Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0024%/8h= −2.7% APRpaid last 24h +0.008%

Price spread now: Phoenix against Gate−0.710%7-day average +0.135% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$151as in the Price arb table

costs, in and out, $10k−$670.670% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.134%+$13 on $10k

Price spread, last 4 days (all we have)+1.011%+$101 · spread now −0.710%, 7d avg +0.135%

Together, before fees+1.145%+$115 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.845% cheaper against Gate than usual: you would sell low and buy high (−$84 if the spread goes back to its 7-day average of +0.135%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.134%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ENA_USDT	0.2112	0.0100	pay 0.0050% / 4h	31m 15s	$11.1M	$21.9M	50x
Short	Phoenix ENA	0.2097	0.0076	get 0.0009% / 1h	31m 15s	$8K	$266K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now −0.710%Rate

Funding earned: −$5.09
Price spread: −0.710% → +0.135%: −$84.49
Slippage, 4 orders: −$44.97
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$156.55
Costs to cover: 0.670%
Break-even: never at this rate

Slippage from Gate: live order book, 3 min ago; Phoenix: live order book, 24 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 Gate live order book, 3 min ago	5.00 bp	15.9 bp −$16	30.9 bp −$309	53.7 bp −$5,370	92.3 bp −$46.1K
Sell Phoenix live order book, 24 min ago	1.90 bp	16.8 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
Backpack ENA_USDC_PERP	−0.0235%	1h	0.2109	−0.142%	$364K	$390K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2113	+0.009%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0067%	4h	0.2112	−0.033%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2112	0.000%	$79K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	+0.005%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.516%	$522	$57K	5.5x	as long as short
Phoenix ENAshort	+0.0076%	1h	0.2097	−0.710%	$8K	$266K	10x
Lighter ENA	+0.0096%	1h	0.2115	+0.099%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.024%	$56K	$500K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.002%	$47K	$110	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2112	0.000%	$652K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2114	+0.090%	$112.4M	$73.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2113	+0.011%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2113	+0.010%	$412K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2114	+0.052%	$128.9M	$415.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2114	+0.057%	$85.9M	$175.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2115	+0.123%	$20.9M	$103.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2094	−0.890%	$20K	$311K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2113	+0.024%	$79K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2093	−0.923%	$92K	$4K	10x	as long as short
Gate ENA_USDTlong	+0.0100%	4h	0.2112	long leg	$11.1M	$21.9M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2115	+0.114%	$46.0M	$41.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	+0.071%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2111	−0.076%	$47.9M	$57.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2113	+0.009%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−1.099%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	−0.811%	$241K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−0.781%	$347K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2104	−0.402%	$20K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	+0.038%	$182K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.405%	$1K	$845K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2113	+0.024%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2115	+0.118%	$273K	$794K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2113	+0.024%	$1.7M	$8.8M	50x	as long as short
dYdX ENA-USD	+0.0102%	1h	0.2111	−0.085%	$139K	$15K	5x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2112	−0.042%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2112	−0.019%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0243%	1h	0.2113	+0.041%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2113	+0.016%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2112	−0.009%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2112	−0.005%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2118	+0.265%	$865K	$1.5M	50x	as long as short