Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.006%

Price spread now: Gate against Pacifica−0.302%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$530.527% of the position

Long on Pacifica Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now −0.302%, 7d avg −0.029%

Together, before fees−0.027%+ Points / potential airdropPacifica: Active · farm board−$3 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: Gate is 0.273% cheaper against Pacifica than usual: you would sell low and buy high, −$27 on $10k if it goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica ENA	0.2118	0.0100	pay 0.0013% / 1h	55m 57s	$413K	$499K	10x
Short	Gate ENA_USDT	0.2112	0.0100	get 0.0050% / 4h	55m 57s	$11.1M	$21.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.302%Rate

Funding earned: $0
Price spread: −0.302% → −0.029%: −$27.29
Slippage, 4 orders: −$29.69
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$79.98
Costs to cover: 0.527%
Break-even: never at this rate

Slippage from Pacifica: live order book, 3 min ago; Gate: live order book, 3 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, 3 min ago	3.08 bp	8.0 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	4.02 bp	18.0 bp −$18	32.2 bp −$322	58.9 bp −$5,893	99.4 bp −$49.7K

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
01 Exchange ENAUSD	−0.0144%	1h	0.2120	+0.085%	$4K	$302	10x	as long as short
Backpack ENA_USDC_PERP	−0.0055%	1h	0.2114	−0.208%	$373K	$372K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0051%	4h	0.2120	+0.085%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2121	+0.137%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2121	+0.105%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.241%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2119	+0.033%	$55K	$500K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2121	+0.118%	$666K	$1.6M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2113	−0.236%	$112.8M	$72.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	+0.069%	$1.5M	$2.9M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENAlong	+0.0100%	1h	0.2118	long leg	$413K	$499K	10x
Binance ENAUSDT	+0.0100%	4h	0.2109	−0.456%	$129.0M	$415.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.552%	$86.0M	$175.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.515%	$20.8M	$102.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	−0.208%	$19K	$324K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2119	+0.033%	$78K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2102	−0.769%	$92K	$4K	10x	as long as short
Gate ENA_USDTshort	+0.0100%	4h	0.2112	−0.302%	$11.1M	$21.4M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2105	−0.628%	$45.6M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2108	−0.500%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2103	−0.718%	$47.8M	$57.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2111	−0.335%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	+0.052%	$3.3M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	−0.628%	$243K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	−0.395%	$352K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2107	−0.533%	$18K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2120	+0.085%	$188K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2070	−2.285%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	−0.109%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2121	+0.123%	$274K	$798K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2113	−0.250%	$1.8M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	−0.011%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2105	−0.631%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	+0.024%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0115%	1h	0.2116	−0.093%	$140K	$15K	5x	as long as short
Phoenix ENA	+0.0150%	1h	0.2110	−0.378%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0176%	1h	0.2119	+0.033%	$5.3M	$13.3M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2117	−0.051%	$2.7M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2120	+0.093%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2105	−0.604%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2118	−0.019%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2121	+0.142%	$864K	$1.5M	50x	as long as short