Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0556%/8h= +60.9% APRpaid last 24h +0.147%

Price spread now: Coinbase International against HTX−0.606%7-day average +0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$173as in the Price arb table

costs, in and out, $10k−$1061.059% of the position

Long on HTX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.505%+$50 on $10k

Price spread, last 4 days (all we have)+0.628%+$63 · spread now −0.606%, 7d avg +0.069%

Together, before fees+1.132%+$113 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.676% cheaper against HTX than usual: you would sell low and buy high (spread −0.606% now, against its 7-day average of +0.069%). If the spread goes back, that is −$68 on $10k: about 4.1 days of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.505% in total) that is about 9.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ENA-USDT	0.2111	0.0100	pay 0.0050% / 4h	19m 19s	$266K	$814K	50x
Short	Coinbase International ENA-PERP-INTX	0.2098	0.0656	get 0.0082% / 1h	19m 19s	$867K	$1.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against HTX. 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 HTXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.606%Rate

Funding earned: $116.76
Price spread: −0.606% → +0.069%: −$67.56
Slippage, 4 orders: −$83.88
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$56.68
Costs to cover: 1.059%
Break-even: 10.4 days

Slippage from HTX: live order book, 44 min ago; Coinbase International: live order book, 4 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 HTX live order book, 44 min ago	7.83 bp	47.5 bp −$48	383.6 bp −$3,836	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	9.52 bp	18.0 bp −$18	22.0 bp −$220	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	−0.0088%	4h	0.2106	−0.237%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2107	−0.190%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2105	−0.247%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2107	−0.190%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.602%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	−0.223%	$53K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2103	−0.353%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2104	−0.306%	$562K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2107	−0.171%	$114.3M	$74.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2107	−0.199%	$1.4M	$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	0.2104	−0.316%	$406K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2107	−0.161%	$128.3M	$425.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2105	−0.280%	$90.4M	$187.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.194%	$21.0M	$107.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.839%	$33K	$320K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2106	−0.223%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2105	−0.270%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2106	−0.237%	$12.8M	$27.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2106	−0.242%	$39.2M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2107	−0.185%	$24.8M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2105	−0.280%	$47.8M	$59.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2106	−0.232%	—	$31.4M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2104	−0.322%	$407K	$492K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.631%	$3.0M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	−0.721%	$253K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2099	−0.554%	$354K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2099	−0.554%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	−0.227%	$181K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2055	−2.634%	$1K	$908K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	−0.175%	$4K	$7K	10x	as long as short
HTX ENA-USDTlong	+0.0100%	4h	0.2111	long leg	$266K	$814K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2107	−0.175%	$1.8M	$8.9M	50x	as long as short
Lighter ENA	+0.0104%	1h	0.2108	−0.109%	$5.0M	$13.9M	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2105	−0.265%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	−0.192%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0149%	1h	0.2107	−0.161%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2104	−0.308%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2102	−0.389%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2104	−0.298%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2104	−0.298%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0656%	1h	0.2098	−0.606%	$867K	$1.8M	50x
dYdX ENA-USD	+0.0982%	1h	0.2104	−0.341%	$139K	$16K	5x	as long as short