Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.015%

Price spread now: Bitget against Injective−1.719%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 Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.174%−$17 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. Bitget is 1.719% cheaper against Injective than usual: you would sell low and buy high (spread −1.719% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$172 on $10k: about 3 months of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.174%, 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	30m 40s	$522	$57K	5.5x
Short	Bitget ENAUSDT	0.2087	0.0100	get 0.0050% / 4h	1h 30m	$47.2M	$65.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −1.719%Rate

Funding earned: $14
Price spread: −1.719% → 0.000%: −$171.89
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$169.91
Costs to cover: 0.120%
Break-even: 92.0 days

Slippage unknown: Injective: no order-book sample; Bitget: 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 Bitget live order book, 3 min ago	0.72 bp	10.4 bp −$10	18.4 bp −$184	doesn't fit	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	−0.0079%	1h	0.2090	−1.587%	$361K	$461K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0063%	4h	0.2087	−1.695%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2088	−1.653%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2090	−1.583%	$96K	—	150x	as long as short
Injective ENA/USDC PERPlong	+0.0033%	1h	0.2123	long leg	$522	$57K	5.5x
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2090	−1.593%	$2.6M	$5.6M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2090	−1.573%	$61K	$537K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2088	−1.685%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2091	−1.526%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2090	−1.573%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2090	−1.584%	$404K	$581K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2089	−1.608%	$128.7M	$457.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2089	−1.615%	$86.9M	$191.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2089	−1.611%	$20.1M	$111.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2091	−1.531%	$15K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2094	−1.385%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−1.203%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2089	−1.639%	$10.4M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2089	−1.611%	$45.1M	$46.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2090	−1.564%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2087	−1.719%	$47.2M	$65.2M	75x
BingX ENA-USDC	+0.0100%	4h	0.2089	−1.625%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2091	−1.535%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	−1.335%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	−1.439%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	−1.337%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2091	−1.535%	$183K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2041	−3.899%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2088	−1.667%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2093	−1.413%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2088	−1.667%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2088	−1.667%	$77K	$11K	3x	as long as short
01 Exchange ENAUSD	+0.0112%	1h	0.2092	−1.488%	$4K	$432	10x	as long as short
Phoenix ENA	+0.0115%	1h	0.2096	−1.281%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0231% / S −0.0390%	1h	0.2089	−1.602%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0288%	1h	0.2088	−1.665%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2089	−1.601%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−1.569%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0512%	1h	0.2092	−1.479%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0569%	1h	0.2092	−1.465%	$110.5M	$79.6M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2092	−1.479%	$804K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1918%	1h	0.2089	−1.627%	$138K	$15K	5x	as long as short