Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.007%

Price spread now: Phemex against HTX−0.290%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$920.918% of the position

Long on HTX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 4 days (all we have)+0.402%+$40 · spread now −0.290%, 7d avg −0.046%

Together, before fees+0.390%+$39 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.244% cheaper against HTX than usual: you would sell low and buy high, −$24 on $10k if it goes back to its 7-day average of −0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ENA-USDT	0.2101	0.0100	pay 0.0050% / 4h	50m 59s	$272K	$797K	50x
Short	Phemex ENAUSDT	0.2095	0.0100	get 0.0050% / 4h	50m 59s	$1.8M	$8.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against HTX. 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 HTXbpFee PhemexbpOrdersPrice spread, now −0.290%Rate

Funding earned: $0
Price spread: −0.290% → −0.046%: −$24.41
Slippage, 4 orders: −$67.84
Fee HTX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$116.25
Costs to cover: 0.918%
Break-even: never at this rate

Slippage from HTX: live order book, 33 min ago; Phemex: live order book, 3 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 HTX live order book, 33 min ago	11.52 bp	31.9 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	4.75 bp	18.3 bp −$18	64.0 bp −$640	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	−0.0230%	1h	0.2097	−0.186%	$370K	$372K	5x	as long as short
01 Exchange ENAUSD	−0.0096%	1h	0.2098	−0.133%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0056%	4h	0.2095	−0.267%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2096	−0.224%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2098	−0.148%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.061%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2108	+0.338%	$8K	$266K	10x	as long as short
dYdX ENA-USD	+0.0076%	1h	0.2102	+0.044%	$139K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	−0.100%	$55K	$501K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	−0.065%	$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	0.2098	−0.136%	$659K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2098	−0.167%	$111.9M	$72.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2097	−0.174%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2101	−0.016%	$409K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	−0.296%	$128.0M	$414.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2095	−0.300%	$85.5M	$175.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2096	−0.224%	$20.7M	$101.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2106	+0.233%	$19K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2098	−0.148%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.281%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2096	−0.238%	$11.0M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2096	−0.238%	$45.3M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2098	−0.167%	$24.5M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2095	−0.300%	$47.6M	$57.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2095	−0.286%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.205%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	+0.171%	$242K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	+0.158%	$353K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2104	+0.138%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	−0.081%	$181K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.508%	$934	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	−0.243%	$4K	$7K	10x	as long as short
HTX ENA-USDTlong	+0.0100%	4h	0.2101	long leg	$272K	$797K	50x
Phemex ENAUSDTshort	+0.0100%	4h	0.2095	−0.290%	$1.8M	$8.8M	50x
Extended ENA-USD	+0.0104%	1h	0.2095	−0.284%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	−0.219%	$73K	$4K	3x	as long as short
Lighter ENA	+0.0112%	1h	0.2098	−0.148%	$5.2M	$13.3M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0245%	1h	0.2098	−0.160%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2098	−0.146%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2098	−0.162%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2098	−0.126%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2112	+0.509%	$860K	$1.5M	50x	as long as short