Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0089%/8h= +9.7% APRpaid last 24h +0.011%

Price spread now: Phoenix against OKX+0.188%96s7-day average +0.119% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as 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−$570.565% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.180%+$18 on $10k

Price spread, last 3 days (all we have)+0.064%+$6 · spread now +0.188%, 7d avg +0.119%

Together, before fees+0.244%+$24 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 0.069% dearer against OKX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.119%. The two prices were read 96 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	OKX ENA-USDT-SWAP	0.2123	0.0100	pay 0.0050% / 4h	5m 47s	$20.6M	$110.6M	50x
Short	Phoenix ENA	0.2127	0.0189	get 0.0024% / 1h	5m 47s	$7K	$347K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.188%Rate

Funding earned: $18.59
Price spread: +0.188% → +0.119%: $6.94
Slippage, 4 orders: −$39.53
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$31
Costs to cover: 0.565%
Break-even: 18.7 days

Slippage from OKX: live order book, 3 min ago; Phoenix: live order book, 5 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 OKX live order book, 3 min ago	0.23 bp	13.8 bp −$14	23.4 bp −$234	doesn't fit	doesn't fit
Sell Phoenix live order book, 5 min ago	1.88 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2123	0.000%	$94K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2123	−0.009%	$97K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0008%	4h	0.2122	−0.042%	$41K	$24K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.028%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0049%	1h	0.2124	+0.061%	$377K	$443K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2123	+0.009%	$62K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2123	−0.005%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2124	+0.071%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2122	−0.026%	$410K	$559K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2123	+0.020%	$131.6M	$449.7M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2122	−0.028%	$89.2M	$188.9M	50x	as long as short
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2123	long leg	$20.6M	$110.6M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2122	−0.061%	$15K	$389K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2123	+0.009%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+0.147%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2122	−0.024%	$10.7M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2123	−0.005%	$46.4M	$45.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2124	+0.066%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2122	−0.042%	$48.1M	$63.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2123	−0.005%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2121	−0.068%	$3.9M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.109%	$246K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2127	+0.198%	$361K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2127	+0.198%	$34K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2123	+0.028%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2073	−2.360%	$1K	$828K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2123	+0.009%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2126	+0.155%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2123	+0.009%	$1.9M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2122	−0.048%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2123	+0.009%	$78K	$11K	3x	as long as short
Phoenix ENAshort	+0.0189%	1h	0.2127	+0.188%	$7K	$347K	10x
01 Exchange ENAUSD	+0.0200%	1h	0.2124	+0.080%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0240%	1h	0.2123	+0.002%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2124	+0.063%	$2.7M	$5.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2122	−0.024%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2122	−0.042%	$5.6M	$4.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2122	−0.035%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2126	+0.146%	$839K	$1.9M	50x	as long as short
Lighter ENA	+0.0568%	1h	0.2126	+0.137%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0745%	1h	0.2126	+0.150%	$114.6M	$78.3M	10x	as long as short
dYdX ENA-USD	+0.1159%	1h	0.2123	+0.029%	$140K	$15K	5x	as long as short