Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0548%/8h= −60.0% APRpaid last 24h −0.137%

Price spread now: BingX against Coinbase International−0.147%7-day average −0.184% · you buy dearer than you sell

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$590.585% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.459%−$46 on $10k

Price spread, last 3 days (all we have)+0.036%+$4 · spread now −0.147%, 7d avg −0.184%

Together, before fees−0.422%−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.037% dearer against Coinbase International than usual: you sell high and buy low (spread −0.147% now, against its 7-day average of −0.184%): +$4 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−0.459% in total) that is about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2111	0.0648	pay 0.0081% / 1h	45m 43s	$829K	$1.7M	50x
Short	BingX ENA-USDT	0.2108	0.0100	get 0.0050% / 4h	2h 45m	—	$32.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.147%Rate

Funding earned: −$115.08
Price spread: −0.147% → −0.184%: $3.75
Slippage, 4 orders: −$38.52
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$169.86
Costs to cover: 0.585%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; BingX: live order book, 8 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, 3 min ago	11.33 bp	18.1 bp −$18	23.7 bp −$237	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	0.23 bp	5.7 bp −$6	7.1 bp −$71	10.6 bp −$1,059	38.2 bp −$19.1K

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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	−0.014%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2109	−0.068%	$90K	—	150x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2108	−0.156%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.592%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0036%	1h	0.2108	−0.127%	$139K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0037%	4h	0.2110	−0.028%	$41K	$23K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2108	−0.123%	$5.5M	$13.6M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	−0.232%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2109	−0.109%	$695K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2107	−0.183%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2108	−0.152%	$413K	$548K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2108	−0.156%	$131.1M	$445.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2108	−0.147%	$86.3M	$186.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	−0.104%	$20.9M	$108.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	0.000%	$16K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2109	−0.090%	$115K	$253K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2107	−0.166%	$10.9M	$20.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	−0.137%	$44.4M	$43.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2108	−0.152%	$24.3M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	−0.208%	$47.7M	$61.2M	75x	as long as short
BingX ENA-USDTshort	+0.0100%	4h	0.2108	−0.147%	—	$32.7M	—
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2111	−0.009%	$365K	$383K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2109	−0.087%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	+0.256%	$242K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2130	+0.905%	$360K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2131	+0.952%	$32K	$691K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	−0.062%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.459%	$1K	$845K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	−0.043%	$3K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.270%	$274K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2111	+0.005%	$1.9M	$9.4M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	+0.278%	$93K	$4K	10x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	−0.238%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	−0.009%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2127	+0.763%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2110	−0.053%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0253%	1h	0.2112	+0.042%	$2.6M	$4.9M	50x	as long as short
Extended ENA-USD	+0.0296%	1h	0.2107	−0.206%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	+1.019%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2109	−0.110%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0439%	1h	0.2108	−0.128%	$113.5M	$74.4M	10x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0648%	1h	0.2111	long leg	$829K	$1.7M	50x