Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.023%

Price spread now: Binance against Injective−1.013%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.187%−$19 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Binance is 1.013% cheaper against Injective than usual: you would sell low and buy high (spread −1.013% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$101 on $10k: about 51 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.187%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ENA/USDC PERP	0.2123	0.0033	pay 0.0004% / 1h	41m 05s	$522	$57K	5.5x
Short	Binance ENAUSDT	0.2102	0.0100	get 0.0050% / 4h	41m 05s	$128.3M	$415.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. 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 InjectivebpFee BinancebpOrdersPrice spread, now −1.013%Rate

Funding earned: $14
Price spread: −1.013% → 0.000%: −$101.25
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: −$97.27
Costs to cover: 0.100%
Break-even: 55.6 days

Slippage unknown: Injective: no order-book sample; Binance: live order book, 3 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 3 min ago	0.24 bp	7.5 bp −$8	12.4 bp −$124	53.3 bp −$5,330	doesn't fit

Injective: 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 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	−0.0314%	1h	0.2100	−1.111%	$364K	$390K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2098	−1.210%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0064%	4h	0.2097	−1.220%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2099	−1.163%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2098	−1.196%	$81K	—	150x	as long as short
Injective ENA/USDC PERPlong	+0.0033%	1h	0.2123	long leg	$522	$57K	5.5x
Phoenix ENA	+0.0076%	1h	0.2097	−1.267%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2101	−1.064%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2097	−1.243%	$55K	$501K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2098	−1.193%	$47K	$110	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2097	−1.224%	$662K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2102	−0.984%	$111.9M	$73.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2100	−1.122%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2098	−1.175%	$409K	$500K	10x	as long as short
Binance ENAUSDTshort	+0.0100%	4h	0.2102	−1.013%	$128.3M	$415.8M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2102	−1.003%	$85.3M	$175.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2103	−0.951%	$20.8M	$102.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−1.436%	$20K	$311K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2091	−1.526%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−1.206%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2100	−1.116%	$11.0M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	−1.149%	$45.7M	$41.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	−1.135%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2101	−1.050%	$47.9M	$57.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2099	−1.126%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−1.254%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2097	−1.244%	$242K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−1.337%	$347K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	−1.337%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	−1.163%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−3.570%	$845	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	−1.196%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2104	−0.937%	$272K	$794K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2100	−1.102%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2102	−1.014%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2099	−1.171%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0126%	1h	0.2098	−1.182%	$139K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0244%	1h	0.2099	−1.129%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2098	−1.201%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2100	−1.116%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	−1.256%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2090	−1.568%	$851K	$1.5M	50x	as long as short