Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0444%/8h= +48.6% APRpaid last 24h +0.146%

Price spread now: Coinbase International against Binance+0.049%7-day average +0.158% · you sell dearer than you buy

Net, funding: paid 7d − costs−$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$560.559% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.526%+$53 on $10k

Price spread, last 4 days (all we have)+0.487%+$49 · spread now +0.049%, 7d avg +0.158%

Together, before fees+1.013%+$101 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.109% cheaper against Binance than usual: you would sell low and buy high (spread +0.049% now, against its 7-day average of +0.158%). If the spread goes back, that is −$11 on $10k: about 20 hours of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2117	0.0100	pay 0.0050% / 4h	3h 29m	$128.4M	$431.4M	75x
Short	Coinbase International ENA-PERP-INTX	0.2118	0.0544	get 0.0068% / 1h	29m 39s	$785K	$2.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now +0.049%Rate

Funding earned: $93.24
Price spread: +0.049% → +0.158%: −$10.86
Slippage, 4 orders: −$35.92
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $26.46
Costs to cover: 0.559%
Break-even: 5.0 days

Slippage from Binance: live order book, 14 min ago; Coinbase International: live order book, 4 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 Binance live order book, 14 min ago	0.23 bp	8.8 bp −$9	15.7 bp −$157	59.5 bp −$5,955	doesn't fit
Sell Coinbase International live order book, 4 min ago	9.39 bp	20.2 bp −$20	24.6 bp −$246	doesn't fit	doesn't fit

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	−0.0104%	1h	0.2118	+0.059%	$4K	$169	10x	as long as short
Orderly PERP_ENA_USDC	−0.0099%	4h	0.2114	−0.130%	$44K	$16K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	−0.045%	$75K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2117	+0.035%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.290%	$734	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0066%	4h	0.2117	+0.011%	$13.2M	$27.7M	50x	as long as short
Lighter ENA	+0.0096%	1h	0.2119	+0.120%	$4.9M	$13.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2118	+0.063%	$54K	$499K	50x	as long as short
Bitget ENAUSDT	+0.0096%	4h	0.2115	−0.093%	$47.9M	$61.2M	75x	as long as short
Paradex ENA-USD-PERP	+0.0099%	8h	0.2116	−0.019%	$47K	$110	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2112	−0.196%	$558K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2119	+0.096%	$115.2M	$76.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2118	+0.082%	$1.4M	$3.4M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	+0.031%	$407K	$562K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2117	long leg	$128.4M	$431.4M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2115	−0.078%	$88.1M	$194.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	−0.017%	$20.9M	$108.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	−0.121%	$28K	$326K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2116	−0.031%	$77K	$283K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2140	+1.103%	$93K	$511	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	−0.017%	$40.2M	$43.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	+0.096%	$24.9M	$16.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2116	−0.045%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2120	+0.144%	$410K	$480K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	−0.121%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2127	+0.497%	$253K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.582%	$354K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2128	+0.536%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2120	+0.172%	$174K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.360%	$1K	$929K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2119	+0.111%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2121	+0.191%	$264K	$843K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2118	+0.063%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2115	−0.099%	$1.6M	$4.7M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	−0.046%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0120%	1h	0.2119	+0.103%	$140K	$16K	5x	as long as short
Phoenix ENA	+0.0150%	1h	0.2128	+0.531%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0197%	1h	0.2117	−0.001%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0756%	1h	0.2118	+0.053%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2114	−0.144%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2115	−0.099%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0544%	1h	0.2118	+0.049%	$785K	$2.0M	50x