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 −0.008%

Price spread now: Phemex against Pacifica−0.065%7-day average +0.042% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$530.531% of the position

Long on Pacifica Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.007%+$1 on $10k

Price spread, last 3 days (all we have)+0.562%+$56 · spread now −0.065%, 7d avg +0.042%

Together, before fees+0.569%+ Points / potential airdropPacifica: Active · farm board+$57 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 Pacifica than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica ENA	0.2093	0.0100	pay 0.0013% / 1h	45m 15s	$402K	$587K	10x
Short	Phemex ENAUSDT	0.2092	0.0100	get 0.0050% / 4h	2h 45m	$1.8M	$9.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Pacifica. 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 PacificabpFee PhemexbpOrdersPrice spread, now −0.065%Rate

Funding earned: $0
Price spread: −0.065% → +0.042%: −$10.69
Slippage, 4 orders: −$33.07
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$63.75
Costs to cover: 0.531%
Break-even: never at this rate

Slippage from Pacifica: live order book, 43 min ago; Phemex: live order book, 4 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 Pacifica live order book, 43 min ago	2.11 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	7.16 bp	19.3 bp −$19	71.3 bp −$713	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	−0.0405%	1h	0.2094	+0.026%	$360K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0090%	4h	0.2092	−0.055%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0056%	1h	0.2093	−0.012%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0044%	4h	0.2092	−0.084%	$10.3M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2093	−0.003%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2093	−0.006%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.435%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2096	+0.131%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2092	−0.065%	$59K	$542K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2093	−0.031%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2092	−0.053%	$653K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2093	+0.007%	$1.5M	$3.3M	50x	as long as short
Pacifica ENAlong	+0.0100%	1h	0.2093	long leg	$402K	$587K	10x
Binance ENAUSDT	+0.0100%	4h	0.2093	−0.034%	$129.2M	$470.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2092	−0.089%	$87.6M	$194.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	−0.060%	$20.1M	$114.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2096	+0.121%	$19K	$444K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2094	+0.031%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.317%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2093	−0.012%	$45.0M	$48.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2094	+0.021%	$24.2M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2091	−0.127%	$47.3M	$66.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2093	−0.032%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2094	+0.033%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	+0.061%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	+0.080%	$356K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	+0.078%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2095	+0.069%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2043	−2.420%	$780	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2092	−0.065%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.284%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2092	−0.065%	$1.8M	$9.3M	50x
Extended ENA-USD	+0.0104%	1h	0.2091	−0.096%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2093	−0.013%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2094	+0.054%	$2.7M	$5.8M	50x	as long as short
Lighter ENA	+0.0112%	1h	0.2096	+0.107%	$5.6M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0211% / S −0.0159%	1h	0.2093	−0.039%	$50K	—	100x	as long as short
Hyperliquid ENA	+0.0238%	1h	0.2096	+0.115%	$111.3M	$80.8M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	+0.059%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2093	−0.036%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.355%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.8714%	1h	0.2095	+0.095%	$138K	$12K	5x	as long as short