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 +0.144%

Price spread now: Coinbase International against Gate+0.255%7-day average +0.185% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$810.813% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.502%+$50 on $10k

Price spread, last 4 days (all we have)+0.198%+$20 · spread now +0.255%, 7d avg +0.185%

Together, before fees+0.700%+$70 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Coinbase International is 0.070% dearer against Gate than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.185%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ENA_USDT	0.2117	0.0100	pay 0.0050% / 4h	1h 13m	$11.1M	$21.5M	50x
Short	Coinbase International ENA-PERP-INTX	0.2122	0.0664	get 0.0083% / 1h	13m 05s	$835K	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now +0.255%Rate

Funding earned: $118.44
Price spread: +0.255% → +0.185%: $7.05
Slippage, 4 orders: −$56.29
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $44.19
Costs to cover: 0.813%
Break-even: 4.4 days

Slippage from Gate: live order book, 6 min ago; Coinbase International: live order book, just now.

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 Gate live order book, 6 min ago	4.93 bp	16.3 bp −$16	26.5 bp −$265	56.8 bp −$5,677	96.2 bp −$48.1K
Sell Coinbase International live order book, just now	11.54 bp	22.8 bp −$23	31.2 bp −$312	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	−0.0031%	4h	0.2118	+0.085%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2120	+0.189%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2119	+0.109%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2120	+0.145%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.326%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	+0.165%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	+0.184%	$665K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2118	+0.061%	$114.1M	$71.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	+0.143%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2120	+0.162%	$414K	$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	0.2115	−0.077%	$129.6M	$417.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2110	−0.293%	$86.3M	$175.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2112	−0.236%	$20.8M	$102.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	+0.383%	$19K	$351K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	+0.165%	$78K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2120	+0.165%	$93K	$4K	10x	as long as short
Gate ENA_USDTlong	+0.0100%	4h	0.2117	long leg	$11.1M	$21.5M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2117	+0.014%	$45.9M	$42.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2117	+0.038%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2110	−0.312%	$48.0M	$57.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2116	−0.033%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2118	+0.061%	$375K	$363K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	+0.337%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.420%	$245K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	+0.421%	$358K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	+0.449%	$22K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2121	+0.222%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2068	−2.296%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2118	+0.071%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.298%	$277K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2117	+0.024%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2119	+0.133%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2111	−0.259%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2118	+0.093%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2119	+0.109%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2120	+0.146%	$51K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2119	+0.142%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USD	+0.0290%	1h	0.2118	+0.085%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0328%	1h	0.2119	+0.137%	$5.3M	$13.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2118	+0.080%	$5.6M	$3.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	+0.155%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0664%	1h	0.2122	+0.255%	$835K	$1.5M	50x