Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.007%

Price spread now: Ondo Perps against Phemex−0.576%7-day average +0.008% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.336%−$34 · spread now −0.576%, 7d avg +0.008%

Together, before fees−0.333%+ Points / potential airdropOndo Perps: Active · farm board−$33 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: Ondo Perps is 0.584% cheaper against Phemex than usual: you would sell low and buy high, −$58 on $10k if it goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2118	0.0100	pay 0.0050% / 4h	1h 34m	$1.9M	$8.9M	50x
Short	Ondo Perps ENA-USD.P	0.2106	0.0100	get 0.0013% / 1h	34m 04s	$19K	$359K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.576%Rate

Funding earned: $0
Price spread: −0.576% → +0.008%: −$58.35
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$75.35
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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, 5 min ago	4.75 bp	18.9 bp −$19	72.2 bp −$722	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0004%	4h	0.2116	−0.109%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2117	−0.028%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2116	−0.076%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2115	−0.132%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.255%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0095%	1h	0.2112	−0.301%	$139K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2114	−0.189%	$55K	$497K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2115	−0.164%	$683K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2119	+0.071%	$113.9M	$71.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2117	−0.038%	$1.5M	$3.0M	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	0.2112	−0.280%	$413K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2118	+0.006%	$130.0M	$420.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2118	−0.014%	$86.8M	$175.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2118	−0.005%	$20.8M	$102.8M	50x	as long as short
Ondo Perps ENA-USD.Pshort	+0.0100%	1h	0.2106	−0.576%	$19K	$359K	5x
Arcus ENA-USD	+0.0100%	1h	0.2113	−0.236%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	−0.142%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2118	−0.009%	$11.1M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	−0.047%	$45.6M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2118	−0.019%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2117	−0.071%	$48.2M	$57.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2118	−0.014%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2118	+0.014%	$375K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2113	−0.244%	$3.4M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.549%	$243K	$7.3M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	−0.381%	$354K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	−0.331%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2116	−0.099%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.616%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	−0.047%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	+0.042%	$277K	$781K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2118	long leg	$1.9M	$8.9M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.260%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2116	−0.100%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	−0.094%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2107	−0.515%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2117	−0.060%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2118	+0.009%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2118	+0.009%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0392%	1h	0.2120	+0.080%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2115	−0.138%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2118	+0.014%	$833K	$1.5M	50x	as long as short