Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0053%/8h= +5.8% APRpaid last 24h +0.001%

Price spread now: Phoenix against GRVT+0.162%7-day average +0.099% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$640.639% of the position

Long on GRVT Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 4 days (all we have)+0.098%+$10 · spread now +0.162%, 7d avg +0.099%

Together, before fees+0.201%+ Points / potential airdropGRVT: Active · farm board+$20 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 0.063% dearer against GRVT than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.099%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ENA_USDT_Perp	0.2172	0.0100	pay 0.0050% / 4h	1h 59m	$363K	$5.0M	10x
Short	Phoenix ENA	0.2175	0.0153	get 0.0019% / 1h	59m 58s	$8K	$278K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against GRVT. 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 GRVTbpFee PhoenixbpOrdersPrice spread, now +0.162%Rate

Funding earned: $11.03
Price spread: +0.162% → +0.099%: $6.3
Slippage, 4 orders: −$47.9
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$46.57
Costs to cover: 0.639%
Break-even: 36.5 days

Slippage from GRVT: live order book, 4 min ago; Phoenix: live order book, 46 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 GRVT live order book, 4 min ago	4.60 bp	17.3 bp −$17	49.1 bp −$491	doesn't fit	doesn't fit
Sell Phoenix live order book, 46 min ago	1.89 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
Orderly PERP_ENA_USDC	−0.0143%	4h	0.2172	+0.019%	$45K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2173	+0.074%	$67K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2172	+0.015%	$84K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.223%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0040%	1h	0.2172	+0.024%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2171	−0.032%	$55K	$477K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2171	−0.036%	$577K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2173	+0.070%	$117.8M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2172	+0.004%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2168	−0.155%	$407K	$532K	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	0.2171	−0.014%	$131.4M	$427.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2171	−0.022%	$87.3M	$179.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2172	+0.010%	$21.8M	$109.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2173	+0.061%	$21K	$327K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2170	−0.078%	$80K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2172	+0.011%	$95K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2170	−0.078%	$11.4M	$24.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2172	+0.001%	$48.5M	$42.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2173	+0.047%	$25.3M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2170	−0.096%	$49.3M	$59.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2172	+0.005%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2168	−0.149%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2172	+0.003%	$256K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perplong	+0.0100%	4h	0.2172	long leg	$363K	$5.0M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2178	+0.291%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2172	+0.001%	$192K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2120	−2.375%	$891	$893K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2173	+0.061%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2175	+0.148%	$272K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2174	+0.107%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2167	−0.202%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2171	−0.038%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2173	+0.061%	$76K	$4K	3x	as long as short
Phoenix ENAshort	+0.0153%	1h	0.2175	+0.162%	$8K	$278K	10x
Kraken Futures PF_ENAUSD	+0.0158%	1h	0.2174	+0.104%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USD	+0.0191%	1h	0.2168	−0.190%	$143K	$16K	5x	as long as short
Lighter ENA	+0.0224%	1h	0.2175	+0.130%	$5.2M	$13.5M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2173	+0.062%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2169	−0.114%	$5.7M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2169	−0.101%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0500%	1h	0.2173	+0.074%	$398K	$423K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2176	+0.208%	$893K	$1.8M	50x	as long as short