Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.072%

Price spread now: Arcus against BloFin−0.171%95s7-day average −0.032% · 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—prices read too far apart to compare

costs, in and out, $10k−$480.477% of the position

Long on BloFin Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.232%−$23 on $10k

Price spread, last 4 days (all we have)+0.061%+$6 · spread now −0.171%, 7d avg −0.032%

Together, before fees−0.172%−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Arcus is 0.139% cheaper against BloFin than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.032%). Swap the legs. The two prices were read 95 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ENA-USDT	0.2100	0.0340	pay 0.0170% / 4h	37m 29s	$5.5M	$3.3M	75x
Short	Arcus ENA-USD	0.2096	0.0100	get 0.0013% / 1h	37m 29s	$77K	$281K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against BloFin. 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 BloFinbpFee ArcusbpOrdersPrice spread, now −0.171%Rate

Funding earned: −$50.4
Price spread: −0.171% → −0.032%: −$13.9
Slippage, 4 orders: −$31.25
Fee BloFin: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$112.05
Costs to cover: 0.477%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Arcus: live order book, 1 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 BloFin live order book, 6 min ago	0.24 bp	10.3 bp −$10	17.3 bp −$173	60.7 bp −$6,074	doesn't fit
Sell Arcus live order book, 1 min ago	9.53 bp	12.5 bp −$13	25.6 bp −$256	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	−0.0095%	4h	0.2099	−0.019%	$44K	$17K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2095	−0.238%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2100	+0.005%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2099	−0.007%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.134%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2099	−0.024%	$4.9M	$13.8M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2094	−0.267%	$55K	$478K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2097	−0.127%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2095	−0.233%	$557K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2097	−0.124%	$113.7M	$74.9M	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	0.2096	−0.171%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2097	−0.110%	$404K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	−0.211%	$127.3M	$425.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2094	−0.271%	$89.6M	$187.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	−0.205%	$21.0M	$106.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	+0.376%	$38K	$318K	5x	as long as short
Arcus ENA-USDshort	+0.0100%	1h	0.2096	−0.171%	$77K	$281K	10x
Bulk ENA-USD	+0.0100%	1h	0.2096	−0.185%	$91K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2098	−0.071%	$12.7M	$26.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2095	−0.210%	$39.0M	$42.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	−0.186%	$24.7M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2093	−0.295%	$47.6M	$59.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2097	−0.119%	—	$31.4M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2099	−0.052%	$406K	$492K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2106	+0.316%	$3.0M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2099	−0.036%	$253K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2100	+0.009%	$362K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2109	+0.448%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2095	−0.205%	$185K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.400%	$1K	$905K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	−0.076%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2101	+0.057%	$264K	$817K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2098	−0.076%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2096	−0.155%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2100	−0.002%	$73K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0150%	1h	0.2099	−0.012%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2108	+0.419%	$8K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2094	−0.246%	$58K	—	100x	as long as short
BloFin ENA-USDTlong	+0.0340%	4h	0.2100	long leg	$5.5M	$3.3M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2094	−0.256%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2102	+0.110%	$869K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0803%	1h	0.2096	−0.157%	$138K	$16K	5x	as long as short