Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.021%

Price spread now: gTrade (Gains Network) against Phemex+0.077%7-day average −0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$356as in the Price arb table

costs, in and out, $10k−$3673.668% of the position

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.081%−$8 on $10k

Price spread, last 3 days (all we have)−0.246%−$25 · spread now +0.077%, 7d avg −0.028%

Together, before fees−0.327%−$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.104% dearer against Phemex than usual: you sell high and buy low (spread +0.077% now, against its 7-day average of −0.028%): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2123	0.0100	pay 0.0050% / 4h	3h 56m	$2.0M	$9.3M	50x
Short	gTrade (Gains Network) ENA/USD	0.2125	L +0.0003% / S −0.0003%	get 0.0000% / 1h	56m 40s	$105K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.077%Rate

Funding earned: −$20.28
Price spread: +0.077% → −0.028%: $10.43
Slippage, 4 orders: −$344.76
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$376.61
Costs to cover: 3.668%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; gTrade (Gains Network): virtual book (oracle venue), 87 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	9.41 bp	20.6 bp −$21	81.0 bp −$810	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 87 min ago	130.03 bp	135.0 bp −$135	748.2 bp −$7,482	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	−0.0128%	1h	0.2125	+0.085%	$378K	$445K	5x	as long as short
dYdX ENA-USD	0.0000%	1h	0.2124	+0.032%	$140K	$15K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2124	+0.052%	$94K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USDshort	L +0.0003% / S −0.0003%	1h	0.2125	+0.077%	$105K	—	150x
Orderly PERP_ENA_USDC	+0.0014%	4h	0.2122	−0.024%	$41K	$24K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.019%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2122	−0.047%	$63K	$525K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2125	+0.112%	$683K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2124	+0.028%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2122	−0.050%	$411K	$560K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2122	−0.047%	$131.7M	$449.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2121	−0.080%	$89.2M	$188.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2123	−0.009%	$20.7M	$110.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	+0.071%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2123	0.000%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+0.141%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2122	−0.047%	$10.8M	$20.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2122	−0.033%	$46.3M	$44.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2123	+0.009%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2121	−0.094%	$48.2M	$63.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2122	−0.028%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	+0.064%	$3.9M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.109%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2126	+0.144%	$361K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2127	+0.188%	$34K	$714K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2125	+0.099%	$177K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.209%	$1K	$828K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2123	0.000%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2137	+0.641%	$277K	$1.4M	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2123	long leg	$2.0M	$9.3M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2122	−0.052%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2126	+0.120%	$78K	$2K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.273%	$7K	$341K	10x	as long as short
01 Exchange ENAUSD	+0.0232%	1h	0.2123	+0.019%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0235%	1h	0.2125	+0.106%	$2.7M	$5.2M	50x	as long as short
Extended ENA-USD	+0.0248%	1h	0.2122	−0.054%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2125	+0.074%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2123	+0.014%	$5.6M	$4.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	+0.057%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0600%	1h	0.2123	+0.019%	$5.6M	$12.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2127	+0.207%	$840K	$1.9M	50x	as long as short
Hyperliquid ENA	+0.0753%	1h	0.2125	+0.113%	$114.6M	$78.4M	10x	as long as short