Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0024%/8h= −2.7% APRpaid last 24h +0.003%

Price spread now: Phoenix against Binance−0.160%105s7-day average +0.112% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$510.512% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.125%+$13 on $10k

Price spread, last 4 days (all we have)+0.509%+$51 · spread now −0.160%, 7d avg +0.112%

Together, before fees+0.635%+$63 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.272% cheaper against Binance than usual: you would sell low and buy high (−$27 if the spread goes back to its 7-day average of +0.112%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.125%, so the current rate has only just turned against you. The two prices were read 105 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2113	0.0100	pay 0.0050% / 4h	3m 45s	$128.5M	$415.9M	75x
Short	Phoenix ENA	0.2110	0.0076	get 0.0009% / 1h	3m 45s	$8K	$266K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.160%Rate

Funding earned: −$5.09
Price spread: −0.160% → +0.112%: −$27.2
Slippage, 4 orders: −$34.2
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$83.49
Costs to cover: 0.512%
Break-even: never at this rate

Slippage from Binance: live order book, 10 min ago; Phoenix: live order book, 52 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, 10 min ago	0.24 bp	10.0 bp −$10	16.7 bp −$167	63.6 bp −$6,363	doesn't fit
Sell Phoenix live order book, 52 min ago	1.90 bp	16.8 bp −$17	51.7 bp −$517	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	−0.0135%	1h	0.2110	−0.136%	$361K	$401K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2109	−0.198%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2107	−0.311%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2109	−0.207%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2109	−0.192%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.474%	$522	$57K	5.5x	as long as short
Phoenix ENAshort	+0.0076%	1h	0.2110	−0.160%	$8K	$266K	10x
Popdex ENAUSDT	+0.0096%	1h	0.2107	−0.302%	$56K	$475K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2105	−0.379%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	−0.264%	$657K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2111	−0.102%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2107	−0.311%	$402K	$521K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2113	long leg	$128.5M	$415.9M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2113	−0.004%	$85.3M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2114	+0.029%	$21.1M	$103.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2105	−0.378%	$20K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	−0.255%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.326%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2112	−0.080%	$11.1M	$22.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2112	−0.080%	$46.0M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2112	−0.075%	$24.9M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2112	−0.042%	$48.0M	$57.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2112	−0.056%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2105	−0.407%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2107	−0.296%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	−0.246%	$358K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2108	−0.255%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	−0.160%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−2.663%	$1K	$850K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2109	−0.207%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	−0.108%	$273K	$796K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2110	−0.160%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2111	−0.113%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2109	−0.209%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0159%	1h	0.2112	−0.051%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0168%	1h	0.2116	+0.114%	$5.2M	$13.5M	10x	as long as short
Hyperliquid ENA	+0.0202%	1h	0.2117	+0.162%	$115.3M	$74.8M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0243%	1h	0.2111	−0.131%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2110	−0.172%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2107	−0.297%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2108	−0.233%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2128	+0.696%	$870K	$1.7M	50x	as long as short