Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.008%

Price spread now: edgeX against Phemex−0.535%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$600.599% of the position

Long on Phemex Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 3 days (all we have)−0.331%−$33 · spread now −0.535%, 7d avg −0.018%

Together, before fees−0.318%+ Points / potential airdropedgeX: Active · farm board−$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: edgeX is 0.517% cheaper against Phemex than usual: you would sell low and buy high, −$52 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2111	0.0100	pay 0.0050% / 4h	2h 26m	$1.9M	$9.3M	50x
Short	edgeX ENAUSDC	0.2100	0.0100	get 0.0050% / 4h	2h 26m	$249K	$8.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.535%Rate

Funding earned: $0
Price spread: −0.535% → −0.018%: −$51.74
Slippage, 4 orders: −$38.91
Fee Phemex: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$111.65
Costs to cover: 0.599%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; edgeX: live order book, 2 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, 2 min ago	7.12 bp	18.6 bp −$19	65.3 bp −$653	doesn't fit	doesn't fit
Sell edgeX live order book, 2 min ago	7.12 bp	11.6 bp −$12	13.1 bp −$131	44.5 bp −$4,445	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	−0.0264%	1h	0.2112	+0.062%	$364K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2110	−0.024%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2109	−0.076%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2112	+0.033%	$94K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2111	+0.004%	$97K	—	150x	as long as short
Gate ENA_USDT	+0.0032%	4h	0.2110	−0.038%	$10.5M	$21.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.587%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2104	−0.351%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2108	−0.142%	$60K	$540K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2109	−0.096%	$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	0.2109	−0.088%	$662K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2112	+0.045%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2112	+0.025%	$407K	$595K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2111	+0.016%	$130.2M	$467.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2109	−0.099%	$88.0M	$194.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	−0.099%	$20.4M	$114.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2113	+0.085%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2110	−0.047%	$83K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	+0.019%	$45.9M	$49.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2112	+0.033%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2108	−0.142%	$47.6M	$66.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2110	−0.062%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	−0.575%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2100	−0.535%	$249K	$8.0M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2099	−0.549%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2100	−0.521%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.009%	$184K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2056	−2.582%	$962	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2111	0.000%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.265%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2111	long leg	$1.9M	$9.3M	50x
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.501%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0103%	1h	0.2112	+0.046%	$2.7M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2109	−0.114%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	0.000%	$78K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0213% / S −0.0161%	1h	0.2111	−0.001%	$50K	—	100x	as long as short
Lighter ENA	+0.0320%	1h	0.2114	+0.156%	$5.7M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0338%	1h	0.2114	+0.152%	$111.6M	$80.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2111	+0.014%	$5.5M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	−0.070%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	−0.123%	$805K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.7333%	1h	0.2111	−0.004%	$139K	$15K	5x	as long as short