Funding arb · Price arb /

ENA

all ENA markets

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 −0.005%

Price spread now: Phemex against Bybit+0.081%7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$470.472% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.076%+$8 on $10k

Price spread, last 3 days (all we have)+0.324%+$32 · spread now +0.081%, 7d avg +0.095%

Together, before fees+0.400%+$40 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2096	0.0100	pay 0.0050% / 4h	1h 10m	$87.1M	$190.5M	50x
Short	Phemex ENAUSDT	0.2098	0.0100	get 0.0050% / 4h	1h 10m	$1.9M	$9.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bybit. 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 BybitbpFee PhemexbpOrdersPrice spread, now +0.081%Rate

Funding earned: $0
Price spread: +0.081% → +0.095%: −$1.36
Slippage, 4 orders: −$24.16
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$48.52
Costs to cover: 0.472%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Phemex: live order book, 3 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 Bybit live order book, 3 min ago	0.24 bp	8.1 bp −$8	15.4 bp −$154	55.0 bp −$5,503	doesn't fit
Sell Phemex live order book, 3 min ago	4.77 bp	18.2 bp −$18	75.0 bp −$750	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	−0.0043%	4h	0.2098	+0.081%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0026%	1h	0.2101	+0.239%	$371K	$447K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2099	+0.119%	$91K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2099	+0.110%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.293%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2100	+0.163%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2096	−0.014%	$61K	$530K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2096	0.000%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2097	+0.019%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2100	+0.196%	$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	0.2098	+0.089%	$406K	$576K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2099	+0.134%	$129.5M	$454.7M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2096	long leg	$87.1M	$190.5M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2097	+0.033%	$20.3M	$111.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2095	−0.048%	$15K	$396K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2098	+0.081%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	+0.141%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	+0.043%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2097	+0.043%	$46.5M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2100	+0.167%	$23.9M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2095	−0.038%	$47.4M	$64.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2098	+0.067%	—	$32.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2091	−0.249%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	−0.034%	$249K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−0.028%	$350K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.014%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	+0.119%	$176K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.342%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2099	+0.129%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2100	+0.167%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2098	+0.081%	$1.9M	$9.1M	50x
Aevo ENA-PERP	+0.0104%	1h	0.2099	+0.112%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2098	+0.076%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0144%	1h	0.2097	+0.057%	$4K	$332	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0244% / S −0.0421%	1h	0.2098	+0.095%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0336%	1h	0.2096	−0.009%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2099	+0.110%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2098	+0.075%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0528%	1h	0.2101	+0.234%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2100	+0.181%	$827K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0587%	1h	0.2103	+0.305%	$111.0M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1981%	1h	0.2098	+0.070%	$139K	$15K	5x	as long as short