Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.061%

Price spread now: Binance against 01 Exchange−0.120%7-day average — · you buy dearer than you sell

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

Long on 01 Exchange Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Binance is 0.120% cheaper against 01 Exchange than usual: you would sell low and buy high (spread −0.120% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 20 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange ENAUSD	0.2090	0.0080	pay 0.0010% / 1h	50m 10s	$4K	$432	10x
Short	Binance ENAUSDT	0.2087	0.0100	get 0.0050% / 4h	1h 50m	$128.5M	$462.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against 01 Exchange. 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 01 ExchangebpFee BinancebpOrdersPrice spread, now −0.120%Rate

Funding earned: $4.2
Price spread: −0.120% → 0.000%: −$11.98
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$24.78
Costs to cover: 0.170%
Break-even: 48.3 days

Slippage unknown: 01 Exchange: no order-book sample; Binance: live order book, 9 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Binance live order book, 9 min ago	0.24 bp	5.5 bp −$6	11.9 bp −$119	51.6 bp −$5,162	doesn't fit

01 Exchange: 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
Backpack ENA_USDC_PERP	−0.0079%	1h	0.2088	−0.081%	$360K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0077%	4h	0.2086	−0.191%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2087	−0.144%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2087	−0.141%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.608%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0067%	1h	0.2087	−0.131%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSDlong	+0.0080%	1h	0.2090	long leg	$4K	$432	10x
Popdex ENAUSDT	+0.0096%	1h	0.2088	−0.086%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2089	−0.036%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2088	−0.108%	$654K	$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	0.2088	−0.108%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2090	+0.012%	$404K	$587K	10x	as long as short
Binance ENAUSDTshort	+0.0100%	4h	0.2087	−0.120%	$128.5M	$462.7M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2087	−0.139%	$86.8M	$192.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2088	−0.096%	$20.1M	$112.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.014%	$20K	$412K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2090	+0.010%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2090	+0.013%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2087	−0.129%	$10.4M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2087	−0.124%	$44.9M	$46.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2088	−0.100%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2085	−0.220%	$47.2M	$65.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2087	−0.134%	—	$32.9M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2088	−0.064%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	+0.071%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	+0.313%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2091	+0.057%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2088	−0.077%	$187K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2039	−2.407%	$1K	$813K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2087	−0.134%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2093	+0.167%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2086	−0.182%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2087	−0.153%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2092	+0.124%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0220% / S −0.0361%	1h	0.2087	−0.148%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0224%	1h	0.2086	−0.186%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2089	−0.038%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2088	−0.093%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0432%	1h	0.2090	−0.005%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0529%	1h	0.2090	+0.010%	$110.0M	$79.7M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2094	+0.215%	$801K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1814%	1h	0.2089	−0.026%	$138K	$15K	5x	as long as short