Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.2211%/8h= +242.1% APRpaid last 24h +0.007%

Price spread now: Nado against Phemex−0.054%7-day average −0.040% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$600.597% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.026%+$3 on $10k

Price spread, last 4 days (all we have)−0.119%−$12 · spread now −0.054%, 7d avg −0.040%

Together, before fees−0.094%+ Points / potential airdropNado: Active · farm board−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.040%, so right now this pair is about funding alone: +$66 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.026% in total (about 2.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2125	−0.2111	get 0.1055% / 4h	3h 55m	$1.9M	$9.0M	50x
Short	Nado ENA-PERP	0.2124	0.0100	get 0.0012% / 1h	55m 36s	$570K	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.054%Rate

Funding earned: $464.29
Price spread: −0.054% → −0.040%: −$1.45
Slippage, 4 orders: −$40.68
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $403.16
Costs to cover: 0.597%
Break-even: 0.9 days

Slippage from Phemex: live order book, 3 min ago; Nado: live order book, 3 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, 3 min ago	11.75 bp	19.7 bp −$20	90.1 bp −$901	doesn't fit	doesn't fit
Sell Nado live order book, 3 min ago	1.18 bp	8.5 bp −$9	21.6 bp −$216	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
Phemex ENAUSDTlong	−0.2111%	4h	0.2125	long leg	$1.9M	$9.0M	50x
GRVT ENA_USDT_Perp	−0.0452%	4h	0.2123	−0.087%	$359K	$4.7M	10x	as long as short
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2123	−0.099%	$44K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0080%	1h	0.2119	−0.268%	$4K	$277	10x	as long as short
dYdX ENA-USD	0.0000%	1h	0.2127	+0.103%	$141K	$16K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2124	−0.033%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2124	−0.058%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.075%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2119	−0.282%	$53K	$486K	50x	as long as short
Nado ENA-PERPshort	+0.0100%	1h	0.2124	−0.054%	$570K	$1.8M	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2119	−0.273%	$115.0M	$75.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2121	−0.199%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	−0.259%	$409K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2119	−0.278%	$128.8M	$426.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2119	−0.264%	$88.5M	$191.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2120	−0.235%	$21.2M	$108.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2131	+0.278%	$33K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	−0.235%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	+0.071%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2119	−0.264%	$13.3M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2119	−0.264%	$39.4M	$42.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2120	−0.212%	$24.9M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2117	−0.353%	$48.0M	$60.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2120	−0.249%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2123	−0.104%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2126	+0.067%	$257K	$7.0M	20x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	0.000%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2125	+0.019%	$175K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.301%	$1K	$913K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2123	−0.094%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.184%	$267K	$807K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	−0.339%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2119	−0.283%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2124	−0.054%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0112%	1h	0.2122	−0.160%	$5.0M	$12.5M	10x	as long as short
Phoenix ENA	+0.0190%	1h	0.2134	+0.419%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0196%	1h	0.2124	−0.031%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0292%	1h	0.2124	−0.071%	$411K	$477K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0754%	1h	0.2124	−0.046%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2134	+0.400%	$4.8M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	−0.065%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2138	+0.598%	$803K	$2.0M	50x	as long as short