Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h +0.004%

Price spread now: Phoenix against Paradex−0.284%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 Phoenix

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 pays, the price is against you. Phoenix is 0.284% cheaper against Paradex than usual: you would sell low and buy high (spread −0.284% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$28 on $10k: about 11 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ENA-USD-PERP	0.2133	0.0100	pay 0.0100% / 8h	6h 49m	$48K	$110	10x
Short	Phoenix ENA	0.2127	0.0188	get 0.0024% / 1h	49m 02s	$7K	$351K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.284%Rate

Funding earned: $18.5
Price spread: −0.284% → 0.000%: −$28.37
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$20.87
Costs to cover: 0.110%
Break-even: 14.9 days

Slippage unknown: Paradex: no order-book sample; Phoenix: live order book, 17 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 Phoenix live order book, 17 min ago	1.86 bp	16.6 bp −$17	51.8 bp −$518	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2129	−0.171%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2131	−0.090%	$91K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2133	−0.002%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.452%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0036%	1h	0.2134	+0.021%	$141K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0038%	4h	0.2129	−0.213%	$41K	$23K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2129	−0.213%	$5.5M	$13.6M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2132	−0.049%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2133	−0.012%	$703K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2133	−0.021%	$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	0.2135	+0.069%	$418K	$548K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2129	−0.213%	$132.4M	$444.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2128	−0.251%	$87.1M	$186.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2128	−0.242%	$21.2M	$109.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	−0.401%	$17K	$408K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2135	+0.091%	$116K	$253K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.268%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2128	−0.251%	$10.8M	$20.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2126	−0.312%	$44.9M	$43.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2130	−0.152%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2126	−0.326%	$48.2M	$61.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2128	−0.237%	—	$32.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2129	−0.204%	$368K	$383K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2125	−0.367%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2121	−0.563%	$244K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.418%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	−0.331%	$32K	$690K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2133	−0.016%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2077	−2.618%	$1K	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2129	−0.190%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.063%	$275K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2129	−0.190%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2133	long leg	$48K	$110	10x
Aevo ENA-PERP	+0.0104%	1h	0.2129	−0.169%	$75K	$4K	3x	as long as short
Phoenix ENAshort	+0.0188%	1h	0.2127	−0.284%	$7K	$351K	10x
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2130	−0.166%	$2.7M	$4.9M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2131	−0.116%	$51K	—	100x	as long as short
Extended ENA-USD	+0.0304%	1h	0.2127	−0.265%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	−0.031%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2131	−0.091%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0499%	1h	0.2130	−0.162%	$114.7M	$74.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2131	−0.077%	$837K	$1.8M	50x	as long as short