Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0436%/8h= +47.7% APRpaid last 24h +0.139%

Price spread now: Coinbase International against Phemex+0.400%7-day average +0.113% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$720.721% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.440%+$44 on $10k

Price spread, last 3 days (all we have)−0.741%−$74 · spread now +0.400%, 7d avg +0.113%

Together, before fees−0.301%−$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Coinbase International is 0.287% dearer against Phemex than usual: you sell high and buy low: +$29 more if the spread goes back to its 7-day average of +0.113%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2100	0.0100	pay 0.0050% / 4h	2h 29m	$1.9M	$9.3M	50x
Short	Coinbase International ENA-PERP-INTX	0.2108	0.0536	get 0.0067% / 1h	29m 40s	$805K	$2.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.400%Rate

Funding earned: $91.56
Price spread: +0.400% → +0.113%: $28.69
Slippage, 4 orders: −$50.1
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $48.14
Costs to cover: 0.721%
Break-even: 3.3 days

Slippage from Phemex: live order book, 4 min ago; Coinbase International: live order book, 4 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, 4 min ago	4.77 bp	16.5 bp −$17	56.9 bp −$569	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	9.52 bp	20.8 bp −$21	26.6 bp −$266	doesn't fit	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	−0.0296%	1h	0.2102	+0.081%	$362K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2100	+0.005%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2099	−0.038%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2101	+0.033%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2100	−0.010%	$96K	—	150x	as long as short
Gate ENA_USDT	+0.0008%	4h	0.2103	+0.133%	$10.4M	$21.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.114%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2095	−0.214%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	−0.048%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2103	+0.141%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2099	−0.062%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	+0.186%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2104	+0.200%	$406K	$595K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2104	+0.183%	$129.7M	$467.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2104	+0.167%	$87.8M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2105	+0.219%	$20.3M	$114.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	+0.005%	$19K	$435K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2105	+0.238%	$82K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2104	+0.186%	$45.2M	$48.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2104	+0.190%	$24.3M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2103	+0.124%	$47.6M	$66.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2103	+0.138%	—	$32.0M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	−0.054%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2097	−0.130%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	−0.306%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2097	−0.143%	$32K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2100	+0.019%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.448%	$1K	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	0.000%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	+0.143%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2100	long leg	$1.9M	$9.3M	50x
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.020%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2100	−0.013%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2103	+0.125%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	+0.041%	$77K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0213% / S −0.0161%	1h	0.2100	0.000%	$50K	—	100x	as long as short
Lighter ENA	+0.0288%	1h	0.2107	+0.310%	$5.7M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0315%	1h	0.2106	+0.270%	$111.1M	$80.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2101	+0.048%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	−0.045%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0536%	1h	0.2108	+0.400%	$805K	$2.2M	50x
dYdX ENA-USD	+0.7898%	1h	0.2102	+0.080%	$139K	$15K	5x	as long as short