Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0089%/8h= +9.7% APRpaid last 24h +0.021%

Price spread now: Phoenix against Bitget+0.330%7-day average +0.173% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$530.531% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$11 on $10k

Price spread, last 3 days (all we have)−0.061%−$6 · spread now +0.330%, 7d avg +0.173%

Together, before fees+0.044%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phoenix is 0.157% dearer against Bitget than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.173%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ENAUSDT	0.2121	0.0100	pay 0.0050% / 4h	35m 05s	$48.1M	$64.5M	75x
Short	Phoenix ENA	0.2128	0.0189	get 0.0024% / 1h	35m 05s	$7K	$347K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.330%Rate

Funding earned: $18.59
Price spread: +0.330% → +0.173%: $15.68
Slippage, 4 orders: −$34.14
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$18.87
Costs to cover: 0.531%
Break-even: 14.1 days

Slippage from Bitget: live order book, 4 min ago; Phoenix: live order book, 41 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, 4 min ago	0.71 bp	8.9 bp −$9	11.5 bp −$115	32.3 bp −$3,231	doesn't fit
Sell Phoenix live order book, 41 min ago	1.91 bp	16.6 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
Orderly PERP_ENA_USDC	−0.0018%	4h	0.2122	+0.005%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2123	+0.066%	$92K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2124	+0.107%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.094%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0059%	1h	0.2124	+0.108%	$375K	$448K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2122	+0.028%	$63K	$522K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	+0.101%	$681K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2124	+0.123%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2124	+0.115%	$411K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2124	+0.131%	$131.4M	$453.6M	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	0.2124	+0.104%	$89.2M	$190.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2124	+0.132%	$20.6M	$111.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	+0.156%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2124	+0.123%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2129	+0.358%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2123	+0.071%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2123	+0.061%	$46.9M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2124	+0.127%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2121	long leg	$48.1M	$64.5M	75x
BingX ENA-USDT	+0.0100%	4h	0.2123	+0.075%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2126	+0.203%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.189%	$253K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	+0.170%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	+0.170%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2124	+0.113%	$179K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.362%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2122	+0.028%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2130	+0.405%	$277K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2122	+0.028%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2123	+0.071%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	+0.025%	$78K	$11K	3x	as long as short
Phoenix ENAshort	+0.0189%	1h	0.2128	+0.330%	$7K	$347K	10x
01 Exchange ENAUSD	+0.0200%	1h	0.2124	+0.127%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2124	+0.106%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2123	+0.096%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0272%	1h	0.2122	+0.010%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2122	+0.028%	$5.6M	$7.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2123	+0.073%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0552%	1h	0.2126	+0.198%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.486%	$842K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0825%	1h	0.2126	+0.231%	$114.3M	$78.7M	10x	as long as short
dYdX ENA-USD	+0.1735%	1h	0.2124	+0.128%	$140K	$15K	5x	as long as short