Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0548%/8h= −60.0% APRpaid last 24h −0.145%

Price spread now: Phemex against Coinbase International+0.028%7-day average −0.118% · you sell dearer than you buy

Net, funding: paid 7d − costs−$140as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$930.931% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.471%−$47 on $10k

Price spread, last 3 days (all we have)+0.077%+$8 · spread now +0.028%, 7d avg −0.118%

Together, before fees−0.393%−$39 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.146% dearer against Coinbase International than usual: you sell high and buy low (spread +0.028% now, against its 7-day average of −0.118%): +$15 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 21 hours. At the pace of the last 7 days (−0.471% in total) that is about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2131	0.0648	pay 0.0081% / 1h	49m 50s	$837K	$1.8M	50x
Short	Phemex ENAUSDT	0.2132	0.0100	get 0.0050% / 4h	2h 49m	$1.9M	$9.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$115.08
Price spread: +0.028% → −0.118%: $14.57
Slippage, 4 orders: −$71.06
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$193.57
Costs to cover: 0.931%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 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 Coinbase International live order book, 4 min ago	9.17 bp	19.6 bp −$20	30.5 bp −$305	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	7.08 bp	31.7 bp −$32	77.9 bp −$779	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2131	−0.005%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2129	−0.103%	$91K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2127	−0.183%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.375%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0037%	4h	0.2130	−0.066%	$41K	$23K	10x	as long as short
dYdX ENA-USD	+0.0040%	1h	0.2126	−0.235%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2129	−0.113%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2129	−0.101%	$702K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2136	+0.194%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	−0.183%	$418K	$548K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2136	+0.194%	$132.9M	$444.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2135	+0.192%	$87.5M	$186.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2136	+0.216%	$21.2M	$109.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	−0.324%	$17K	$408K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2129	−0.113%	$116K	$253K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.190%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2135	+0.150%	$10.8M	$20.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2136	+0.206%	$45.1M	$43.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2135	+0.169%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2134	+0.136%	$48.4M	$61.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2135	+0.178%	—	$32.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2135	+0.150%	$369K	$383K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2125	−0.290%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2121	−0.486%	$244K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.341%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	−0.253%	$32K	$689K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2130	−0.080%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2079	−2.468%	$1K	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2131	−0.019%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2136	+0.202%	$275K	$1.0M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2132	+0.028%	$1.9M	$9.4M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	−0.169%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	−0.033%	$75K	$4K	3x	as long as short
Lighter ENA	+0.0128%	1h	0.2135	+0.160%	$5.6M	$13.6M	10x	as long as short
Phoenix ENA	+0.0188%	1h	0.2116	−0.713%	$7K	$351K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2132	+0.044%	$2.7M	$5.0M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2129	−0.116%	$51K	—	100x	as long as short
Extended ENA-USD	+0.0304%	1h	0.2133	+0.097%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	−0.216%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2128	−0.137%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0528%	1h	0.2138	+0.305%	$115.2M	$74.3M	10x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0648%	1h	0.2131	long leg	$837K	$1.8M	50x