Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.022%

Price spread now: OKX against Injective−0.532%7-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 OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.237%−$24 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. OKX is 0.532% cheaper against Injective than usual: you would sell low and buy high (spread −0.532% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$53 on $10k: about 27 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.237%, 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	40m 42s	$522	$57K	5.5x
Short	OKX ENA-USDT-SWAP	0.2112	0.0100	get 0.0050% / 4h	1h 40m	$20.8M	$102.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.532%Rate

Funding earned: $14
Price spread: −0.532% → 0.000%: −$53.22
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: −$49.24
Costs to cover: 0.100%
Break-even: 31.6 days

Slippage unknown: Injective: no order-book sample; OKX: live order book, 3 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 OKX live order book, 3 min ago	0.24 bp	14.2 bp −$14	24.9 bp −$249	98.3 bp −$9,830	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	0.2111	−0.589%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	−0.469%	$82K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0007%	4h	0.2111	−0.603%	$44K	$27K	10x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2113	−0.509%	$4K	$302	10x	as long as short
Injective ENA/USDC PERPlong	+0.0033%	1h	0.2123	long leg	$522	$57K	5.5x
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.537%	$55K	$499K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2112	−0.530%	$682K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2112	−0.513%	$113.5M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2113	−0.510%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	−0.576%	$412K	$516K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2111	−0.598%	$129.6M	$423.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2111	−0.584%	$86.6M	$176.4M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2112	−0.532%	$20.8M	$102.8M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.518%	$19K	$376K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2110	−0.631%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.490%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2111	−0.593%	$11.0M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	−0.593%	$45.5M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2112	−0.518%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2108	−0.711%	$48.1M	$58.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2110	−0.631%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2112	−0.537%	$374K	$363K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	−0.540%	$3.4M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	−0.507%	$243K	$7.3M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	−0.399%	$362K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	−0.348%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	−0.438%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.835%	$1K	$842K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2111	−0.584%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	−0.301%	$277K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2112	−0.537%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	−0.580%	$47K	$110	10x	as long as short
dYdX ENA-USD	+0.0102%	1h	0.2111	−0.588%	$139K	$15K	5x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	−0.593%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0120%	1h	0.2108	−0.716%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0150%	1h	0.2118	−0.264%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2113	−0.490%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2113	−0.494%	$2.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	−0.612%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0376%	1h	0.2113	−0.485%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.474%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2117	−0.287%	$833K	$1.5M	50x	as long as short