Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.023%

Price spread now: Injective against KuCoin−2.278%100s7-day average — · you buy dearer than you sell

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

Long on KuCoin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.215%+$22 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 2.278% cheaper against KuCoin than usual: you would sell low and buy high (−$228 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.215%, so the current rate has only just turned against you. The two prices were read 100 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	KuCoin ENAUSDTM	0.2173	0.0100	pay 0.0050% / 4h	2h 03m	$25.3M	$15.7M	75x
Short	Injective ENA/USDC PERP	0.2123	0.0033	get 0.0004% / 1h	3m 36s	$522	$57K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against KuCoin. 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 KuCoinbpFee InjectivebpOrdersPrice spread, now −2.278%Rate

Funding earned: −$14
Price spread: −2.278% → 0.000%: −$227.81
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$253.83
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 5 min ago; Injective: no order-book sample. 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 KuCoin live order book, 5 min ago	3.67 bp	21.2 bp −$21	38.9 bp −$389	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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
Orderly PERP_ENA_USDC	−0.0140%	4h	0.2175	+0.106%	$45K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2175	+0.120%	$68K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2176	+0.143%	$84K	—	150x	as long as short
Injective ENA/USDC PERPshort	+0.0033%	1h	0.2123	−2.278%	$522	$57K	5.5x
01 Exchange ENAUSD	+0.0040%	1h	0.2172	−0.051%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2171	−0.087%	$55K	$477K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2171	−0.081%	$577K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2173	−0.009%	$117.8M	$75.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2172	−0.033%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2172	−0.051%	$408K	$532K	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	0.2171	−0.097%	$131.5M	$426.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2171	−0.092%	$87.5M	$179.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2172	−0.041%	$21.7M	$109.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2175	+0.087%	$21K	$327K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2172	−0.041%	$80K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2182	+0.396%	$96K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2171	−0.097%	$11.5M	$24.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2171	−0.083%	$48.4M	$42.1M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2173	long leg	$25.3M	$15.7M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2170	−0.152%	$49.3M	$59.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2172	−0.055%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2182	+0.404%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2179	+0.264%	$257K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2179	+0.269%	$364K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2178	+0.235%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2172	−0.060%	$192K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2124	−2.250%	$919	$893K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2175	+0.097%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2182	+0.405%	$273K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2175	+0.097%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2171	−0.078%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2171	−0.073%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2175	+0.106%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2176	+0.156%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0158%	1h	0.2176	+0.144%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USD	+0.0191%	1h	0.2172	−0.048%	$143K	$16K	5x	as long as short
Lighter ENA	+0.0240%	1h	0.2174	+0.037%	$5.2M	$13.4M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2175	+0.111%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2179	+0.272%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2171	−0.106%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0542%	1h	0.2175	+0.115%	$398K	$423K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2181	+0.368%	$895K	$1.8M	50x	as long as short