Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.007%

Price spread now: KuCoin against Phemex−0.224%50s7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$760.760% of the position

Long on Phemex Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now −0.224%, 7d avg −0.020%

Together, before fees−0.058%−$6 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: KuCoin is 0.204% cheaper against Phemex than usual: you would sell low and buy high, −$20 on $10k if it goes back to its 7-day average of −0.020%. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2183	0.0100	pay 0.0050% / 4h	1h 57m	$1.8M	$8.9M	50x
Short	KuCoin ENAUSDTM	0.2178	0.0100	get 0.0050% / 4h	1h 57m	$25.3M	$15.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.224%Rate

Funding earned: $0
Price spread: −0.224% → −0.020%: −$20.43
Slippage, 4 orders: −$52.02
Fee Phemex: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$96.45
Costs to cover: 0.760%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; KuCoin: 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	6.87 bp	22.4 bp −$22	74.2 bp −$742	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	2.97 bp	16.5 bp −$16	33.4 bp −$334	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
Orderly PERP_ENA_USDC	−0.0142%	4h	0.2175	−0.348%	$45K	$26K	10x	as long as short
dYdX ENA-USD	0.0000%	1h	0.2181	−0.088%	$144K	$16K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2181	−0.105%	$68K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2177	−0.259%	$84K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2177	−0.261%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.730%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2177	−0.275%	$57K	$480K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2176	−0.325%	$576K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2179	−0.192%	$118.2M	$76.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2179	−0.204%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2181	−0.107%	$409K	$532K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2178	−0.243%	$131.8M	$427.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2177	−0.298%	$87.3M	$180.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2176	−0.316%	$21.8M	$110.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2183	+0.009%	$21K	$326K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2175	−0.366%	$80K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2172	−0.507%	$95K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2177	−0.293%	$12.5M	$25.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2177	−0.261%	$48.7M	$41.7M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2178	−0.224%	$25.3M	$15.7M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2173	−0.435%	$49.4M	$59.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2177	−0.270%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2168	−0.667%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2172	−0.524%	$256K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2170	−0.610%	$363K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2170	−0.596%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2178	−0.215%	$209K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2129	−2.469%	$1K	$893K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2182	−0.046%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2183	+0.014%	$273K	$806K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2183	long leg	$1.8M	$8.9M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2182	−0.067%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2175	−0.345%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2176	−0.322%	$76K	$4K	3x	as long as short
Lighter ENA	+0.0136%	1h	0.2183	−0.018%	$5.2M	$13.2M	10x	as long as short
Phoenix ENA	+0.0153%	1h	0.2175	−0.357%	$8K	$259K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2177	−0.269%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2172	−0.518%	$5.7M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2177	−0.268%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0432%	1h	0.2182	−0.026%	$2.7M	$4.3M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2189	+0.270%	$900K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0941%	1h	0.2184	+0.032%	$400K	$424K	5x	as long as short