Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0548%/8h= +60.0% APRpaid last 24h +0.137%

Price spread now: Coinbase International against KuCoin+0.489%7-day average +0.144% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$760.760% of the position

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.522%+$52 on $10k

Price spread, last 3 days (all we have)−0.408%−$41 · spread now +0.489%, 7d avg +0.144%

Together, before fees+0.114%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Coinbase International is 0.345% dearer against KuCoin than usual: you sell high and buy low: +$34 more if the spread goes back to its 7-day average of +0.144%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2125	0.0100	pay 0.0050% / 4h	2h 17m	$24.6M	$16.3M	75x
Short	Coinbase International ENA-PERP-INTX	0.2136	0.0648	get 0.0081% / 1h	17m 49s	$837K	$1.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against KuCoin. 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 KuCoinbpFee Coinbase InternationalbpOrdersPrice spread, now +0.489%Rate

Funding earned: $115.08
Price spread: +0.489% → +0.144%: $34.48
Slippage, 4 orders: −$53.99
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $73.58
Costs to cover: 0.760%
Break-even: 2.5 days

Slippage from KuCoin: live order book, 6 min ago; Coinbase International: live order book, 1 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 KuCoin live order book, 6 min ago	2.34 bp	23.4 bp −$23	44.5 bp −$445	doesn't fit	doesn't fit
Sell Coinbase International live order book, 1 min ago	10.30 bp	19.6 bp −$20	33.3 bp −$333	doesn't fit	doesn't fit

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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2129	+0.151%	$79K	$1.5M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2131	+0.270%	$92K	—	150x	as long as short
dYdX ENA-USD	+0.0015%	1h	0.2132	+0.286%	$141K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.099%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0036%	4h	0.2129	+0.141%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2127	+0.089%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2127	+0.071%	$54K	$514K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2126	+0.042%	$684K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2127	+0.062%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2133	+0.351%	$417K	$543K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2125	−0.033%	$131.6M	$442.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2126	+0.038%	$87.2M	$186.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2128	+0.113%	$20.9M	$107.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2129	+0.151%	$19K	$401K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2129	+0.165%	$79K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2135	+0.423%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2124	−0.061%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2124	−0.052%	$45.2M	$44.4M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2125	long leg	$24.6M	$16.3M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2126	+0.028%	$48.4M	$60.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2125	0.000%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2127	+0.085%	$380K	$385K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2130	+0.233%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2130	+0.213%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.165%	$352K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2131	+0.259%	$32K	$656K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	+0.108%	$183K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2078	−2.249%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2129	+0.165%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.419%	$275K	$864K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	+0.071%	$1.9M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2131	+0.268%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2129	+0.147%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2129	+0.169%	$7K	$351K	10x	as long as short
Extended ENA-USD	+0.0216%	1h	0.2124	−0.083%	$1.6M	$4.1M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2130	+0.217%	$2.7M	$4.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2131	+0.247%	$51K	—	100x	as long as short
Lighter ENA	+0.0408%	1h	0.2132	+0.296%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2127	+0.090%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0492%	1h	0.2131	+0.254%	$115.1M	$72.5M	10x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0648%	1h	0.2136	+0.489%	$837K	$1.7M	50x