First, ENJ released a governance proposal and obtained approval. Another token, $EFI, previously issued by $ENJ's parent company, can be exchanged for $ENJ on July 30 at a ratio of 1:4. The price of EFI is 0.06 (4X $EFI=0.24), while the price of $ENJ is 0.29, which is more than 20% of the profit margin.
Governance Proposal:
How I did it, within three days, I collected 800,000 $EFI on OKX and UNI at a price below 0.06. EFI liquidity is very poor, so I can only buy slowly, and the daily trading volume is only more than 100,000 U. My 800,000 EFI is equivalent to a 20-day exercise, which can be exchanged for $ENJ at 0.24 at 7.30. $ENJ is listed on Binance, and its liquidity is much better than EFI. The daily trading volume is about 10M, and there are contracts.
Then I shorted 200,000 $ENJ on Binance, so that I could achieve risk-free arbitrage. We only need to treat the 800K $EFI we purchased as 200K $ENJ bought at 0.24, and we can completely ignore its price fluctuations. And the 0.05 price difference between 0.24 and 0.29 can just earn me 10K$. Regardless of the rise and fall of $ENJ, my 0.05 price difference between 0.024 and 0.029 is locked.
There is still a certain price difference at present, that is, the liquidity of $EFI is too small, but I have completed the position, and there is still about 13% arbitrage space. I will leave the opportunity to those who are destined to do so, mainly to provide a good idea. It is better to teach a man how to fish than to give him a fish.
In terms of 20 days, the risk-free arbitrage is 10K, and the yield is close to 15%, which I think is a very good operation.