Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.009%

Price spread now: Phemex against Nado−0.026%7-day average +0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$510.509% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.024%−$2 on $10k

Price spread, last 3 days (all we have)+0.623%+$62 · spread now −0.026%, 7d avg +0.037%

Together, before fees+0.600%+ Points / potential airdropNado: Active · farm board+$60 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 0.063% cheaper against Nado than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ENA-PERP	0.2083	0.0100	pay 0.0012% / 1h	1m 36s	$653K	$1.8M	10x
Short	Phemex ENAUSDT	0.2082	0.0100	get 0.0050% / 4h	2h 01m	$1.9M	$9.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now −0.026%Rate

Funding earned: $0
Price spread: −0.026% → +0.037%: −$6.33
Slippage, 4 orders: −$31.85
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$57.18
Costs to cover: 0.509%
Break-even: 5874738426639463.0 days

Slippage from Nado: 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 Nado live order book, 2 min ago	0.96 bp	4.9 bp −$5	15.5 bp −$155	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	4.80 bp	18.7 bp −$19	64.1 bp −$641	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	−0.0283%	1h	0.2084	+0.070%	$360K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0079%	4h	0.2083	+0.007%	$40K	$24K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2083	+0.031%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2084	+0.060%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2083	+0.045%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.962%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2080	−0.108%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2083	+0.022%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2082	−0.020%	$47K	$221	10x	as long as short
Nado ENA-PERPlong	+0.0100%	1h	0.2083	long leg	$653K	$1.8M	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2084	+0.059%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2083	+0.031%	$403K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2083	+0.016%	$128.1M	$465.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2082	−0.017%	$86.6M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2083	+0.041%	$20.1M	$113.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2080	−0.108%	$20K	$411K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2084	+0.070%	$81K	$223K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2083	+0.017%	$10.4M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2083	+0.012%	$45.1M	$49.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2084	+0.055%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2082	−0.041%	$47.1M	$65.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2083	+0.002%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2080	−0.110%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2083	+0.031%	$247K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2080	−0.142%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2079	−0.170%	$31K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2084	+0.079%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2033	−2.360%	$1K	$813K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2083	+0.022%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2086	+0.166%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2082	−0.026%	$1.9M	$9.2M	50x
Bulk ENA-USD	+0.0100%	1h	0.2083	+0.045%	$88K	$2K	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2083	+0.044%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0105%	1h	0.2084	+0.091%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0192%	1h	0.2082	−0.009%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0165%	1h	0.2083	+0.003%	$50K	—	100x	as long as short
Lighter ENA	+0.0320%	1h	0.2086	+0.156%	$5.6M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2083	+0.031%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0342%	1h	0.2086	+0.152%	$109.9M	$80.2M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2083	+0.023%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2086	+0.146%	$797K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.4951%	1h	0.2084	+0.072%	$138K	$15K	5x	as long as short