Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0015%/8h= +1.7% APRpaid last 24h +0.013%

Price spread now: Phoenix against edgeX+0.227%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$560.564% of the position

Long on edgeX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.086%+$9 on $10k

Price spread, last 3 days (all we have)+0.096%+$10 · spread now +0.227%, 7d avg +0.076%

Together, before fees+0.183%+ Points / potential airdropedgeX: Active · farm board+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Phoenix is 0.151% dearer against edgeX than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.076%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ENAUSDC	0.2093	0.0100	pay 0.0050% / 4h	1h 12m	$249K	$7.8M	20x
Short	Phoenix ENA	0.2097	0.0115	get 0.0014% / 1h	12m 03s	$5K	$356K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against edgeX. 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 edgeXbpFee PhoenixbpOrdersPrice spread, now +0.227%Rate

Funding earned: $3.18
Price spread: +0.227% → +0.076%: $15.12
Slippage, 4 orders: −$40.44
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$38.15
Costs to cover: 0.564%
Break-even: 91.0 days

Slippage from edgeX: live order book, 2 min ago; Phoenix: 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 edgeX live order book, 2 min ago	7.16 bp	11.7 bp −$12	13.2 bp −$132	44.3 bp −$4,430	doesn't fit
Sell Phoenix live order book, 4 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	−0.0044%	4h	0.2097	+0.184%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0026%	1h	0.2097	+0.203%	$370K	$448K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	+0.208%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2098	+0.256%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.470%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2098	+0.261%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2098	+0.256%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2098	+0.265%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2098	+0.268%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2097	+0.189%	$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	0.2099	+0.293%	$406K	$576K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2096	+0.159%	$129.3M	$454.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2096	+0.170%	$87.1M	$190.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2097	+0.227%	$20.2M	$111.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2095	+0.127%	$15K	$396K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2099	+0.304%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2095	+0.098%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2096	+0.179%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2096	+0.170%	$46.5M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2098	+0.275%	$23.9M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2094	+0.074%	$47.3M	$64.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2095	+0.117%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2091	−0.074%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDClong	+0.0100%	4h	0.2093	long leg	$249K	$7.8M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	−0.004%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2092	−0.031%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	+0.308%	$176K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.138%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2097	+0.208%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2100	+0.371%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	+0.160%	$1.9M	$9.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	+0.208%	$77K	$11K	3x	as long as short
Phoenix ENAshort	+0.0115%	1h	0.2097	+0.227%	$5K	$356K	10x
01 Exchange ENAUSD	+0.0144%	1h	0.2099	+0.328%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0243% / S −0.0420%	1h	0.2097	+0.223%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0336%	1h	0.2096	+0.161%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	+0.132%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2098	+0.276%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0528%	1h	0.2100	+0.332%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2100	+0.356%	$827K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0585%	1h	0.2098	+0.275%	$110.8M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1978%	1h	0.2097	+0.195%	$139K	$15K	5x	as long as short