Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.021%

Price spread now: Gate against Injective−1.549%54s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Gate is 1.549% cheaper against Injective than usual: you would sell low and buy high (spread −1.549% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$155 on $10k: about 3 months of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.210%, so the current rate has only just turned in your favour. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ENA/USDC PERP	0.2123	0.0033	pay 0.0004% / 1h	26m 22s	$522	$57K	5.5x
Short	Gate ENA_USDT	0.2091	0.0100	get 0.0050% / 4h	1h 26m	$10.4M	$21.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee GatebpOrdersPrice spread, now −1.549%Rate

Funding earned: $14
Price spread: −1.549% → 0.000%: −$154.94
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$155.96
Costs to cover: 0.150%
Break-even: 85.0 days

Slippage unknown: Injective: no order-book sample; Gate: live order book, 2 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Gate live order book, 2 min ago	3.11 bp	21.5 bp −$22	37.5 bp −$375	57.9 bp −$5,789	95.6 bp −$47.8K

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Backpack ENA_USDC_PERP	−0.0088%	1h	0.2091	−1.516%	$361K	$454K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0057%	4h	0.2090	−1.578%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2091	−1.549%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2091	−1.543%	$100K	—	150x	as long as short
Injective ENA/USDC PERPlong	+0.0033%	1h	0.2123	long leg	$522	$57K	5.5x
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2092	−1.473%	$2.6M	$5.6M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2089	−1.620%	$61K	$537K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2089	−1.613%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2089	−1.601%	$657K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2090	−1.565%	$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	0.2090	−1.562%	$404K	$578K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2091	−1.545%	$128.9M	$457.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2090	−1.592%	$86.9M	$191.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2091	−1.535%	$20.1M	$111.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2092	−1.498%	$15K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2090	−1.573%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2088	−1.644%	$88K	$500	10x	as long as short
Gate ENA_USDTshort	+0.0100%	4h	0.2091	−1.549%	$10.4M	$21.3M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2090	−1.568%	$45.3M	$46.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2091	−1.516%	$23.8M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2089	−1.620%	$47.3M	$65.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2090	−1.554%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2090	−1.588%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	−1.514%	$248K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2092	−1.479%	$360K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2092	−1.479%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2091	−1.526%	$182K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2041	−3.885%	$1K	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	−1.526%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2091	−1.507%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2090	−1.573%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2091	−1.546%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2091	−1.545%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0120%	1h	0.2091	−1.540%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0235% / S −0.0398%	1h	0.2090	−1.552%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0304%	1h	0.2089	−1.640%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2090	−1.568%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−1.574%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0536%	1h	0.2093	−1.446%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0575%	1h	0.2094	−1.399%	$110.6M	$79.7M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2092	−1.479%	$804K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1938%	1h	0.2090	−1.561%	$138K	$15K	5x	as long as short