Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Arcus against BingX+0.090%7-day average +0.058% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$420.425% of the position

Long on BingX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.091%−$9 · spread now +0.090%, 7d avg +0.058%

Together, before fees−0.092%−$9 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: Arcus is 0.032% dearer against BingX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.058%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDT	0.2111	0.0100	pay 0.0050% / 4h	1h 12m	—	$32.2M	—
Short	Arcus ENA-USD	0.2113	0.0100	get 0.0013% / 1h	12m 15s	$78K	$275K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against BingX. 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 BingXbpFee ArcusbpOrdersPrice spread, now +0.090%Rate

Funding earned: $0
Price spread: +0.090% → +0.058%: $3.19
Slippage, 4 orders: −$27.97
Fee BingX: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$39.29
Costs to cover: 0.425%
Break-even: never at this rate

Slippage from BingX: live order book, 6 min ago; Arcus: live order book, 51 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 BingX live order book, 6 min ago	0.94 bp	7.2 bp −$7	9.4 bp −$94	12.2 bp −$1,221	25.7 bp −$12.8K
Sell Arcus live order book, 51 min ago	7.05 bp	10.2 bp −$10	23.0 bp −$230	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
Orderly PERP_ENA_USDC	−0.0032%	4h	0.2108	−0.147%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2111	+0.009%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2110	−0.071%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2110	−0.031%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.583%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2111	−0.005%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2112	+0.021%	$663K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2113	+0.109%	$113.8M	$71.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2113	+0.107%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	+0.158%	$413K	$506K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2110	−0.056%	$129.2M	$418.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2109	−0.076%	$86.3M	$175.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	−0.085%	$20.7M	$102.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	+0.639%	$19K	$351K	5x	as long as short
Arcus ENA-USDshort	+0.0100%	1h	0.2113	+0.090%	$78K	$275K	10x
Bulk ENA-USD	+0.0100%	1h	0.2120	+0.422%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2111	−0.019%	$11.1M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2110	−0.028%	$45.9M	$42.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2113	+0.095%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2108	−0.161%	$48.0M	$57.5M	75x	as long as short
BingX ENA-USDTlong	+0.0100%	4h	0.2111	long leg	—	$32.2M	—
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2118	+0.317%	$375K	$363K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	+0.594%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.677%	$245K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	+0.678%	$358K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	+0.706%	$22K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.014%	$193K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.487%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2109	−0.099%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2114	+0.128%	$276K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2109	−0.099%	$1.8M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	+0.048%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2109	−0.118%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2108	−0.136%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2119	+0.365%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2111	−0.019%	$51K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2111	−0.012%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USD	+0.0314%	1h	0.2114	+0.142%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0328%	1h	0.2116	+0.232%	$5.3M	$13.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2118	+0.336%	$5.6M	$3.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	−0.049%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2116	+0.213%	$833K	$1.5M	50x	as long as short