Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0324%/8h= +35.5% APRpaid last 24h +0.067%

Price spread now: Coinbase International against BloFin+0.360%7-day average +0.070% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$590.592% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 4 days (all we have)−1.132%−$113 · spread now +0.360%, 7d avg +0.070%

Together, before fees−1.102%−$110 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Coinbase International is 0.290% dearer against BloFin than usual: you sell high and buy low: +$29 more if the spread goes back to its 7-day average of +0.070%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.030% in total (about 1.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ENA-USDT	0.2110	0.0340	pay 0.0170% / 4h	1h 28m	$5.6M	$3.1M	75x
Short	Coinbase International ENA-PERP-INTX	0.2118	0.0664	get 0.0083% / 1h	28m 42s	$833K	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.360%Rate

Funding earned: $68.04
Price spread: +0.360% → +0.070%: $28.97
Slippage, 4 orders: −$37.16
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $37.85
Costs to cover: 0.592%
Break-even: 3.1 days

Slippage from BloFin: live order book, 5 min ago; Coinbase International: live order book, 5 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, 5 min ago	0.94 bp	8.4 bp −$8	17.5 bp −$175	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	8.49 bp	17.5 bp −$17	23.2 bp −$232	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	−0.0009%	4h	0.2109	−0.028%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2110	+0.014%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2110	0.000%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2111	+0.047%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.635%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	0.000%	$55K	$497K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2109	−0.043%	$681K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2109	−0.033%	$113.3M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2108	−0.079%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2107	−0.129%	$412K	$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	0.2107	−0.152%	$129.3M	$420.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.166%	$86.4M	$175.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.128%	$20.7M	$102.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	−0.118%	$19K	$364K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	−0.142%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	+0.237%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2108	−0.109%	$11.0M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	−0.147%	$45.3M	$41.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	−0.062%	$24.5M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2105	−0.232%	$48.0M	$57.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2107	−0.152%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2110	−0.005%	$373K	$363K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2113	+0.119%	$3.4M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2118	+0.359%	$244K	$7.4M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2113	+0.145%	$357K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2113	+0.142%	$22K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.043%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2060	−2.360%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2109	−0.047%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2113	+0.137%	$276K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2110	0.000%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	−0.174%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2106	−0.206%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	+0.047%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0130%	1h	0.2108	−0.087%	$139K	$15K	5x	as long as short
Phoenix ENA	+0.0150%	1h	0.2116	+0.265%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2110	−0.008%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2111	+0.046%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDTlong	+0.0340%	4h	0.2110	long leg	$5.6M	$3.1M	75x
Lighter ENA	+0.0384%	1h	0.2110	−0.019%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	−0.001%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0664%	1h	0.2118	+0.360%	$833K	$1.5M	50x