Lighter ENA	+0.0560%	1h	0.2130	+0.311%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0753%	1h	0.2131	+0.355%	$114.9M	$78.3M	10x	as long as short
dYdX ENA-USD	+0.1204%	1h	0.2128	+0.203%	$141K	$15K	5x	as long as short