Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0090%/8h= +9.8% APRpaid last 24h 0.000%

Price spread now: Phoenix against KuCoin+0.547%7-day average +0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$680.679% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.159%+$16 on $10k

Price spread, last 4 days (all we have)+0.928%+$93 · spread now +0.547%, 7d avg +0.090%

Together, before fees+1.086%+$109 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phoenix is 0.456% dearer against KuCoin than usual: you sell high and buy low: +$46 more if the spread goes back to its 7-day average of +0.090%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2122	0.0100	pay 0.0050% / 4h	3h 55m	$24.9M	$15.9M	75x
Short	Phoenix ENA	0.2134	0.0190	get 0.0024% / 1h	55m 24s	$13K	$267K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.547%Rate

Funding earned: $18.88
Price spread: +0.547% → +0.090%: $45.63
Slippage, 4 orders: −$48.85
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$3.34
Costs to cover: 0.679%
Break-even: 8.2 days

Slippage from KuCoin: live order book, 3 min ago; Phoenix: live order book, 40 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, 3 min ago	3.05 bp	12.7 bp −$13	35.9 bp −$359	doesn't fit	doesn't fit
Sell Phoenix live order book, 40 min ago	1.91 bp	16.6 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
Phemex ENAUSDT	−0.2111%	4h	0.2125	+0.127%	$1.9M	$9.0M	50x	as long as short
GRVT ENA_USDT_Perp	−0.0452%	4h	0.2123	+0.040%	$359K	$4.7M	10x	as long as short
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2123	+0.028%	$44K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0080%	1h	0.2119	−0.141%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2124	+0.094%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2123	+0.024%	$82K	—	150x	as long as short
dYdX ENA-USD	+0.0021%	1h	0.2121	−0.059%	$140K	$16K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.052%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2119	−0.155%	$53K	$486K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2122	−0.019%	$569K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2123	+0.033%	$115.2M	$75.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2121	−0.046%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	−0.132%	$409K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2120	−0.099%	$128.8M	$426.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2121	−0.057%	$88.6M	$191.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2121	−0.047%	$21.2M	$108.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2131	+0.405%	$33K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	−0.108%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	+0.198%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2119	−0.137%	$13.3M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2122	−0.009%	$39.4M	$42.5M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2122	long leg	$24.9M	$15.9M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2120	−0.118%	$48.1M	$60.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2122	−0.019%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2123	+0.024%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2134	+0.531%	$258K	$7.0M	20x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	+0.127%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2123	+0.014%	$175K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.177%	$1K	$913K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2123	+0.033%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.311%	$267K	$807K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	−0.212%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2119	−0.156%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2124	+0.074%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0112%	1h	0.2122	−0.033%	$5.0M	$12.5M	10x	as long as short
Phoenix ENAshort	+0.0190%	1h	0.2134	+0.547%	$13K	$267K	10x
Kraken Futures PF_ENAUSD	+0.0196%	1h	0.2124	+0.096%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0292%	1h	0.2124	+0.057%	$411K	$477K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0754%	1h	0.2124	+0.057%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2134	+0.528%	$4.8M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2122	−0.037%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2138	+0.726%	$803K	$2.0M	50x	as long as short