Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.007%

Price spread now: Phemex against MEXC−0.066%7-day average +0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$450.447% of the position

Long on MEXC Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)+0.342%+$34 · spread now −0.066%, 7d avg +0.041%

Together, before fees+0.352%+$35 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 0.107% cheaper against MEXC than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ENA_USDT	0.2122	0.0100	pay 0.0050% / 4h	2h 36m	$46.8M	$40.9M	200x
Short	Phemex ENAUSDT	0.2121	0.0100	get 0.0050% / 4h	2h 36m	$1.8M	$8.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against MEXC. 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 MEXCbpFee PhemexbpOrdersPrice spread, now −0.066%Rate

Funding earned: $0
Price spread: −0.066% → +0.041%: −$10.72
Slippage, 4 orders: −$32.71
Fee MEXC: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$55.43
Costs to cover: 0.447%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 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 MEXC live order book, 3 min ago	0.24 bp	1.9 bp −$2	8.2 bp −$82	42.4 bp −$4,236	74.8 bp −$37.4K
Sell Phemex live order book, 3 min ago	9.49 bp	19.7 bp −$20	69.5 bp −$695	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	0.2121	−0.061%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2122	0.000%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2122	−0.038%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2122	−0.022%	$82K	—	150x	as long as short
Gate ENA_USDT	+0.0016%	4h	0.2123	+0.038%	$11.2M	$23.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.047%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2121	−0.066%	$57K	$467K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2122	−0.028%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.090%	$658K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2125	+0.127%	$115.4M	$74.3M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2122	−0.041%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2121	−0.061%	$398K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2122	−0.012%	$128.5M	$417.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2122	+0.005%	$85.8M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2124	+0.061%	$21.2M	$104.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2104	−0.862%	$20K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2122	−0.019%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	−0.490%	$93K	−$0	10x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2122	long leg	$46.8M	$40.9M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	−0.014%	$25.1M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2122	0.000%	$48.2M	$58.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2123	+0.028%	—	$31.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2100	−1.046%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	−1.046%	$241K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2102	−0.959%	$357K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2101	−1.008%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	−0.014%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2072	−2.394%	$915	$869K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	−0.066%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.287%	$268K	$797K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2121	−0.066%	$1.8M	$8.9M	50x
Extended ENA-USD	+0.0104%	1h	0.2119	−0.141%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2120	−0.134%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2111	−0.551%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0162%	1h	0.2122	−0.016%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0200%	1h	0.2124	+0.066%	$5.3M	$13.0M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0358%	1h	0.2122	−0.014%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2120	−0.090%	$5.5M	$3.0M	75x	as long as short
dYdX ENA-USD	+0.0344%	1h	0.2119	−0.147%	$140K	$15K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	−0.098%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0593%	1h	0.2123	+0.047%	$360K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2111	−0.518%	$864K	$1.7M	50x	as long as short