Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.007%

Price spread now: Phemex against ApeX Omni−0.094%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$800.805% of the position

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)+0.900%+$90 · spread now −0.094%, 7d avg −0.006%

Together, before fees+0.890%+$89 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.088% cheaper against ApeX Omni than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ENAUSDT	0.2117	0.0100	pay 0.0013% / 1h	25m 19s	$20K	$647K	50x
Short	Phemex ENAUSDT	0.2115	0.0100	get 0.0050% / 4h	25m 19s	$1.8M	$8.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX Omni. 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now −0.094%Rate

Funding earned: $0
Price spread: −0.094% → −0.006%: −$8.84
Slippage, 4 orders: −$58.46
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$89.3
Costs to cover: 0.805%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 33 min ago; Phemex: live order book, 4 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 ApeX Omni live order book, 33 min ago	7.12 bp	15.6 bp −$16	133.2 bp −$1,332	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	7.09 bp	24.8 bp −$25	73.0 bp −$730	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
Backpack ENA_USDC_PERP	−0.0196%	1h	0.2119	+0.071%	$365K	$396K	5x	as long as short
01 Exchange ENAUSD	−0.0080%	1h	0.2116	−0.028%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0069%	4h	0.2117	−0.024%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2117	−0.005%	$79K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2117	−0.007%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.302%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2119	+0.071%	$8K	$266K	10x	as long as short
dYdX ENA-USD	+0.0089%	1h	0.2116	−0.052%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2119	+0.071%	$5.2M	$13.5M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2116	−0.047%	$56K	$476K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2115	−0.081%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	−0.004%	$653K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2121	+0.175%	$115.5M	$75.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2118	+0.036%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2116	−0.038%	$405K	$516K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2117	+0.013%	$129.0M	$416.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2117	+0.009%	$85.5M	$175.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	+0.019%	$20.8M	$103.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	−0.071%	$18K	$316K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2116	−0.047%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2093	−1.134%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2117	+0.024%	$11.1M	$22.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2118	+0.033%	$46.2M	$41.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2117	0.000%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2115	−0.071%	$48.1M	$57.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2117	0.000%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2116	−0.030%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.062%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	−0.123%	$350K	$5.0M	10x	as long as short
ApeX Omni ENAUSDTlong	+0.0100%	1h	0.2117	long leg	$20K	$647K	50x
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	+0.066%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.452%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	0.000%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	+0.090%	$274K	$790K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2115	−0.094%	$1.8M	$8.8M	50x
Extended ENA-USD	+0.0104%	1h	0.2116	−0.026%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2118	+0.029%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2117	+0.010%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2117	−0.009%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2118	+0.033%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2118	+0.032%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2122	+0.260%	$867K	$1.6M	50x	as long as short