Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.008%

Price spread now: Bulk against Phemex−0.283%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.283% cheaper against Phemex than usual: you would sell low and buy high, −$28 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	Phemex ENAUSDT	0.2096	0.0100	pay 0.0050% / 4h	1h 42m	$1.9M	$9.2M	50x
Short	Bulk ENA-USD	0.2090	0.0100	get 0.0013% / 1h	42m 43s	$88K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.283%Rate

Funding earned: $0
Price spread: −0.283% → 0.000%: −$28.26
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$47.26
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; Bulk: no order-book sample. 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 Phemex live order book, 6 min ago	2.39 bp	17.7 bp −$18	64.5 bp −$645	doesn't fit	doesn't fit
Sell Bulk no order-book sample	—	—	—	—	—

Bulk: 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	−0.0069%	4h	0.2096	+0.010%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0035%	1h	0.2098	+0.110%	$362K	$481K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	+0.048%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2097	+0.054%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.307%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2098	+0.101%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0088%	1h	0.2099	+0.167%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2098	+0.095%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2099	+0.149%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2097	+0.057%	$658K	$1.8M	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	0.2100	+0.210%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	+0.162%	$406K	$582K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2100	+0.187%	$129.3M	$461.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	+0.124%	$87.3M	$192.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2100	+0.177%	$20.3M	$112.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.348%	$21K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	+0.191%	$82K	$223K	10x	as long as short
Bulk ENA-USDshort	+0.0100%	1h	0.2090	−0.283%	$88K	$1K	10x
Gate ENA_USDT	+0.0100%	4h	0.2099	+0.153%	$10.5M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2100	+0.177%	$45.1M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.129%	$24.0M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2098	+0.095%	$47.6M	$65.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2100	+0.172%	—	$32.9M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.336%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2094	−0.110%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.042%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	0.000%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	+0.148%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.343%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2097	+0.048%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2101	+0.243%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2096	long leg	$1.9M	$9.2M	50x
Aevo ENA-PERP	+0.0104%	1h	0.2097	+0.038%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2097	+0.067%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0224% / S −0.0372%	1h	0.2096	+0.016%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2099	+0.145%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2099	+0.129%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2098	+0.073%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0488%	1h	0.2102	+0.296%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0568%	1h	0.2104	+0.377%	$111.1M	$79.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	+0.038%	$801K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1892%	1h	0.2098	+0.075%	$139K	$15K	5x	as long as short