Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0225%/8h= −24.6% APRpaid last 24h −0.054%

Price spread now: Phoenix against BloFin−0.005%106s7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$86as 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−$520.521% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.337%−$34 on $10k

Price spread, last 3 days (all we have)−0.559%−$56 · spread now −0.005%, 7d avg −0.004%

Together, before fees−0.896%−$90 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.004%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. The two prices were read 106 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	BloFin ENA-USDT	0.2092	0.0340	pay 0.0170% / 4h	1h 21m	$5.5M	$8.0M	75x
Short	Phoenix ENA	0.2091	0.0115	get 0.0014% / 1h	21m 20s	$5K	$356K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$47.22
Price spread: −0.005% → −0.004%: −$0.12
Slippage, 4 orders: −$33.08
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$99.41
Costs to cover: 0.521%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Phoenix: live order book, 60 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 BloFin live order book, 2 min ago	0.48 bp	8.7 bp −$9	15.8 bp −$158	73.0 bp −$7,302	doesn't fit
Sell Phoenix live order book, 60 min ago	1.90 bp	16.9 bp −$17	51.9 bp −$519	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	−0.0068%	1h	0.2097	+0.277%	$362K	$447K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0052%	4h	0.2094	+0.143%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	+0.177%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2095	+0.167%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.525%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2097	+0.259%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	+0.167%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	+0.181%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2096	+0.232%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2096	+0.216%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2096	+0.230%	$405K	$578K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	+0.182%	$129.2M	$456.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2094	+0.129%	$87.2M	$191.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	+0.158%	$20.2M	$111.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	+0.057%	$15K	$401K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	+0.263%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2088	−0.143%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2095	+0.172%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2095	+0.172%	$45.8M	$46.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2097	+0.263%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2093	+0.086%	$47.3M	$64.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2095	+0.177%	—	$32.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.106%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	+0.051%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	+0.120%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2094	+0.120%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	+0.210%	$179K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.228%	$968	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2095	+0.167%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2098	+0.306%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2094	+0.120%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	+0.186%	$77K	$11K	3x	as long as short
Phoenix ENAshort	+0.0115%	1h	0.2091	−0.005%	$5K	$356K	10x
01 Exchange ENAUSD	+0.0128%	1h	0.2097	+0.282%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0238% / S −0.0406%	1h	0.2095	+0.165%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0328%	1h	0.2094	+0.129%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDTlong	+0.0340%	4h	0.2092	long leg	$5.5M	$8.0M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2094	+0.135%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0512%	1h	0.2099	+0.349%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	+0.287%	$806K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0581%	1h	0.2099	+0.339%	$110.8M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1963%	1h	0.2096	+0.193%	$138K	$15K	5x	as long as short