Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.003%

Price spread now: Bitget against Phemex−0.051%7-day average −0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$870.872% of the position

Long on Phemex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.252%−$25 · spread now −0.051%, 7d avg −0.108%

Together, before fees−0.256%−$26 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: Bitget is 0.057% dearer against Phemex than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.108%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2156	0.0100	pay 0.0050% / 4h	3h 17m	$2.0M	$9.4M	50x
Short	Bitget ENAUSDT	0.2155	0.0100	get 0.0050% / 4h	3h 17m	$48.9M	$61.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.051%Rate

Funding earned: $0
Price spread: −0.051% → −0.108%: $5.7
Slippage, 4 orders: −$63.22
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$81.52
Costs to cover: 0.872%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Bitget: live order book, 1 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	13.98 bp	37.3 bp −$37	108.6 bp −$1,086	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	0.70 bp	9.2 bp −$9	13.6 bp −$136	37.8 bp −$3,781	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2157	+0.056%	$80K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2153	−0.143%	$103K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2156	−0.005%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.512%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0071%	1h	0.2154	−0.071%	$142K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2155	−0.046%	$63K	$518K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2151	−0.234%	$712K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2159	+0.134%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2156	+0.005%	$425K	$553K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2156	−0.008%	$134.4M	$443.3M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2155	−0.032%	$88.9M	$187.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2155	−0.037%	$21.2M	$110.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2156	−0.014%	$16K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2157	+0.046%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2150	−0.274%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2155	−0.023%	$11.0M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2155	−0.051%	$46.0M	$44.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2155	−0.028%	$24.8M	$16.5M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2155	−0.051%	$48.9M	$61.4M	75x
BingX ENA-USDT	+0.0100%	4h	0.2155	−0.046%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2159	+0.153%	$384K	$409K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2144	−0.534%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2144	−0.538%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2145	−0.526%	$357K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2146	−0.464%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2153	−0.148%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2101	−2.551%	$1K	$832K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2157	+0.046%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2164	+0.371%	$279K	$1.1M	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2156	long leg	$2.0M	$9.4M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2156	−0.014%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2158	+0.078%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2147	−0.399%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0184%	1h	0.2156	−0.014%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0231%	1h	0.2158	+0.116%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0312%	1h	0.2155	−0.030%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2153	−0.150%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2151	−0.213%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2152	−0.185%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2150	−0.283%	$851K	$1.8M	50x	as long as short
Lighter ENA	+0.0704%	1h	0.2160	+0.162%	$5.7M	$12.7M	10x	as long as short
Hyperliquid ENA	+0.0766%	1h	0.2161	+0.232%	$117.4M	$74.6M	10x	as long as short