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% APRpaid last 24h −0.007%

Price spread now: Phemex against Paradex−0.038%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.038% cheaper against Paradex than usual: you would sell low and buy high, −$4 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ENA-USD-PERP	0.2122	0.0100	pay 0.0100% / 8h	2h 36m	$47K	$110	10x
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 Paradex. 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 ParadexbpFee PhemexbpOrdersPrice spread, now −0.038%Rate

Funding earned: $0.02
Price spread: −0.038% → 0.000%: −$3.78
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$19.76
Costs to cover: 0.160%
Break-even: 7487.8 days

Slippage unknown: Paradex: no order-book sample; Phemex: live order book, 3 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 Paradex no order-book sample	—	—	—	—	—
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

Paradex: 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_USDC	−0.0143%	4h	0.2121	−0.033%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2122	+0.028%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2122	−0.010%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2122	+0.006%	$82K	—	150x	as long as short
Gate ENA_USDT	+0.0016%	4h	0.2122	0.000%	$11.2M	$23.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.075%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2121	−0.038%	$57K	$467K	50x	as long as short
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2122	long leg	$47K	$110	10x
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.061%	$658K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2122	+0.014%	$115.2M	$74.2M	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	+0.022%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2121	−0.033%	$398K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2122	+0.008%	$128.5M	$417.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2122	−0.014%	$85.8M	$175.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2121	−0.043%	$21.2M	$104.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2104	−0.834%	$20K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2122	+0.009%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	−0.462%	$93K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2122	0.000%	$46.8M	$40.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2124	+0.113%	$25.1M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2121	−0.047%	$48.2M	$58.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2122	+0.009%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2100	−1.018%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	−1.018%	$241K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2102	−0.931%	$357K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2101	−0.980%	$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	−2.366%	$915	$869K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	−0.038%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.316%	$268K	$797K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2121	−0.038%	$1.8M	$8.9M	50x
Extended ENA-USD	+0.0104%	1h	0.2119	−0.113%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2120	−0.106%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2111	−0.523%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0162%	1h	0.2122	+0.012%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0224%	1h	0.2123	+0.052%	$5.2M	$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	−0.061%	$5.5M	$3.0M	75x	as long as short
dYdX ENA-USD	+0.0344%	1h	0.2119	−0.119%	$140K	$15K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	−0.070%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0585%	1h	0.2121	−0.033%	$359K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2111	−0.490%	$864K	$1.7M	50x	as long as short