Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0564%/8h= −61.8% APRpaid last 24h −0.137%

Price spread now: Binance against Coinbase International−0.492%7-day average −0.162% · you buy dearer than you sell

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$600.599% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.485%−$48 on $10k

Price spread, last 3 days (all we have)+0.391%+$39 · spread now −0.492%, 7d avg −0.162%

Together, before fees−0.094%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Binance is 0.330% cheaper against Coinbase International than usual: you would sell low and buy high (−$33 if the spread goes back to its 7-day average of −0.162%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2131	0.0664	pay 0.0083% / 1h	56m 50s	$838K	$1.6M	50x
Short	Binance ENAUSDT	0.2121	0.0100	get 0.0050% / 4h	1h 56m	$130.5M	$428.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now −0.492%Rate

Funding earned: −$118.44
Price spread: −0.492% → −0.162%: −$33.04
Slippage, 4 orders: −$39.89
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$211.37
Costs to cover: 0.599%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Binance: live order book, 2 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 Coinbase International live order book, 2 min ago	10.59 bp	21.3 bp −$21	25.2 bp −$252	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	0.23 bp	9.1 bp −$9	18.7 bp −$187	66.5 bp −$6,648	doesn't fit

ENA on 41 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
dYdX ENA-USD	0.0000%	1h	0.2117	−0.650%	$140K	$15K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2114	−0.793%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	−0.787%	$87K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2113	−0.845%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	+0.0028%	4h	0.2113	−0.849%	$44K	$27K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.371%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.906%	$54K	$501K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.852%	$682K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2124	−0.357%	$114.2M	$71.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2118	−0.617%	$1.5M	$3.3M	50x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2116	−0.704%	$413K	$519K	10x	as long as short
Binance ENAUSDTshort	+0.0100%	4h	0.2121	−0.492%	$130.5M	$428.4M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2121	−0.469%	$86.8M	$178.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	−0.450%	$20.8M	$104.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	−0.206%	$19K	$384K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2114	−0.812%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−1.023%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2120	−0.526%	$11.1M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2121	−0.483%	$45.5M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2120	−0.521%	$24.6M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2120	−0.530%	$48.3M	$58.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2121	−0.469%	—	$32.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	−0.128%	$3.8M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	−0.134%	$249K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.325%	$361K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	−0.296%	$32K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	−0.859%	$182K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−3.209%	$1K	$842K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2114	−0.812%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	−0.666%	$276K	$787K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	−0.765%	$1.8M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2113	−0.845%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	−0.812%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0128%	1h	0.2119	−0.563%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2121	−0.488%	$7K	$298K	10x	as long as short
Backpack ENA_USDC_PERP	+0.0192%	1h	0.2118	−0.633%	$380K	$363K	5x	as long as short
Lighter ENA	+0.0208%	1h	0.2117	−0.671%	$5.5M	$13.6M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2114	−0.810%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2116	−0.731%	$2.7M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.860%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0664%	1h	0.2131	long leg	$838K	$1.6M	50x