Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0228%/8h= +25.0% APRpaid last 24h +0.008%

Price spread now: Extended against OKX+0.019%7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$350.354% of the position

Long on OKX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.114%+$11 on $10k

Price spread, last 7 days−0.011%−$1 · spread now +0.019%, 7d avg −0.017%

Together, before fees+0.103%+ Points / potential airdropExtended: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Extended is 0.036% dearer against OKX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.017%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.114% in total (about 6.0% 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	OKX ENA-USDT-SWAP	0.2166	0.0100	pay 0.0050% / 4h	3h 14m	$21.2M	$110.8M	50x
Short	Extended ENA-USD	0.2166	0.0328	get 0.0041% / 1h	14m 16s	$1.6M	$4.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.019%Rate

Funding earned: $47.88
Price spread: +0.019% → −0.017%: $3.61
Slippage, 4 orders: −$20.41
Fee OKX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $16.08
Costs to cover: 0.354%
Break-even: 4.6 days

Slippage from OKX: live order book, 5 min ago; Extended: live order book, 5 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, 5 min ago	0.23 bp	11.7 bp −$12	21.5 bp −$215	doesn't fit	doesn't fit
Sell Extended live order book, 5 min ago	0.46 bp	5.5 bp −$6	10.1 bp −$101	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2166	+0.009%	$81K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2166	−0.018%	$104K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0032%	4h	0.2165	−0.037%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.962%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0066%	1h	0.2161	−0.230%	$143K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2164	−0.088%	$63K	$517K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2163	−0.120%	$716K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2164	−0.095%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2163	−0.140%	$426K	$553K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2167	+0.029%	$135.1M	$442.7M	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	0.2166	−0.005%	$89.3M	$187.2M	50x	as long as short
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2166	long leg	$21.2M	$110.8M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2156	−0.471%	$16K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2164	−0.088%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2150	−0.730%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2166	−0.009%	$11.0M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2167	+0.032%	$46.1M	$44.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2166	+0.014%	$24.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2165	−0.042%	$49.1M	$61.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2165	−0.028%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2161	−0.231%	$384K	$403K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2157	−0.401%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2155	−0.495%	$250K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2154	−0.571%	$356K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2154	−0.549%	$33K	$687K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2165	−0.051%	$181K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2112	−2.465%	$1K	$833K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2167	+0.051%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2170	+0.199%	$282K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2166	+0.005%	$2.0M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2162	−0.186%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2166	−0.011%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2153	−0.609%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0176%	1h	0.2164	−0.102%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0230%	1h	0.2168	+0.100%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USDshort	+0.0328%	1h	0.2166	+0.019%	$1.6M	$4.2M	50x
GMX ENA/USD [ETH-USDC]	L +0.0334% / S −0.0430%	1h	0.2166	0.000%	$82K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2160	−0.272%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2164	−0.075%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2168	+0.120%	$859K	$1.8M	50x	as long as short
Lighter ENA	+0.0720%	1h	0.2170	+0.175%	$6.0M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0774%	1h	0.2167	+0.074%	$117.8M	$74.7M	10x	as long as short