Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0124%/8h= +13.6% APRpaid last 24h +0.011%

Price spread now: Bulk against Bitget−0.033%7-day average +0.115% · 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−$53as in the Price arb table

costs, in and out, $10k−$390.386% of the position

Long on Bitget Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.010%+$1 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now −0.033%, 7d avg +0.115%

Together, before fees+0.031%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.149% cheaper against Bitget than usual: you would sell low and buy high (spread −0.033% now, against its 7-day average of +0.115%). If the spread goes back, that is −$15 on $10k: about 4.0 days of funding at the current rate (+$4 a day). At the pace of the last 4 days (+0.010% in total) that is about 58 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ENAUSDT	0.2110	−0.0024	get 0.0012% / 4h	2h 21m	$47.6M	$58.7M	75x
Short	Bulk ENA-USD	0.2109	0.0100	get 0.0013% / 1h	21m 01s	$103K	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Bitget. 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 BitgetbpFee BulkbpOrdersPrice spread, now −0.033%Rate

Funding earned: $26.04
Price spread: −0.033% → +0.115%: −$14.86
Slippage, 4 orders: −$19.64
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$27.46
Costs to cover: 0.386%
Break-even: 14.4 days

Slippage from Bitget: live order book, 1 min ago; Bulk: live order book, 30 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 Bitget live order book, 1 min ago	0.24 bp	11.6 bp −$12	18.9 bp −$189	doesn't fit	doesn't fit
Sell Bulk live order book, 30 min ago	2.38 bp	5.9 bp −$6	9.5 bp −$95	20.0 bp −$2,000	67.6 bp −$33.8K

ENA on 42 exchanges

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
Kraken Futures PF_ENAUSD	−0.0243%	1h	0.2111	+0.083%	$2.6M	$4.3M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0166%	4h	0.2110	+0.005%	$44K	$14K	10x	as long as short
01 Exchange ENAUSD	−0.0152%	1h	0.2113	+0.137%	$4K	$169	10x	as long as short
Bitget ENAUSDTlong	−0.0024%	4h	0.2110	long leg	$47.6M	$58.7M	75x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	+0.066%	$90K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2110	+0.032%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0026%	1h	0.2122	+0.578%	$734	$57K	5.5x	as long as short
Bybit ENAUSDT	+0.0083%	4h	0.2111	+0.052%	$86.1M	$188.0M	50x	as long as short
Lighter ENA	+0.0096%	1h	0.2113	+0.142%	$4.9M	$12.9M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	+0.109%	$56K	$391K	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	+0.123%	$47K	—	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2112	+0.130%	$591K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2112	+0.100%	$113.4M	$78.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2113	+0.143%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2113	+0.174%	$391K	$549K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2112	+0.109%	$127.4M	$416.0M	75x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2112	+0.104%	$21.0M	$103.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	+0.185%	$33K	$326K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2113	+0.156%	$79K	$243K	10x	as long as short
Bulk ENA-USDshort	+0.0100%	1h	0.2109	−0.033%	$103K	$12K	10x
Gate ENA_USDT	+0.0100%	4h	0.2111	+0.043%	$13.6M	$27.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	+0.066%	$42.2M	$43.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2113	+0.147%	$25.0M	$15.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2110	+0.033%	—	$30.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2108	−0.094%	$3.0M	$8.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2110	−0.009%	$246K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	−0.033%	$362K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2112	+0.109%	$19K	$644K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	+0.166%	$167K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2060	−2.370%	$2K	$924K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	+0.014%	$6K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2118	+0.389%	$264K	$827K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2110	+0.014%	$1.9M	$9.0M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2111	+0.055%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	+0.047%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0112%	1h	0.2111	+0.057%	$13K	$306K	10x	as long as short
dYdX ENA-USD	+0.0153%	1h	0.2114	+0.192%	$140K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0756%	1h	0.2111	+0.052%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	+0.019%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2113	+0.167%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0496%	1h	0.2114	+0.228%	$769K	$1.9M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0517%	1h	0.2111	+0.081%	$409K	$482K	5x	as long as short