Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.002%

Price spread now: Phoenix against Bybit+0.219%106s7-day average +0.151% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as 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−$490.494% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.167%+$17 on $10k

Price spread, last 4 days (all we have)+0.410%+$41 · spread now +0.219%, 7d avg +0.151%

Together, before fees+0.577%+$58 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.068% dearer against Bybit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.151%. 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	Bybit ENAUSDT	0.2141	0.0100	pay 0.0050% / 4h	3h 39m	$89.0M	$194.4M	50x
Short	Phoenix ENA	0.2146	0.0150	get 0.0019% / 1h	39m 40s	$14K	$267K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.219%Rate

Funding earned: $10.52
Price spread: +0.219% → +0.151%: $6.84
Slippage, 4 orders: −$31.41
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$32.05
Costs to cover: 0.494%
Break-even: 28.3 days

Slippage from Bybit: live order book, 4 min ago; Phoenix: live order book, 56 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, 4 min ago	0.23 bp	9.2 bp −$9	17.8 bp −$178	61.9 bp −$6,192	doesn't fit
Sell Phoenix live order book, 56 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	−0.0092%	4h	0.2137	−0.210%	$44K	$16K	10x	as long as short
01 Exchange ENAUSD	−0.0088%	1h	0.2140	−0.047%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2139	−0.131%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2138	−0.149%	$83K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.841%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0079%	1h	0.2141	+0.001%	$142K	$16K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2141	−0.019%	$4.9M	$12.9M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2138	−0.159%	$52K	$493K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2139	−0.104%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2137	−0.203%	$565K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2141	−0.017%	$116.6M	$76.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2141	−0.031%	$1.4M	$3.4M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2142	+0.005%	$410K	$569K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2141	−0.024%	$130.9M	$432.0M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2141	long leg	$89.0M	$194.4M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2141	0.000%	$21.1M	$110.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2148	+0.294%	$28K	$320K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2141	−0.019%	$79K	$282K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2157	+0.749%	$94K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2142	+0.005%	$13.3M	$27.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2142	+0.009%	$41.0M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2141	−0.033%	$25.2M	$16.0M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2139	−0.131%	$48.4M	$61.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2141	−0.014%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2139	−0.117%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2163	+1.009%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2152	+0.478%	$359K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2161	+0.915%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2139	−0.107%	$176K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2089	−2.442%	$1K	$928K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2139	−0.112%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2141	−0.033%	$265K	$837K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2141	−0.019%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2140	−0.064%	$1.7M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2138	−0.159%	$75K	$4K	3x	as long as short
Phoenix ENAshort	+0.0150%	1h	0.2146	+0.219%	$14K	$267K	10x
Kraken Futures PF_ENAUSD	+0.0195%	1h	0.2140	−0.074%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0309% / S −0.0754%	1h	0.2157	+0.707%	$59K	—	100x	as long as short
Backpack ENA_USDC_PERP	+0.0334%	1h	0.2140	−0.065%	$416K	$478K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2136	−0.238%	$5.6M	$3.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2137	−0.193%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2157	+0.705%	$801K	$2.0M	50x	as long as short