Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0556%/8h= −60.9% APRpaid last 24h −0.147%

Price spread now: MEXC against Coinbase International+0.529%7-day average −0.160% · you sell dearer than you buy

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs+$23as in the Price arb table

costs, in and out, $10k−$460.457% of the position

Long on Coinbase International Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.527%−$53 on $10k

Price spread, last 4 days (all we have)−0.628%−$63 · spread now +0.529%, 7d avg −0.160%

Together, before fees−1.155%−$115 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.689% dearer against Coinbase International than usual: you sell high and buy low (spread +0.529% now, against its 7-day average of −0.160%): +$69 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 4.1 days. At the pace of the last 7 days (−0.527% in total) that is about 9.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2098	0.0656	pay 0.0082% / 1h	16m 53s	$867K	$1.8M	50x
Short	MEXC ENA_USDT	0.2109	0.0100	get 0.0050% / 4h	16m 53s	$39.2M	$43.1M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.529%Rate

Funding earned: −$116.76
Price spread: +0.529% → −0.160%: $68.93
Slippage, 4 orders: −$35.7
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$93.53
Costs to cover: 0.457%
Break-even: from the start

Slippage from Coinbase International: live order book, 2 min ago; MEXC: 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 Coinbase International live order book, 2 min ago	9.73 bp	22.4 bp −$22	35.4 bp −$354	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	0.24 bp	2.8 bp −$3	6.4 bp −$64	41.8 bp −$4,183	69.5 bp −$34.8K

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	−0.0088%	4h	0.2106	+0.377%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2107	+0.424%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2106	+0.381%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2107	+0.443%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.216%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2109	+0.505%	$5.0M	$13.9M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2105	+0.338%	$53K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	+0.368%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2105	+0.331%	$563K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2109	+0.529%	$114.4M	$74.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2109	+0.529%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2106	+0.405%	$406K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2109	+0.543%	$128.4M	$425.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	+0.458%	$90.4M	$187.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	+0.539%	$21.1M	$107.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	+0.443%	$33K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	+0.481%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2105	+0.338%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2109	+0.510%	$12.8M	$27.2M	50x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2109	+0.529%	$39.2M	$43.1M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2110	+0.586%	$24.9M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	+0.443%	$47.8M	$59.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2109	+0.529%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2109	+0.529%	$408K	$486K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.025%	$3.0M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2104	+0.311%	$254K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2105	+0.343%	$355K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	+0.386%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	+0.367%	$181K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2056	−1.997%	$1K	$908K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	+0.434%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2109	+0.529%	$265K	$811K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	+0.338%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2108	+0.472%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	+0.390%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0149%	1h	0.2108	+0.472%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2104	+0.300%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2106	+0.403%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2108	+0.486%	$5.5M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2105	+0.322%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0656%	1h	0.2098	long leg	$867K	$1.8M	50x
dYdX ENA-USD	+0.0945%	1h	0.2105	+0.362%	$139K	$16K	5x	as long as short