Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0244%/8h= +26.7% APRpaid last 24h +0.006%

Price spread now: Extended against KuCoin−0.085%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$400.395% of the position

Long on KuCoin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.113%+$11 on $10k

Price spread, last 7 days+0.100%+$10 · spread now −0.085%, 7d avg −0.033%

Together, before fees+0.213%+ Points / potential airdropExtended: Active · farm board+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.053% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.085% now, against its 7-day average of −0.033%). If the spread goes back, that is −$5 on $10k: about 17 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.113% in total) that is about 3.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.113% in total (about 5.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2128	0.0100	pay 0.0050% / 4h	49m 48s	$24.5M	$16.4M	75x
Short	Extended ENA-USD	0.2126	0.0344	get 0.0043% / 1h	49m 48s	$1.6M	$4.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpOrdersPrice spread, now −0.085%Rate

Funding earned: $51.24
Price spread: −0.085% → −0.033%: −$5.27
Slippage, 4 orders: −$22.54
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $6.44
Costs to cover: 0.395%
Break-even: 6.1 days

Slippage from KuCoin: live order book, 9 min ago; Extended: live order book, 4 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, 9 min ago	2.36 bp	16.1 bp −$16	32.0 bp −$320	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	0.24 bp	5.3 bp −$5	10.5 bp −$105	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	−0.0029%	4h	0.2125	−0.164%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2126	−0.108%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2126	−0.131%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.230%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0053%	1h	0.2127	−0.070%	$375K	$447K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	−0.155%	$63K	$525K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2125	−0.132%	$683K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2127	−0.066%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2125	−0.174%	$411K	$573K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2127	−0.060%	$131.5M	$455.6M	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	0.2127	−0.070%	$89.3M	$190.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2127	−0.038%	$20.6M	$112.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2128	0.000%	$15K	$403K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	−0.108%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2125	−0.133%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	−0.038%	$10.9M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2127	−0.056%	$47.0M	$45.3M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2128	long leg	$24.5M	$16.4M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2126	−0.108%	$48.2M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2127	−0.066%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	−0.207%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.578%	$251K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2116	−0.578%	$351K	$4.6M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2126	−0.117%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2074	−2.533%	$1K	$822K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2125	−0.155%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2136	+0.371%	$277K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2125	−0.155%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2125	−0.151%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2126	−0.112%	$78K	$11K	3x	as long as short
ApeX Omni ENAUSDT	+0.0131%	1h	0.2128	−0.014%	$32K	$712K	50x	as long as short
01 Exchange ENAUSD	+0.0160%	1h	0.2127	−0.047%	$4K	$312	10x	as long as short
Phoenix ENA	+0.0189%	1h	0.2115	−0.606%	$6K	$347K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2126	−0.108%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2125	−0.151%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2124	−0.193%	$5.6M	$8.1M	75x	as long as short
Extended ENA-USDshort	+0.0344%	1h	0.2126	−0.085%	$1.6M	$4.2M	50x
Reya ENARUSDPERP	+0.0412%	1h	0.2125	−0.168%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2135	+0.291%	$843K	$2.1M	50x	as long as short
Lighter ENA	+0.0608%	1h	0.2131	+0.136%	$5.7M	$12.8M	10x	as long as short
Hyperliquid ENA	+0.0784%	1h	0.2132	+0.155%	$114.5M	$78.8M	10x	as long as short
dYdX ENA-USD	+0.1677%	1h	0.2125	−0.141%	$140K	$15K	5x	as long as short