Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.007%

Price spread now: Paradex against Phemex−0.347%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.347% cheaper against Phemex than usual: you would sell low and buy high, −$35 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2103	0.0100	pay 0.0050% / 4h	39m 26s	$1.8M	$8.8M	50x
Short	Paradex ENA-USD-PERP	0.2096	0.0100	get 0.0100% / 8h	39m 26s	$47K	$110	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.347%Rate

Funding earned: −$0.09
Price spread: −0.347% → 0.000%: −$34.65
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$50.74
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Paradex: 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	7.09 bp	16.2 bp −$16	69.3 bp −$693	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	−0.0096%	4h	0.2104	+0.048%	$44K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2096	−0.333%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2104	+0.062%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2104	+0.069%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.970%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2101	−0.086%	$4.9M	$13.8M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.380%	$55K	$478K	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2096	−0.347%	$47K	$110	10x
Nado ENA-PERP	+0.0100%	1h	0.2099	−0.199%	$558K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2100	−0.138%	$113.8M	$74.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2097	−0.300%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	−0.203%	$405K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2096	−0.336%	$127.4M	$425.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	−0.204%	$89.8M	$187.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2100	−0.143%	$21.0M	$106.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	+0.214%	$38K	$318K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	−0.285%	$77K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2096	−0.346%	$91K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2099	−0.166%	$12.7M	$26.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2100	−0.157%	$39.1M	$42.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2098	−0.247%	$24.7M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2098	−0.233%	$47.6M	$59.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2096	−0.352%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2102	−0.052%	$411K	$490K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2106	+0.154%	$3.0M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2107	+0.210%	$254K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	+0.227%	$363K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2109	+0.285%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2098	−0.247%	$186K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2054	−2.349%	$1K	$905K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2104	+0.048%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2108	+0.233%	$265K	$817K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2103	long leg	$1.8M	$8.8M	50x
Extended ENA-USD	+0.0104%	1h	0.2095	−0.379%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	+0.066%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0149%	1h	0.2105	+0.104%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2108	+0.257%	$8K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2104	+0.058%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2108	+0.257%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	−0.209%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2116	+0.613%	$874K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0722%	1h	0.2101	−0.108%	$139K	$16K	5x	as long as short