Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.019%

Price spread now: Phoenix against BingX+0.047%7-day average +0.130% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$580.580% of the position

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.089%+$9 on $10k

Price spread, last 3 days (all we have)+0.558%+$56 · spread now +0.047%, 7d avg +0.130%

Together, before fees+0.647%+$65 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.083% cheaper against BingX than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.130%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.089%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDC	0.2106	0.0100	pay 0.0050% / 4h	2h 57m	—	$6.5M	—
Short	Phoenix ENA	0.2107	0	get 0.0000% / 1h	57m 15s	$5K	$394K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$21
Price spread: +0.047% → +0.130%: −$8.3
Slippage, 4 orders: −$41.02
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$87.31
Costs to cover: 0.580%
Break-even: never at this rate

Slippage from BingX: live order book, 8 min ago; Phoenix: live order book, 29 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, 8 min ago	0.47 bp	14.4 bp −$14	31.9 bp −$319	69.8 bp −$6,976	473.0 bp −$236.5K
Sell Phoenix live order book, 29 min ago	1.87 bp	16.7 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	−0.0570%	1h	0.2107	+0.043%	$363K	$488K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0098%	4h	0.2105	−0.062%	$42K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0040%	1h	0.2106	+0.005%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0028%	4h	0.2105	−0.024%	$10.4M	$21.4M	50x	as long as short
Phoenix ENAshort	0.0000%	1h	0.2107	+0.047%	$5K	$394K	10x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2106	+0.014%	$94K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2107	+0.043%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.831%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2105	−0.043%	$60K	$549K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2104	−0.068%	$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	0.2104	−0.069%	$656K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2107	+0.052%	$1.5M	$3.5M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2106	−0.009%	$404K	$604K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2106	+0.014%	$130.8M	$474.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2106	−0.009%	$88.6M	$195.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	+0.028%	$20.2M	$116.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2106	−0.014%	$19K	$446K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2105	−0.043%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2108	+0.080%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2106	+0.014%	$45.5M	$48.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2107	+0.052%	$24.4M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	−0.066%	$47.7M	$67.4M	75x	as long as short
BingX ENA-USDClong	+0.0100%	4h	0.2106	long leg	—	$6.5M	—
Variational Omni ENA	+0.0100%	4h	0.2112	+0.313%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2108	+0.084%	$253K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2107	+0.050%	$362K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2107	+0.052%	$32K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2108	+0.085%	$184K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2056	−2.365%	$1K	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2105	−0.043%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.256%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	−0.043%	$1.9M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2108	+0.087%	$2.7M	$5.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2105	−0.058%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	+0.005%	$77K	$11K	3x	as long as short
Lighter ENA	+0.0168%	1h	0.2109	+0.123%	$5.7M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0210% / S −0.0158%	1h	0.2106	+0.024%	$50K	—	100x	as long as short
Hyperliquid ENA	+0.0267%	1h	0.2109	+0.128%	$112.0M	$81.4M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2106	+0.014%	$5.6M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.006%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2116	+0.499%	$809K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.5344%	1h	0.2106	+0.017%	$139K	$12K	5x	as long as short