Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h +0.021%

Price spread now: Gate against Injective−0.951%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 Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 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. Gate is 0.951% cheaper against Injective than usual: you would sell low and buy high (spread −0.951% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$95 on $10k: about 10 months of funding at the current rate ($0 a day). Mind the row above: over the last 7 days funding on this pair cost −0.210%, 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	21m 00s	$522	$57K	5.5x
Short	Gate ENA_USDT	0.2103	0.0044	get 0.0022% / 4h	2h 21m	$10.5M	$21.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.951%Rate

Funding earned: $2.24
Price spread: −0.951% → 0.000%: −$95.13
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$107.91
Costs to cover: 0.150%
Break-even: 344.2 days

Slippage unknown: Injective: no order-book sample; Gate: 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 Gate live order book, 3 min ago	3.79 bp	14.9 bp −$15	30.1 bp −$301	55.5 bp −$5,545	94.5 bp −$47.3K

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	−0.0266%	1h	0.2104	−0.923%	$362K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2103	−0.961%	$41K	$23K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	−0.0035%	1h	0.2104	−0.932%	$93K	$1.9M	50x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2105	−0.862%	$4K	$432	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2103	−0.939%	$97K	—	150x	as long as short
Injective ENA/USDC PERPlong	+0.0033%	1h	0.2123	long leg	$522	$57K	5.5x
Gate ENA_USDTshort	+0.0044%	4h	0.2103	−0.951%	$10.5M	$21.7M	50x
Phoenix ENA	+0.0076%	1h	0.2110	−0.608%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2104	−0.914%	$60K	$540K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	−0.835%	$47K	$221	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	0.2106	−0.815%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2105	−0.878%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2107	−0.760%	$407K	$595K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2103	−0.951%	$129.7M	$466.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2103	−0.975%	$87.9M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2103	−0.947%	$20.3M	$114.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2110	−0.631%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	−0.772%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.772%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2104	−0.937%	$45.6M	$49.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	−0.885%	$24.3M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2102	−1.013%	$47.6M	$66.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2103	−0.947%	—	$32.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2111	−0.573%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2109	−0.658%	$251K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2112	−0.552%	$360K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2113	−0.490%	$33K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	−0.819%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2053	−3.334%	$895	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2103	−0.961%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	−0.598%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2103	−0.961%	$1.9M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2104	−0.891%	$2.7M	$5.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	−0.918%	$77K	$11K	3x	as long as short
Extended ENA-USD	+0.0120%	1h	0.2103	−0.974%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0162%	1h	0.2103	−0.949%	$50K	—	100x	as long as short
Lighter ENA	+0.0320%	1h	0.2106	−0.805%	$5.7M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2105	−0.871%	$5.5M	$8.2M	75x	as long as short
Hyperliquid ENA	+0.0341%	1h	0.2106	−0.801%	$111.1M	$80.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2103	−0.977%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	−0.725%	$805K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.6559%	1h	0.2108	−0.729%	$139K	$15K	5x	as long as short