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 +0.004%

Price spread now: Bybit against Phemex−0.241%7-day average −0.089% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$660.659% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 4 days (all we have)−0.358%−$36 · spread now −0.241%, 7d avg −0.089%

Together, before fees−0.419%−$42 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: Bybit is 0.152% cheaper against Phemex than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of −0.089%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2115	0.0100	pay 0.0050% / 4h	2m 36s	$1.8M	$8.8M	50x
Short	Bybit ENAUSDT	0.2110	0.0100	get 0.0050% / 4h	2m 36s	$85.2M	$175.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.241%Rate

Funding earned: $0
Price spread: −0.241% → −0.089%: −$15.24
Slippage, 4 orders: −$42.91
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$81.15
Costs to cover: 0.659%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Bybit: 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	9.48 bp	24.0 bp −$24	81.4 bp −$814	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.24 bp	10.4 bp −$10	18.5 bp −$185	64.9 bp −$6,489	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
Backpack ENA_USDC_PERP	−0.0128%	1h	0.2116	+0.066%	$362K	$401K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2114	−0.038%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2111	−0.189%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	+0.028%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	+0.020%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.397%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2110	−0.232%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	−0.236%	$56K	$475K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2110	−0.242%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2110	−0.239%	$657K	$1.7M	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	0.2114	−0.061%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2112	−0.160%	$403K	$521K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2111	−0.207%	$128.3M	$415.8M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2110	−0.241%	$85.2M	$175.1M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2111	−0.208%	$21.0M	$103.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2105	−0.459%	$20K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2111	−0.189%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.402%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2111	−0.203%	$11.1M	$22.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2110	−0.236%	$46.1M	$41.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	−0.038%	$25.0M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2109	−0.288%	$47.9M	$57.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2110	−0.222%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2105	−0.483%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2107	−0.387%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	−0.322%	$358K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2108	−0.331%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	−0.180%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2064	−2.426%	$910	$850K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	0.000%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.099%	$274K	$794K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2115	long leg	$1.8M	$8.8M	50x
Extended ENA-USD	+0.0104%	1h	0.2110	−0.253%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	+0.001%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0157%	1h	0.2112	−0.132%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0176%	1h	0.2112	−0.128%	$5.2M	$13.5M	10x	as long as short
Hyperliquid ENA	+0.0206%	1h	0.2116	+0.055%	$115.3M	$74.8M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2117	+0.085%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2116	+0.032%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	+0.024%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2109	−0.262%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2119	+0.189%	$866K	$1.7M	50x	as long as short