Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0476%/8h= +52.1% APRpaid last 24h +0.134%

Price spread now: Coinbase International against OKX+0.081%7-day average +0.167% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$560.564% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.526%+$53 on $10k

Price spread, last 3 days (all we have)+0.133%+$13 · spread now +0.081%, 7d avg +0.167%

Together, before fees+0.659%+$66 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.086% cheaper against OKX than usual: you would sell low and buy high (spread +0.081% now, against its 7-day average of +0.167%). If the spread goes back, that is −$9 on $10k: about 14 hours of funding at the current rate (+$14 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ENA-USDT-SWAP	0.2095	0.0100	pay 0.0050% / 4h	1h 37m	$20.3M	$112.3M	50x
Short	Coinbase International ENA-PERP-INTX	0.2097	0.0576	get 0.0072% / 1h	37m 20s	$805K	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.081%Rate

Funding earned: $99.96
Price spread: +0.081% → +0.167%: −$8.59
Slippage, 4 orders: −$36.38
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $34.98
Costs to cover: 0.564%
Break-even: 4.6 days

Slippage from OKX: live order book, 2 min ago; Coinbase International: live order book, 1 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 OKX live order book, 2 min ago	0.24 bp	10.3 bp −$10	20.0 bp −$200	96.3 bp −$9,635	doesn't fit
Sell Coinbase International live order book, 1 min ago	8.81 bp	18.3 bp −$18	23.2 bp −$232	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	−0.0065%	4h	0.2094	−0.057%	$40K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0048%	1h	0.2097	+0.105%	$362K	$481K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	−0.024%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2095	−0.021%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.351%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2095	−0.004%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2096	+0.053%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.005%	$59K	$537K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	−0.011%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2095	−0.005%	$658K	$1.8M	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	0.2097	+0.091%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2096	+0.036%	$405K	$581K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	−0.016%	$129.1M	$460.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2094	−0.053%	$87.1M	$191.7M	50x	as long as short
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2095	long leg	$20.3M	$112.3M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	+0.119%	$21K	$422K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	+0.091%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.131%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2094	−0.048%	$10.4M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2095	−0.010%	$44.9M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	+0.053%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2093	−0.105%	$47.4M	$65.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2095	+0.019%	—	$32.9M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2096	+0.053%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2099	+0.196%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2100	+0.234%	$355K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2100	+0.234%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	+0.033%	$187K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2044	−2.420%	$1K	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2094	−0.053%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.200%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2094	−0.053%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	−0.017%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2099	+0.186%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0228% / S −0.0381%	1h	0.2095	0.000%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0296%	1h	0.2093	−0.082%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2101	+0.301%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2094	−0.061%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0504%	1h	0.2098	+0.153%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0557%	1h	0.2098	+0.158%	$110.8M	$79.5M	10x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0576%	1h	0.2097	+0.081%	$805K	$2.1M	50x
dYdX ENA-USD	+0.1920%	1h	0.2097	+0.076%	$139K	$15K	5x	as long as short