Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.019%

Price spread now: Phoenix against HTX−0.180%72s7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$960.960% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.088%+$9 on $10k

Price spread, last 3 days (all we have)−1.058%−$106 · spread now −0.180%, 7d avg +0.009%

Together, before fees−0.970%−$97 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.189% cheaper against HTX than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.009%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.088%, so the current rate has only just turned against you. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ENA-USDT	0.2111	0.0100	pay 0.0050% / 4h	2h 55m	$274K	$1.6M	50x
Short	Phoenix ENA	0.2107	0	get 0.0000% / 1h	55m 38s	$5K	$394K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.180%Rate

Funding earned: −$21
Price spread: −0.180% → +0.009%: −$18.94
Slippage, 4 orders: −$76.98
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$135.91
Costs to cover: 0.960%
Break-even: never at this rate

Slippage from HTX: live order book, 3 min ago; Phoenix: live order book, 31 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, 3 min ago	20.09 bp	26.6 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 31 min ago	1.87 bp	16.7 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	−0.0531%	1h	0.2101	−0.441%	$362K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0096%	4h	0.2100	−0.512%	$42K	$22K	10x	as long as short
01 Exchange ENAUSD	−0.0056%	1h	0.2102	−0.412%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0014%	4h	0.2103	−0.351%	$10.4M	$21.4M	50x	as long as short
Phoenix ENAshort	0.0000%	1h	0.2107	−0.180%	$5K	$394K	10x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2100	−0.488%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2101	−0.471%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.602%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2103	−0.365%	$59K	$547K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2102	−0.398%	$47K	$221	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	0.2104	−0.327%	$656K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2102	−0.409%	$1.5M	$3.5M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2104	−0.331%	$404K	$604K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2104	−0.332%	$130.7M	$472.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2103	−0.346%	$88.5M	$195.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2105	−0.289%	$20.2M	$116.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2106	−0.232%	$19K	$446K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	−0.317%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2108	−0.148%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2103	−0.370%	$45.4M	$48.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2104	−0.308%	$24.3M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2102	−0.398%	$47.7M	$67.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2104	−0.332%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2107	−0.183%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.244%	$252K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2105	−0.247%	$362K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2105	−0.270%	$32K	$714K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2103	−0.351%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2053	−2.738%	$1K	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2101	−0.460%	$4K	$14K	10x	as long as short
HTX ENA-USDTlong	+0.0100%	4h	0.2111	long leg	$274K	$1.6M	50x
Phemex ENAUSDT	+0.0100%	4h	0.2101	−0.460%	$1.8M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2103	−0.373%	$2.7M	$5.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2103	−0.360%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	−0.460%	$77K	$11K	3x	as long as short
Lighter ENA	+0.0136%	1h	0.2106	−0.213%	$5.7M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0210% / S −0.0158%	1h	0.2101	−0.479%	$50K	—	100x	as long as short
Hyperliquid ENA	+0.0229%	1h	0.2104	−0.313%	$111.7M	$81.4M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2106	−0.213%	$5.6M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2101	−0.446%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	−0.137%	$806K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.5900%	1h	0.2104	−0.314%	$139K	$12K	5x	as long as short