Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0158%/8h= +17.3% APRpaid last 24h +0.055%

Price spread now: Phoenix against Orderly−0.005%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2098	−0.0043	get 0.0021% / 4h	1h 11m	$41K	$24K	10x
Short	Phoenix ENA	0.2098	0.0115	get 0.0014% / 1h	11m 20s	$5K	$356K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now −0.005%Rate

Funding earned: $33.18
Price spread: −0.005% → 0.000%: −$0.48
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $19.71
Costs to cover: 0.130%
Break-even: 2.8 days

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 5 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 5 min ago	1.91 bp	16.6 bp −$17	51.7 bp −$517	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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_USDClong	−0.0043%	4h	0.2098	long leg	$41K	$24K	10x
Backpack ENA_USDC_PERP	−0.0026%	1h	0.2097	−0.052%	$370K	$448K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2099	+0.038%	$91K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2099	+0.029%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.211%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2100	+0.082%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2098	0.000%	$61K	$530K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2097	−0.052%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2097	−0.062%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2098	−0.006%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2098	−0.017%	$406K	$576K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2099	+0.038%	$129.5M	$454.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2098	−0.005%	$87.2M	$190.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	+0.062%	$20.3M	$111.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2095	−0.129%	$15K	$396K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2099	+0.048%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2095	−0.158%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2098	−0.010%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	+0.029%	$46.6M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.038%	$23.9M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	−0.024%	$47.4M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2099	+0.024%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2091	−0.329%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	−0.115%	$249K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−0.109%	$350K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.095%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	+0.038%	$176K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.421%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2099	+0.048%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2100	+0.114%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	−0.095%	$1.9M	$9.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2099	+0.031%	$77K	$11K	3x	as long as short
Phoenix ENAshort	+0.0115%	1h	0.2098	−0.005%	$5K	$356K	10x
01 Exchange ENAUSD	+0.0144%	1h	0.2099	+0.052%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0244% / S −0.0421%	1h	0.2098	+0.014%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0336%	1h	0.2098	−0.016%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	−0.124%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2098	−0.007%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0528%	1h	0.2100	+0.105%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2100	+0.100%	$827K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0588%	1h	0.2101	+0.162%	$110.9M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1980%	1h	0.2096	−0.093%	$138K	$15K	5x	as long as short