Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: ApeX Omni against Arcus−0.517%53s7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$600.604% of the position

Long on Arcus Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.579%+$58 · spread now −0.517%, 7d avg +0.005%

Together, before fees+0.579%+$58 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: ApeX Omni is 0.522% cheaper against Arcus than usual: you would sell low and buy high, −$52 on $10k if it goes back to its 7-day average of +0.005%. The two prices were read 53 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	Arcus ENA-USD	0.2128	0.0100	pay 0.0013% / 1h	23m 55s	$78K	$283K	10x
Short	ApeX Omni ENAUSDT	0.2117	0.0100	get 0.0013% / 1h	23m 55s	$19K	$645K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Arcus. 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 ArcusbpFee ApeX OmnibpOrdersPrice spread, now −0.517%Rate

Funding earned: $0
Price spread: −0.517% → +0.005%: −$52.17
Slippage, 4 orders: −$45.94
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$112.61
Costs to cover: 0.604%
Break-even: never at this rate

Slippage from Arcus: live order book, 9 min ago; ApeX Omni: live order book, 9 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 Arcus live order book, 9 min ago	4.70 bp	12.2 bp −$12	25.0 bp −$250	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 9 min ago	11.75 bp	20.7 bp −$21	136.4 bp −$1,364	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
01 Exchange ENAUSD	−0.0120%	1h	0.2128	−0.005%	$4K	$169	10x	as long as short
Orderly PERP_ENA_USDC	−0.0103%	4h	0.2130	+0.080%	$44K	$15K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2132	+0.169%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2121	−0.333%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	−0.301%	$734	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0068%	4h	0.2133	+0.240%	$13.4M	$27.9M	50x	as long as short
Phemex ENAUSDT	+0.0071%	4h	0.2131	+0.141%	$1.8M	$8.9M	50x	as long as short
Bitget ENAUSDT	+0.0080%	4h	0.2132	+0.193%	$48.3M	$61.1M	75x	as long as short
Lighter ENA	+0.0096%	1h	0.2132	+0.207%	$5.0M	$13.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2127	−0.047%	$55K	$498K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0099%	8h	0.2125	−0.133%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2128	−0.009%	$563K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2133	+0.221%	$116.0M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2134	+0.282%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2125	−0.122%	$408K	$562K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2134	+0.296%	$128.8M	$431.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2134	+0.296%	$88.9M	$194.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2135	+0.324%	$21.1M	$109.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2120	−0.362%	$38K	$327K	5x	as long as short
Arcus ENA-USDlong	+0.0100%	1h	0.2128	long leg	$78K	$283K	10x
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.726%	$92K	$511	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2134	+0.296%	$41.6M	$43.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2133	+0.240%	$25.1M	$16.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2134	+0.273%	—	$31.1M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2133	+0.240%	$412K	$479K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	−0.637%	$3.0M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.568%	$246K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	−0.516%	$359K	$4.8M	10x	as long as short
ApeX Omni ENAUSDTshort	+0.0100%	1h	0.2117	−0.517%	$19K	$645K	50x
Polymarket Perps ENA-USD	+0.0100%	1h	0.2130	+0.085%	$175K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2081	−2.195%	$1K	$931K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2130	+0.094%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.301%	$265K	$843K	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2133	+0.219%	$1.6M	$4.7M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2129	+0.070%	$75K	$4K	3x	as long as short
dYdX ENA-USD	+0.0105%	1h	0.2123	−0.230%	$140K	$16K	5x	as long as short
Phoenix ENA	+0.0150%	1h	0.2119	−0.423%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0196%	1h	0.2131	+0.150%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0756%	1h	0.2131	+0.125%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2120	−0.395%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2130	+0.083%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2118	−0.456%	$786K	$2.0M	50x	as long as short