Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.008%

Price spread now: Phemex against BingX−0.075%7-day average +0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$770.766% of the position

Long on BingX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 3 days (all we have)+0.274%+$27 · spread now −0.075%, 7d avg +0.068%

Together, before fees+0.263%+$26 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 0.142% cheaper against BingX than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of +0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDT	0.2143	0.0100	pay 0.0050% / 4h	2h 29m	—	$32.7M	—
Short	Phemex ENAUSDT	0.2141	0.0100	get 0.0050% / 4h	2h 29m	$1.9M	$9.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against BingX. 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 BingXbpFee PhemexbpOrdersPrice spread, now −0.075%Rate

Funding earned: $0
Price spread: −0.075% → +0.068%: −$14.24
Slippage, 4 orders: −$54.64
Fee BingX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$90.88
Costs to cover: 0.766%
Break-even: never at this rate

Slippage from BingX: live order book, 5 min ago; Phemex: live order book, 5 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 BingX live order book, 5 min ago	0.47 bp	6.3 bp −$6	9.5 bp −$95	15.8 bp −$1,581	36.2 bp −$18.1K
Sell Phemex live order book, 5 min ago	14.11 bp	36.3 bp −$36	81.3 bp −$813	doesn't fit	doesn't fit

ENA on 41 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
Deribit ENA_USDC-PERPETUAL	−0.0030%	1h	0.2143	+0.019%	$80K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2144	+0.073%	$92K	—	150x	as long as short
dYdX ENA-USD	+0.0017%	1h	0.2151	+0.403%	$142K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.896%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0041%	4h	0.2143	+0.028%	$45K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0072%	1h	0.2152	+0.420%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2150	+0.345%	$56K	$525K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2148	+0.240%	$701K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2147	+0.187%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2152	+0.422%	$421K	$544K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2144	+0.082%	$132.9M	$444.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2145	+0.121%	$88.1M	$186.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2145	+0.112%	$21.0M	$109.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2128	−0.686%	$19K	$411K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2151	+0.392%	$117K	$251K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2105	−1.742%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2142	−0.005%	$11.1M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2143	+0.028%	$45.9M	$44.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2143	+0.028%	$24.8M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2142	−0.042%	$48.7M	$61.1M	75x	as long as short
BingX ENA-USDTlong	+0.0100%	4h	0.2143	long leg	—	$32.7M	—
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2144	+0.075%	$383K	$396K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2140	−0.134%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2140	−0.106%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2127	−0.706%	$353K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2142	−0.028%	$32K	$656K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2149	+0.299%	$182K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2091	−2.413%	$1K	$851K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2139	−0.168%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2146	+0.168%	$277K	$989K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2141	−0.075%	$1.9M	$9.2M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2150	+0.359%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2144	+0.049%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2147	+0.219%	$8K	$351K	10x	as long as short
Extended ENA-USD	+0.0248%	1h	0.2142	−0.026%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0249%	1h	0.2139	−0.150%	$2.7M	$4.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0252% / S −0.0206%	1h	0.2147	+0.202%	$51K	—	100x	as long as short
Lighter ENA	+0.0376%	1h	0.2145	+0.112%	$5.6M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2146	+0.167%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0528%	1h	0.2145	+0.126%	$116.0M	$73.2M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2142	−0.033%	$839K	$1.8M	50x	as long as short