ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0546%/8h= −59.7% APRnext payment −$0.68 per $10,000 · paid last 24h −0.144%

Price spread now: Phoenix against Coinbase International0.000%7-day average −0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$760.755% of the position

Long on Coinbase International Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.394%−$39 on $10k

Price spread, last 4 days (all we have)−0.202%−$20 · spread now 0.000%, 7d avg −0.067%

Together, before fees−0.596%−$60 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.067% dearer against Coinbase International than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.067%): +$7 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 7 days (−0.394% in total) that is about 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2106	0.0656	pay 0.0082% / 1h	58m 49s	$869K	$1.8M	50x
Short	Phoenix ENA	0.2106	0.0110	get 0.0014% / 1h	58m 49s	$8K	$264K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$114.56
Price spread: 0.000% → −0.067%: $6.71
Slippage, 4 orders: −$58.5
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$183.35
Costs to cover: 0.755%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Phoenix: live order book, 42 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, 5 min ago	10.44 bp	23.7 bp −$24	25.4 bp −$254	doesn't fit	doesn't fit
Sell Phoenix live order book, 42 min ago	1.87 bp	16.6 bp −$17	51.6 bp −$516	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	−0.0099%	4h	0.2102	−0.204%	$44K	$26K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0087%	1h	0.2104	−0.095%	$386K	$455K	5x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2103	−0.142%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2103	−0.138%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2103	−0.154%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.826%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2103	−0.142%	$55K	$483K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2105	−0.040%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2103	−0.159%	$557K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2104	−0.095%	$113.7M	$75.5M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2102	−0.193%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2104	−0.076%	$399K	$541K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2101	−0.254%	$127.5M	$426.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	−0.351%	$90.1M	$187.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2100	−0.275%	$21.0M	$106.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2105	−0.028%	$33K	$317K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	−0.095%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2103	−0.119%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2101	−0.228%	$12.5M	$26.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2102	−0.199%	$38.0M	$42.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2102	−0.214%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2099	−0.337%	$47.6M	$59.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2100	−0.266%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2102	−0.181%	$3.0M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2103	−0.119%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	−0.100%	$348K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	0.000%	$19K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2103	−0.138%	$182K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2053	−2.536%	$919	$904K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2103	−0.142%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2107	+0.047%	$265K	$826K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2104	−0.095%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2099	−0.334%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2103	−0.153%	$74K	$4K	3x	as long as short
Phoenix ENAshort	+0.0110%	1h	0.2106	0.000%	$8K	$264K	10x
Lighter ENA	+0.0128%	1h	0.2105	−0.047%	$5.0M	$13.6M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0149%	1h	0.2104	−0.107%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0753%	1h	0.2103	−0.155%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.176%	$5.6M	$3.3M	75x	as long as short
dYdX ENA-USD	+0.0348%	1h	0.2105	−0.046%	$139K	$16K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2101	−0.244%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0656%	1h	0.2106	long leg	$869K	$1.8M	50x