Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0634%/8h= −69.4% APRpaid last 24h −0.184%

Price spread now: Orderly against Coinbase International−0.389%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Orderly is 0.389% cheaper against Coinbase International than usual: you would sell low and buy high (−$39 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2131	0.0664	pay 0.0083% / 1h	58m 37s	$838K	$1.6M	50x
Short	Orderly PERP_ENA_USDC	0.2123	0.0030	get 0.0015% / 4h	1h 58m	$44K	$27K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.389%Rate

Funding earned: −$133.14
Price spread: −0.389% → 0.000%: −$38.94
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$188.08
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 5 min ago; Orderly: no order-book sample. Net counts fees only.

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, 5 min ago	10.57 bp	22.5 bp −$23	29.4 bp −$294	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ENA on 41 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
Polymarket Perps ENA-USD	−0.0241%	1h	0.2126	−0.253%	$183K	$2.3M	10x	as long as short
dYdX ENA-USD	0.0000%	1h	0.2124	−0.344%	$140K	$15K	5x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2122	−0.432%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2125	−0.310%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2125	−0.319%	$87K	—	150x	as long as short
Orderly PERP_ENA_USDCshort	+0.0030%	4h	0.2123	−0.389%	$44K	$27K	10x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.371%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2122	−0.436%	$54K	$505K	50x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2126	−0.263%	$114.3M	$71.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2125	−0.277%	$1.5M	$3.3M	50x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2123	−0.378%	$415K	$519K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2123	−0.394%	$130.6M	$429.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2122	−0.422%	$86.8M	$178.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2121	−0.479%	$20.9M	$104.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	−0.206%	$19K	$384K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2123	−0.389%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−1.023%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2123	−0.399%	$11.0M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2123	−0.389%	$45.6M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2124	−0.338%	$24.6M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2120	−0.540%	$48.3M	$58.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2122	−0.436%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	−0.128%	$3.8M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	−0.134%	$249K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.333%	$361K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2130	−0.061%	$32K	$649K	50x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2073	−2.717%	$1K	$843K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2124	−0.343%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	−0.113%	$277K	$789K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2124	−0.343%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2123	−0.371%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2124	−0.332%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0144%	1h	0.2121	−0.502%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2122	−0.450%	$7K	$291K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2124	−0.343%	$51K	—	100x	as long as short
Lighter ENA	+0.0264%	1h	0.2126	−0.263%	$5.5M	$13.6M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0283%	1h	0.2126	−0.255%	$2.7M	$4.3M	50x	as long as short
Nado ENA-PERP	+0.0375%	1h	0.2125	−0.314%	$686K	$1.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	−0.343%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0664%	1h	0.2131	long leg	$838K	$1.6M	50x
Backpack ENA_USDC_PERP	+0.0738%	1h	0.2126	−0.263%	$383K	$363K	5x	as long as short