Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.072%

Price spread now: BloFin against Arcus−0.010%7-day average +0.037% · 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−$53as in the Price arb table

costs, in and out, $10k−$480.481% of the position

Long on Arcus Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.236%+$24 on $10k

Price spread, last 4 days (all we have)+0.448%+$45 · spread now −0.010%, 7d avg +0.037%

Together, before fees+0.684%+$68 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.047% cheaper against Arcus than usual: you would sell low and buy high (spread −0.010% now, against its 7-day average of +0.037%). If the spread goes back, that is −$5 on $10k: about 16 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus ENA-USD	0.2102	0.0100	pay 0.0013% / 1h	24m 15s	$78K	$276K	10x
Short	BloFin ENA-USDT	0.2102	0.0340	get 0.0170% / 4h	3h 24m	$5.5M	$3.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.010%Rate

Funding earned: $50.4
Price spread: −0.010% → +0.037%: −$4.65
Slippage, 4 orders: −$31.63
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$2.38
Costs to cover: 0.481%
Break-even: 7.3 days

Slippage from Arcus: live order book, 29 min ago; BloFin: 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, 29 min ago	4.72 bp	16.7 bp −$17	28.4 bp −$284	doesn't fit	doesn't fit
Sell BloFin live order book, 9 min ago	4.28 bp	12.4 bp −$12	22.9 bp −$229	70.2 bp −$7,021	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
Backpack ENA_USDC_PERP	−0.0114%	1h	0.2100	−0.100%	$358K	$402K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0111%	4h	0.2099	−0.124%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2100	−0.086%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2101	−0.065%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2101	−0.029%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.018%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2101	−0.048%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	−0.077%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2101	−0.038%	$653K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2101	−0.045%	$1.4M	$3.2M	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	0.2101	−0.035%	$400K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2100	−0.086%	$127.3M	$413.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2100	−0.114%	$84.9M	$174.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2098	−0.171%	$20.9M	$103.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2109	+0.309%	$22K	$334K	5x	as long as short
Arcus ENA-USDlong	+0.0100%	1h	0.2102	long leg	$78K	$276K	10x
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.190%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2098	−0.176%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2100	−0.114%	$45.5M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2101	−0.052%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	−0.266%	$47.6M	$57.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2098	−0.190%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2100	−0.106%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2102	+0.016%	$241K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2107	+0.230%	$349K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	0.000%	$20K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2101	−0.033%	$191K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2050	−2.474%	$943	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	−0.095%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2105	+0.162%	$272K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2100	−0.095%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2099	−0.154%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2100	−0.115%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2102	+0.024%	$8K	$274K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2101	−0.044%	$2.6M	$4.3M	50x	as long as short
Hyperliquid ENA	+0.0188%	1h	0.2100	−0.081%	$114.1M	$74.0M	10x	as long as short
Lighter ENA	+0.0200%	1h	0.2102	+0.024%	$5.2M	$13.3M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2101	−0.060%	$70K	—	100x	as long as short
BloFin ENA-USDTshort	+0.0340%	4h	0.2102	−0.010%	$5.5M	$3.0M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2100	−0.097%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2107	+0.243%	$862K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1103%	1h	0.2101	−0.057%	$139K	$15K	5x	as long as short