Funding arb · Price arb /

ENA

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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 +0.003%

Price spread now: Phemex against Bitget−0.005%46s7-day average +0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as 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−$580.579% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 3 days (all we have)+0.356%+$36 · spread now −0.005%, 7d avg +0.109%

Together, before fees+0.360%+$36 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 0.114% cheaper against Bitget than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.109%. The two prices were read 46 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	Bitget ENAUSDT	0.2115	0.0100	pay 0.0050% / 4h	29m 30s	$47.9M	$64.0M	75x
Short	Phemex ENAUSDT	0.2115	0.0100	get 0.0050% / 4h	29m 30s	$2.0M	$9.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now −0.005%Rate

Funding earned: $0
Price spread: −0.005% → +0.109%: −$11.42
Slippage, 4 orders: −$33.91
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$69.32
Costs to cover: 0.579%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 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 Bitget live order book, 5 min ago	0.24 bp	11.6 bp −$12	19.9 bp −$199	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	4.72 bp	16.7 bp −$17	66.3 bp −$663	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
Orderly PERP_ENA_USDC	−0.0015%	4h	0.2115	−0.005%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	+0.038%	$92K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2116	+0.044%	$106K	—	150x	as long as short
Backpack ENA_USDC_PERP	+0.0033%	1h	0.2115	+0.014%	$373K	$446K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.392%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2116	+0.043%	$63K	$521K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.080%	$678K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2118	+0.130%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2116	+0.053%	$409K	$562K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2117	+0.071%	$131.0M	$452.8M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2116	+0.052%	$88.9M	$189.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	+0.057%	$20.5M	$110.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2116	+0.028%	$15K	$398K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	+0.137%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	+0.066%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	+0.047%	$10.8M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	+0.090%	$46.6M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	+0.019%	$24.5M	$16.3M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2115	long leg	$47.9M	$64.0M	75x
BingX ENA-USDT	+0.0100%	4h	0.2117	+0.080%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	+0.189%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	+0.356%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2120	+0.231%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	+0.421%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	+0.104%	$178K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.373%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2114	−0.052%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2120	+0.222%	$277K	$1.4M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2115	−0.005%	$2.0M	$9.2M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	+0.044%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	+0.031%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2118	+0.137%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2118	+0.118%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0232%	1h	0.2116	+0.029%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2116	+0.035%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2116	+0.020%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	+0.109%	$5.6M	$7.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	+0.082%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0520%	1h	0.2119	+0.165%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.785%	$842K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0783%	1h	0.2120	+0.236%	$113.9M	$78.8M	10x	as long as short
dYdX ENA-USD	+0.1727%	1h	0.2115	−0.008%	$140K	$15K	5x	as long as short