Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.006%

Price spread now: Gate against Arcus−0.014%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$580.584% of the position

Long on Arcus Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.005%$0 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now −0.014%, 7d avg −0.056%

Together, before fees+0.043%+$4 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 0.042% dearer against Arcus than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus ENA-USD	0.2131	0.0100	pay 0.0013% / 1h	20m 27s	$79K	$289K	10x
Short	Gate ENA_USDT	0.2131	0.0100	get 0.0050% / 4h	2h 20m	$11.0M	$21.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Arcus. 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 ArcusbpFee GatebpOrdersPrice spread, now −0.014%Rate

Funding earned: $0
Price spread: −0.014% → −0.056%: $4.24
Slippage, 4 orders: −$38.94
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$54.21
Costs to cover: 0.584%
Break-even: never at this rate

Slippage from Arcus: live order book, 48 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 Arcus live order book, 48 min ago	6.91 bp	13.6 bp −$14	25.2 bp −$252	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	4.93 bp	15.9 bp −$16	26.4 bp −$264	56.3 bp −$5,631	98.7 bp −$49.4K

ENA on 41 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	0.2131	−0.014%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2131	+0.007%	$92K	—	150x	as long as short
dYdX ENA-USD	+0.0013%	1h	0.2132	+0.027%	$141K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.357%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0036%	4h	0.2131	−0.005%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2132	+0.042%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2131	0.000%	$55K	$518K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2131	−0.002%	$685K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2132	+0.039%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2131	+0.011%	$417K	$544K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2131	+0.010%	$132.0M	$443.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2132	+0.033%	$87.4M	$187.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2133	+0.113%	$20.9M	$107.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2135	+0.202%	$19K	$402K	5x	as long as short
Arcus ENA-USDlong	+0.0100%	1h	0.2131	long leg	$79K	$289K	10x
Bulk ENA-USD	+0.0100%	1h	0.2135	+0.164%	$94K	$4K	10x	as long as short
Gate ENA_USDTshort	+0.0100%	4h	0.2131	−0.014%	$11.0M	$21.6M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2133	+0.075%	$45.4M	$44.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2132	+0.047%	$24.7M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2131	+0.009%	$48.5M	$60.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2131	−0.019%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2133	+0.075%	$381K	$391K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2130	−0.026%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2131	+0.005%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	−0.094%	$352K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2129	−0.094%	$32K	$657K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2133	+0.113%	$184K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2080	−2.403%	$1K	$853K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2131	0.000%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	+0.183%	$275K	$866K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2131	0.000%	$1.9M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2130	−0.038%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	−0.017%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2129	−0.089%	$7K	$351K	10x	as long as short
Extended ENA-USD	+0.0232%	1h	0.2130	−0.062%	$1.6M	$4.1M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2133	+0.072%	$2.7M	$4.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2131	+0.004%	$51K	—	100x	as long as short
Lighter ENA	+0.0392%	1h	0.2134	+0.131%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2133	+0.077%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0494%	1h	0.2136	+0.235%	$115.4M	$72.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2135	+0.197%	$837K	$1.7M	50x	as long as short