Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0508%/8h= −55.6% APRpaid last 24h −0.136%

Price spread now: edgeX against Coinbase International−0.542%77s7-day average −0.140% · you buy dearer than you sell

Net, funding: paid 7d − costs−$108as in the Funding arb table

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

costs, in and out, $10k−$630.626% of the position

Long on Coinbase International Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.449%−$45 on $10k

Price spread, last 3 days (all we have)+0.238%+$24 · spread now −0.542%, 7d avg −0.140%

Together, before fees−0.211%+ Points / potential airdropedgeX: Active · farm board−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and edgeX is 0.402% cheaper against Coinbase International than usual: you would sell low and buy high (−$40 if the spread goes back to its 7-day average of −0.140%). Swap the legs. The two prices were read 77 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	Coinbase International ENA-PERP-INTX	0.2125	0.0608	pay 0.0076% / 1h	29m 53s	$839K	$1.8M	50x
Short	edgeX ENAUSDC	0.2113	0.0100	get 0.0050% / 4h	3h 29m	$246K	$7.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Coinbase International. 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 Coinbase InternationalbpFee edgeXbpOrdersPrice spread, now −0.542%Rate

Funding earned: −$106.68
Price spread: −0.542% → −0.140%: −$40.21
Slippage, 4 orders: −$43.62
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$209.51
Costs to cover: 0.626%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; edgeX: live order book, 4 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 Coinbase International live order book, 4 min ago	8.48 bp	20.8 bp −$21	25.6 bp −$256	doesn't fit	doesn't fit
Sell edgeX live order book, 4 min ago	7.09 bp	11.6 bp −$12	13.1 bp −$131	44.2 bp −$4,415	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	+0.099%	$81K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2126	+0.050%	$97K	—	150x	as long as short
Backpack ENA_USDC_PERP	+0.0026%	1h	0.2133	+0.400%	$380K	$415K	5x	as long as short
dYdX ENA-USD	+0.0026%	1h	0.2127	+0.119%	$141K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0029%	4h	0.2126	+0.052%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.071%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	+0.005%	$62K	$520K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2127	+0.080%	$676K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2133	+0.367%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2128	+0.149%	$412K	$552K	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	0.2133	+0.368%	$132.4M	$443.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2133	+0.376%	$89.8M	$185.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2133	+0.391%	$20.9M	$109.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	−0.024%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2128	+0.146%	$105K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.395%	$89K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2133	+0.362%	$10.8M	$20.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2133	+0.381%	$46.2M	$44.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2134	+0.414%	$24.5M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2134	+0.409%	$48.4M	$61.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2133	+0.386%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2123	−0.074%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2113	−0.542%	$246K	$7.5M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2113	−0.571%	$356K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	−0.419%	$34K	$687K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2126	+0.066%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2079	−2.174%	$940	$828K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2130	+0.240%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.193%	$276K	$1.2M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2130	+0.240%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2129	+0.215%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2126	+0.066%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2116	−0.428%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0224%	1h	0.2126	+0.047%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0234%	1h	0.2131	+0.301%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2125	+0.021%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2131	+0.275%	$1.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2123	−0.089%	$5.6M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2125	+0.001%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0608%	1h	0.2125	long leg	$839K	$1.8M	50x
Lighter ENA	+0.0688%	1h	0.2134	+0.424%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0734%	1h	0.2138	+0.602%	$115.3M	$75.4M	10x	as long as short