Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0556%/8h= +60.9% APRpaid last 24h +0.142%

Price spread now: Coinbase International against KuCoin+0.186%7-day average +0.144% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$700.701% of the position

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.535%+$54 on $10k

Price spread, last 4 days (all we have)−0.053%−$5 · spread now +0.186%, 7d avg +0.144%

Together, before fees+0.483%+$48 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Coinbase International is 0.042% dearer against KuCoin than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.144%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2092	0.0100	pay 0.0050% / 4h	3h 01m	$24.7M	$15.4M	75x
Short	Coinbase International ENA-PERP-INTX	0.2095	0.0656	get 0.0082% / 1h	1m 32s	$858K	$1.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against KuCoin. 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 KuCoinbpFee Coinbase InternationalbpOrdersPrice spread, now +0.186%Rate

Funding earned: $116.76
Price spread: +0.186% → +0.144%: $4.22
Slippage, 4 orders: −$48.12
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $50.85
Costs to cover: 0.701%
Break-even: 4.0 days

Slippage from KuCoin: 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 KuCoin live order book, 2 min ago	6.20 bp	13.8 bp −$14	42.2 bp −$422	doesn't fit	doesn't fit
Sell Coinbase International live order book, 2 min ago	5.24 bp	14.2 bp −$14	24.2 bp −$242	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
Orderly PERP_ENA_USDC	−0.0131%	4h	0.2090	−0.086%	$43K	$25K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2091	−0.024%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2090	−0.057%	$72K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2091	−0.051%	$81K	—	150x	as long as short
Gate ENA_USDT	+0.0028%	4h	0.2090	−0.067%	$11.0M	$22.7M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.520%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2091	−0.029%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2090	−0.058%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2091	−0.033%	$647K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2092	+0.027%	$113.4M	$74.0M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2092	+0.012%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2091	−0.013%	$397K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2091	−0.019%	$126.6M	$411.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2091	−0.029%	$84.3M	$173.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	+0.005%	$20.8M	$102.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2101	+0.445%	$22K	$320K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2091	−0.029%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	+0.137%	$92K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2091	−0.029%	$45.2M	$41.1M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2092	long leg	$24.7M	$15.4M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2089	−0.100%	$47.5M	$57.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2091	−0.033%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2091	−0.038%	$356K	$400K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	+0.339%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	+0.203%	$240K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2098	+0.307%	$347K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	+0.210%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2092	+0.019%	$190K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2040	−2.462%	$1K	$857K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2090	−0.076%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.349%	$272K	$773K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2090	−0.076%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2091	−0.046%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2090	−0.076%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2100	+0.402%	$8K	$274K	10x	as long as short
Lighter ENA	+0.0160%	1h	0.2093	+0.072%	$5.2M	$13.3M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0175%	1h	0.2091	−0.006%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2090	−0.054%	$69K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2096	+0.191%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−0.057%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0656%	1h	0.2095	+0.186%	$858K	$1.7M	50x
dYdX ENA-USD	+0.1189%	1h	0.2091	−0.017%	$138K	$15K	5x	as long as short