Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.008%

Price spread now: Phemex against Binance−0.048%7-day average +0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$540.542% of the position

Long on Binance Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 on $10k

Price spread, last 3 days (all we have)+0.615%+$62 · spread now −0.048%, 7d avg +0.043%

Together, before fees+0.641%+$64 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 0.091% cheaper against Binance than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2099	0.0100	pay 0.0050% / 4h	2h 32m	$129.4M	$467.1M	75x
Short	Phemex ENAUSDT	0.2098	0.0100	get 0.0050% / 4h	2h 32m	$1.9M	$9.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Binance. 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 BinancebpFee PhemexbpOrdersPrice spread, now −0.048%Rate

Funding earned: $0
Price spread: −0.048% → +0.043%: −$9.11
Slippage, 4 orders: −$32.16
Fee Binance: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$63.28
Costs to cover: 0.542%
Break-even: never at this rate

Slippage from Binance: live order book, 11 min ago; Phemex: live order book, 6 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 Binance live order book, 11 min ago	0.24 bp	7.3 bp −$7	11.6 bp −$116	37.0 bp −$3,698	doesn't fit
Sell Phemex live order book, 6 min ago	4.79 bp	18.8 bp −$19	63.9 bp −$639	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	−0.0316%	1h	0.2099	+0.014%	$361K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2097	−0.081%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2099	−0.010%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2099	−0.005%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2098	−0.035%	$96K	—	150x	as long as short
Gate ENA_USDT	+0.0016%	4h	0.2098	−0.048%	$10.4M	$21.5M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.162%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2095	−0.167%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2098	−0.048%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2098	−0.045%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2097	−0.101%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2099	−0.001%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	+0.008%	$403K	$585K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2099	long leg	$129.4M	$467.1M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2099	−0.014%	$87.8M	$193.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	−0.014%	$20.3M	$114.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2091	−0.405%	$19K	$433K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2099	0.000%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	−0.238%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	−0.010%	$44.7M	$48.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2100	+0.038%	$24.3M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	−0.081%	$47.5M	$66.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2098	−0.033%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2092	−0.335%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.275%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	−0.258%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2093	−0.286%	$32K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	−0.005%	$181K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.454%	$1K	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	−0.048%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2100	+0.048%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2098	−0.048%	$1.9M	$9.3M	50x
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2099	+0.019%	$2.7M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2098	−0.046%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2098	−0.051%	$77K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0213% / S −0.0161%	1h	0.2098	−0.039%	$50K	—	100x	as long as short
Lighter ENA	+0.0288%	1h	0.2101	+0.105%	$5.7M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0302%	1h	0.2101	+0.108%	$110.9M	$80.8M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2098	−0.033%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	−0.085%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.086%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.8600%	1h	0.2098	−0.052%	$139K	$15K	5x	as long as short