Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0564%/8h= +61.8% APRpaid last 24h +0.139%

Price spread now: Coinbase International against Binance+0.024%7-day average +0.161% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$650.652% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.493%+$49 on $10k

Price spread, last 4 days (all we have)+0.512%+$51 · spread now +0.024%, 7d avg +0.161%

Together, before fees+1.005%+$100 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.137% cheaper against Binance than usual: you would sell low and buy high (spread +0.024% now, against its 7-day average of +0.161%). If the spread goes back, that is −$14 on $10k: about 19 hours of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.493% in total) that is about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2115	0.0100	pay 0.0050% / 4h	1h 11m	$129.6M	$417.1M	75x
Short	Coinbase International ENA-PERP-INTX	0.2116	0.0664	get 0.0083% / 1h	11m 12s	$833K	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now +0.024%Rate

Funding earned: $118.44
Price spread: +0.024% → +0.161%: −$13.66
Slippage, 4 orders: −$45.2
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $39.59
Costs to cover: 0.652%
Break-even: 4.7 days

Slippage from Binance: live order book, 3 min ago; Coinbase International: live order book, 2 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 Binance live order book, 3 min ago	0.24 bp	8.1 bp −$8	13.6 bp −$136	49.7 bp −$4,972	doesn't fit
Sell Coinbase International live order book, 2 min ago	11.54 bp	22.8 bp −$23	31.2 bp −$312	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	−0.0034%	4h	0.2114	−0.047%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2113	−0.080%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2115	+0.015%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2114	−0.029%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.393%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.146%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.100%	$663K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2115	+0.001%	$113.9M	$71.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2113	−0.116%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	−0.061%	$413K	$506K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDTlong	+0.0100%	4h	0.2115	long leg	$129.6M	$417.1M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2115	+0.001%	$86.5M	$175.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2115	+0.020%	$20.8M	$102.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.170%	$19K	$349K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2113	−0.099%	$78K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2120	+0.232%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2114	−0.047%	$11.1M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2115	+0.020%	$46.0M	$42.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	−0.061%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	−0.051%	$48.1M	$57.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2114	−0.028%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2109	−0.274%	$374K	$362K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	+0.404%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2119	+0.168%	$244K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2119	+0.185%	$357K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2119	+0.185%	$22K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	−0.089%	$188K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.515%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2114	−0.051%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2116	+0.043%	$276K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	+0.043%	$1.9M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.128%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2115	−0.027%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	−0.048%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2119	+0.176%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2115	−0.018%	$51K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2116	+0.049%	$2.7M	$4.3M	50x	as long as short
Lighter ENA	+0.0312%	1h	0.2117	+0.072%	$5.3M	$13.9M	10x	as long as short
dYdX ENA-USD	+0.0331%	1h	0.2113	−0.109%	$140K	$15K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	−0.009%	$5.6M	$3.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.116%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0664%	1h	0.2116	+0.024%	$833K	$1.5M	50x