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 +0.133%

Price spread now: Coinbase International against Paradex−0.103%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Coinbase International is 0.103% cheaper against Paradex than usual: you would sell low and buy high (spread −0.103% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 17 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	Paradex ENA-USD-PERP	0.2102	0.0100	pay 0.0100% / 8h	1h 09m	$47K	$221	10x
Short	Coinbase International ENA-PERP-INTX	0.2100	0.0576	get 0.0072% / 1h	9m 40s	$827K	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Paradex. 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 ParadexbpFee Coinbase InternationalbpOrdersPrice spread, now −0.103%Rate

Funding earned: $99.96
Price spread: −0.103% → 0.000%: −$10.35
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $75.61
Costs to cover: 0.140%
Break-even: 1.7 days

Slippage unknown: Paradex: no order-book sample; Coinbase International: live order book, 4 min ago. Net counts fees only.

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 Paradex no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 4 min ago	8.81 bp	21.6 bp −$22	27.0 bp −$270	doesn't fit	doesn't fit

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0042%	4h	0.2097	−0.260%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0025%	1h	0.2099	−0.142%	$371K	$447K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2098	−0.222%	$91K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2097	−0.237%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.005%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2099	−0.159%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2096	−0.298%	$61K	$530K	50x	as long as short
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2102	long leg	$47K	$221	10x
Nado ENA-PERP	+0.0100%	1h	0.2098	−0.201%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2103	+0.058%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2103	+0.034%	$407K	$575K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2102	−0.004%	$129.7M	$454.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2103	+0.020%	$87.6M	$190.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2104	+0.063%	$20.3M	$111.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2099	−0.175%	$15K	$397K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	+0.082%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	−0.143%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2102	−0.004%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2103	+0.034%	$46.7M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2103	+0.034%	$24.0M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2102	+0.011%	$47.5M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2103	+0.030%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.243%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	−0.318%	$249K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−0.312%	$350K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.298%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	−0.256%	$176K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.644%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	−0.203%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	−0.132%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2097	−0.251%	$1.9M	$9.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	−0.227%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2098	−0.208%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0144%	1h	0.2097	−0.227%	$4K	$332	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0245% / S −0.0422%	1h	0.2096	−0.287%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2099	−0.175%	$5.5M	$8.0M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2103	+0.016%	$1.6M	$4.1M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2096	−0.310%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0544%	1h	0.2106	+0.158%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0576%	1h	0.2100	−0.103%	$827K	$2.1M	50x
Hyperliquid ENA	+0.0587%	1h	0.2106	+0.158%	$111.2M	$78.5M	10x	as long as short
dYdX ENA-USD	+0.1983%	1h	0.2102	+0.009%	$139K	$15K	5x	as long as short