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: MEXC against Injective−0.490%70s7-day average — · you buy dearer than you sell

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

Long on Injective Short on MEXC

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

Funding pays, the price is against you. MEXC is 0.490% cheaper against Injective than usual: you would sell low and buy high (spread −0.490% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$49 on $10k: about 24 days of funding at the current rate (+$2 a day). 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. The two prices were read 70 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	Injective ENA/USDC PERP	0.2123	0.0033	pay 0.0004% / 1h	54m 08s	$522	$57K	5.5x
Short	MEXC ENA_USDT	0.2113	0.0100	get 0.0050% / 4h	54m 08s	$46.7M	$45.2M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.490%Rate

Funding earned: $14
Price spread: −0.490% → 0.000%: −$48.98
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 0 bp × 2 orders: $0
Net: −$35
Costs to cover: 0.000%
Break-even: 24.5 days

Slippage unknown: Injective: no order-book sample; MEXC: live order book, 10 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 MEXC live order book, 10 min ago	0.24 bp	1.1 bp −$1	5.1 bp −$51	37.2 bp −$3,724	70.3 bp −$35.1K

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
Backpack ENA_USDC_PERP	−0.0095%	1h	0.2114	−0.452%	$373K	$447K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0035%	4h	0.2113	−0.485%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2114	−0.429%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2115	−0.409%	$105K	—	150x	as long as short
Injective ENA/USDC PERPlong	+0.0033%	1h	0.2123	long leg	$522	$57K	5.5x
Popdex ENAUSDT	+0.0096%	1h	0.2113	−0.490%	$63K	$529K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.483%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2114	−0.424%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	−0.464%	$409K	$573K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	−0.358%	$130.8M	$455.1M	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	0.2115	−0.377%	$88.8M	$190.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	−0.363%	$20.5M	$111.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	−0.259%	$16K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2114	−0.443%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	−0.085%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2113	−0.504%	$10.8M	$21.1M	50x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2113	−0.490%	$46.7M	$45.2M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	−0.433%	$24.4M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2111	−0.589%	$47.8M	$64.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2112	−0.518%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	−0.228%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2122	−0.066%	$251K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2123	−0.036%	$352K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2123	−0.019%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	−0.462%	$178K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.887%	$1K	$820K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2113	−0.490%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	−0.301%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2113	−0.490%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.544%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	−0.454%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2120	−0.141%	$5K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0136%	1h	0.2114	−0.419%	$4K	$312	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2115	−0.418%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2114	−0.419%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	−0.316%	$5.6M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0360%	1h	0.2113	−0.496%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.498%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0474%	1h	0.2116	−0.370%	$111.9M	$77.8M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2125	+0.071%	$839K	$2.1M	50x	as long as short
Lighter ENA	+0.0560%	1h	0.2116	−0.367%	$5.7M	$12.8M	10x	as long as short
dYdX ENA-USD	+0.1725%	1h	0.2116	−0.346%	$140K	$15K	5x	as long as short