Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0508%/8h= +55.6% APRpaid last 24h +0.136%

Price spread now: Coinbase International against MEXC−0.469%7-day average +0.166% · you buy dearer than you sell

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$530.527% of the position

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.477%+$48 on $10k

Price spread, last 3 days (all we have)+0.587%+$59 · spread now −0.469%, 7d avg +0.166%

Together, before fees+1.064%+$106 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.635% cheaper against MEXC than usual: you would sell low and buy high (spread −0.469% now, against its 7-day average of +0.166%). If the spread goes back, that is −$64 on $10k: about 4.2 days of funding at the current rate (+$15 a day). At the pace of the last 7 days (+0.477% in total) that is about 9.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ENA_USDT	0.2154	0.0100	pay 0.0050% / 4h	3h 25m	$46.2M	$44.5M	200x
Short	Coinbase International ENA-PERP-INTX	0.2143	0.0608	get 0.0076% / 1h	25m 40s	$848K	$1.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against MEXC. 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 MEXCbpFee Coinbase InternationalbpOrdersPrice spread, now −0.469%Rate

Funding earned: $106.68
Price spread: −0.469% → +0.166%: −$63.51
Slippage, 4 orders: −$42.7
Fee MEXC: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$9.54
Costs to cover: 0.527%
Break-even: 7.6 days

Slippage from MEXC: live order book, 3 min ago; Coinbase International: live order book, 3 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 MEXC live order book, 3 min ago	1.40 bp	3.4 bp −$3	7.7 bp −$77	31.2 bp −$3,116	62.6 bp −$31.3K
Sell Coinbase International live order book, 3 min ago	10.96 bp	29.6 bp −$30	34.8 bp −$348	doesn't fit	doesn't fit

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
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2156	+0.096%	$98K	—	150x	as long as short
dYdX ENA-USD	+0.0022%	1h	0.2155	+0.057%	$142K	$15K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0028%	1h	0.2156	+0.125%	$80K	$1.7M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.398%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2155	+0.070%	$42K	$23K	10x	as long as short
Backpack ENA_USDC_PERP	+0.0086%	1h	0.2156	+0.116%	$383K	$416K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2151	−0.116%	$63K	$519K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2152	−0.079%	$714K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2157	+0.181%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2154	+0.028%	$423K	$549K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2155	+0.049%	$133.7M	$444.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2153	−0.028%	$88.9M	$187.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2152	−0.056%	$21.2M	$110.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2147	−0.320%	$15K	$410K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2154	+0.023%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2143	−0.488%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2153	−0.023%	$11.0M	$21.0M	50x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2154	long leg	$46.2M	$44.5M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2155	+0.051%	$24.8M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2151	−0.116%	$48.8M	$61.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2152	−0.046%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2155	+0.069%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2136	−0.824%	$250K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−1.386%	$357K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2140	−0.627%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2154	0.000%	$187K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2100	−2.470%	$1K	$830K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2156	+0.116%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2164	+0.488%	$281K	$1.2M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2154	+0.023%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2152	−0.057%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2156	+0.130%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2144	−0.464%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0216%	1h	0.2152	−0.051%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0232%	1h	0.2157	+0.177%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2152	−0.075%	$1.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2155	+0.074%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2146	−0.334%	$5.6M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2153	−0.015%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0608%	1h	0.2143	−0.469%	$848K	$1.8M	50x
Lighter ENA	+0.0744%	1h	0.2157	+0.144%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0755%	1h	0.2159	+0.246%	$116.4M	$75.5M	10x	as long as short