Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: BingX against Pacifica−0.065%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

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

costs, in and out, $10k−$420.416% of the position

Long on Pacifica Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 4 days (all we have)−0.159%−$16 · spread now −0.065%, 7d avg −0.030%

Together, before fees−0.140%+ Points / potential airdropPacifica: Active · farm board−$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.035% cheaper against Pacifica than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica ENA	0.2119	0.0100	pay 0.0013% / 1h	59m 33s	$410K	$573K	10x
Short	BingX ENA-USDC	0.2118	0.0100	get 0.0050% / 4h	59m 33s	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Pacifica. 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 PacificabpFee BingXbpOrdersPrice spread, now −0.065%Rate

Funding earned: $0
Price spread: −0.065% → −0.030%: −$3.45
Slippage, 4 orders: −$23.62
Fee Pacifica: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: −$45.07
Costs to cover: 0.416%
Break-even: never at this rate

Slippage from Pacifica: live order book, 19 min ago; BingX: live order book, 15 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 Pacifica live order book, 19 min ago	1.43 bp	8.7 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 15 min ago	0.71 bp	11.0 bp −$11	32.5 bp −$325	80.0 bp −$8,000	511.4 bp −$255.7K

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	−0.0036%	4h	0.2120	+0.058%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2121	+0.101%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2121	+0.092%	$105K	—	150x	as long as short
Backpack ENA_USDC_PERP	+0.0012%	1h	0.2122	+0.124%	$375K	$447K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.209%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0065%	1h	0.2122	+0.161%	$2.7M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2116	−0.140%	$63K	$530K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2122	+0.164%	$666K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	+0.053%	$1.5M	$3.3M	50x	as long as short
Pacifica ENAlong	+0.0100%	1h	0.2119	long leg	$410K	$573K	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2117	−0.108%	$130.9M	$455.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2117	−0.107%	$88.9M	$191.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	−0.145%	$20.5M	$112.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2117	−0.074%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	−0.046%	$83K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	+0.124%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2118	−0.055%	$10.8M	$21.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2118	−0.041%	$46.6M	$45.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2121	+0.096%	$24.1M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2117	−0.088%	$48.0M	$64.9M	75x	as long as short
BingX ENA-USDCshort	+0.0100%	4h	0.2118	−0.065%	—	$6.5M	—
Variational Omni ENA	+0.0100%	4h	0.2115	−0.180%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2112	−0.336%	$251K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	−0.094%	$351K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	−0.376%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	+0.143%	$178K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2069	−2.377%	$1K	$819K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	+0.096%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.200%	$275K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2119	+0.001%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.082%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2121	+0.082%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2109	−0.447%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2117	−0.069%	$4K	$312	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2121	+0.076%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	−0.098%	$5.6M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2116	−0.124%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	+0.067%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0452%	1h	0.2124	+0.222%	$112.3M	$78.6M	10x	as long as short
Lighter ENA	+0.0560%	1h	0.2121	+0.105%	$5.7M	$12.8M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2124	+0.261%	$839K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.1980%	1h	0.2120	+0.030%	$140K	$15K	5x	as long as short