ENSO arbitrage explained
Right now Enso (ENSO) trades on 9 venues we scan: 9 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on Binance perp at $0.9633 and the highest bid on Gate perp at $0.9639.
The widest ENSO perpetual spread is between Binance and Gate: long ENSO on Binance at $0.9633 and short on Gate at $0.9639 for +0.06% gross, or -0.10% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is 0.000% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best ENSO route is to buy spot on KuCoin and short the perpetual on Gate: +0.02% gross, -0.18% net, with +0.030% a day of funding on the short leg.
Spot–spot ENSO arbitrage (buy on KuCoin, withdraw, deposit and sell on Bybit) shows -0.06% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small ENSO gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: ENSO funding rates · ENSO spread charts · Enso price · arbitrage scanner for all coins.