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 −0.008%

Price spread now: Phemex against KuCoin−0.005%7-day average +0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$770.774% of the position

Long on KuCoin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.051%+$5 on $10k

Price spread, last 3 days (all we have)+0.175%+$18 · spread now −0.005%, 7d avg +0.028%

Together, before fees+0.227%+$23 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 0.033% cheaper against KuCoin than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2130	0.0100	pay 0.0050% / 4h	2h 01m	$24.7M	$15.9M	75x
Short	Phemex ENAUSDT	0.2130	0.0100	get 0.0050% / 4h	2h 01m	$1.9M	$9.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against KuCoin. 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 KuCoinbpFee PhemexbpOrdersPrice spread, now −0.005%Rate

Funding earned: $0
Price spread: −0.005% → +0.028%: −$3.27
Slippage, 4 orders: −$53.45
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$80.72
Costs to cover: 0.774%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; Phemex: live order book, 2 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 KuCoin live order book, 2 min ago	3.53 bp	13.1 bp −$13	26.7 bp −$267	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	9.42 bp	22.6 bp −$23	69.3 bp −$693	doesn't fit	doesn't fit

ENA on 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2130	+0.009%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2130	+0.009%	$87K	—	150x	as long as short
dYdX ENA-USD	+0.0011%	1h	0.2129	−0.050%	$141K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.315%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2128	−0.080%	$44K	$27K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2128	−0.099%	$54K	$506K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2130	−0.019%	$684K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2130	−0.013%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2129	−0.074%	$416K	$530K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2129	−0.064%	$131.0M	$431.2M	75x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2128	−0.089%	$87.1M	$179.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2128	−0.103%	$20.9M	$104.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2116	−0.667%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2129	−0.052%	$79K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.967%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2129	−0.066%	$11.1M	$22.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2128	−0.085%	$45.2M	$44.6M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2130	long leg	$24.7M	$15.9M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2127	−0.164%	$48.4M	$59.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2128	−0.089%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2131	+0.042%	$384K	$370K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	−0.747%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	−0.340%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.277%	$361K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	−1.131%	$32K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2131	+0.033%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2080	−2.333%	$962	$845K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2129	−0.052%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.202%	$278K	$803K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2130	−0.005%	$1.9M	$9.0M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2129	−0.030%	$48K	$110	10x	as long as short
01 Exchange ENAUSD	+0.0104%	1h	0.2129	−0.075%	$4K	$302	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	+0.025%	$75K	$4K	3x	as long as short
Extended ENA-USD	+0.0160%	1h	0.2127	−0.123%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2116	−0.643%	$7K	$351K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2131	+0.040%	$2.7M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2130	−0.009%	$51K	—	100x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2130	+0.014%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0440%	1h	0.2132	+0.066%	$5.5M	$13.8M	10x	as long as short
Hyperliquid ENA	+0.0465%	1h	0.2131	+0.042%	$114.6M	$71.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2137	+0.300%	$840K	$1.6M	50x	as long as short