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% APRnext payment +$0.00 per $10,000 · paid last 24h +0.007%

Price spread now: BingX against Phemex+0.133%7-day average −0.059% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$530.535% of the position

Long on Phemex Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)−0.333%−$33 · spread now +0.133%, 7d avg −0.059%

Together, before fees−0.322%−$32 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: BingX is 0.192% dearer against Phemex than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of −0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2102	0.0100	pay 0.0050% / 4h	43m 01s	$1.8M	$8.8M	50x
Short	BingX ENA-USDT	0.2105	0.0100	get 0.0050% / 4h	43m 01s	—	$31.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Phemex. 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 PhemexbpFee BingXbpOrdersPrice spread, now +0.133%Rate

Funding earned: $0
Price spread: +0.133% → −0.059%: $19.24
Slippage, 4 orders: −$31.48
Fee Phemex: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$34.24
Costs to cover: 0.535%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; BingX: live order book, 11 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 Phemex live order book, 6 min ago	7.06 bp	17.8 bp −$18	75.8 bp −$758	doesn't fit	doesn't fit
Sell BingX live order book, 11 min ago	1.19 bp	6.2 bp −$6	7.9 bp −$79	15.1 bp −$1,508	38.7 bp −$19.4K

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	−0.0561%	1h	0.2095	−0.309%	$54K	$1.1M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0100%	4h	0.2095	−0.347%	$44K	$21K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2118	+0.752%	$4K	$277	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2108	+0.279%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.018%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2106	+0.176%	$5.0M	$13.8M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	+0.714%	$55K	$478K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	+0.759%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.695%	$560K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2107	+0.225%	$114.2M	$75.1M	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	0.2106	+0.194%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2118	+0.750%	$406K	$560K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2105	+0.128%	$127.7M	$426.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2104	+0.081%	$90.3M	$187.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2105	+0.162%	$21.2M	$107.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2122	+0.928%	$33K	$314K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2119	+0.809%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	+0.517%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2105	+0.133%	$12.8M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2104	+0.114%	$38.7M	$42.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2101	−0.038%	$24.7M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2103	+0.043%	$47.7M	$59.8M	75x	as long as short
BingX ENA-USDTshort	+0.0100%	4h	0.2105	+0.133%	—	$31.4M	—
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2105	+0.152%	$411K	$490K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2121	+0.915%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	+0.988%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	+0.624%	$365K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	+0.714%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	+0.766%	$183K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.521%	$1K	$903K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	−0.095%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2105	+0.133%	$265K	$817K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2102	long leg	$1.8M	$8.8M	50x
Extended ENA-USD	+0.0104%	1h	0.2098	−0.212%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2094	−0.396%	$73K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0150%	1h	0.2099	−0.159%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2119	+0.823%	$8K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0754%	1h	0.2117	+0.730%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2097	−0.214%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	+0.706%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2102	−0.010%	$868K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0820%	1h	0.2117	+0.717%	$140K	$16K	5x	as long as short