Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0015%/8h= +1.7% APRpaid last 24h +0.017%

Price spread now: Phoenix against Phemex+0.350%73s7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as 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−$680.678% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.101%+$10 on $10k

Price spread, last 3 days (all we have)−0.891%−$89 · spread now +0.350%, 7d avg +0.043%

Together, before fees−0.790%−$79 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Phoenix is 0.307% dearer against Phemex than usual: you sell high and buy low: +$31 more if the spread goes back to its 7-day average of +0.043%. The two prices were read 73 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	0.2113	0.0100	pay 0.0050% / 4h	53m 36s	$2.0M	$9.2M	50x
Short	Phoenix ENA	0.2120	0.0115	get 0.0014% / 1h	53m 36s	$5K	$347K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.350%Rate

Funding earned: $3.18
Price spread: +0.350% → +0.043%: $30.69
Slippage, 4 orders: −$48.83
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$33.96
Costs to cover: 0.678%
Break-even: 81.8 days

Slippage from Phemex: live order book, 5 min ago; Phoenix: live order book, 22 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, 5 min ago	2.36 bp	17.1 bp −$17	63.7 bp −$637	doesn't fit	doesn't fit
Sell Phoenix live order book, 22 min ago	1.91 bp	16.6 bp −$17	51.7 bp −$517	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	−0.0095%	1h	0.2114	+0.038%	$373K	$447K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0035%	4h	0.2113	+0.005%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2114	+0.062%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2115	+0.081%	$105K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.492%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2113	0.000%	$63K	$529K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	+0.007%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2123	+0.468%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2123	+0.483%	$411K	$573K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2123	+0.490%	$131.3M	$455.2M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2124	+0.544%	$89.2M	$191.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2125	+0.587%	$20.5M	$112.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	+0.038%	$16K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	+0.615%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	+0.407%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2126	+0.596%	$10.9M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2126	+0.596%	$46.9M	$45.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2124	+0.530%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	+0.525%	$48.1M	$64.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2125	+0.582%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	+0.263%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2122	+0.426%	$251K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2123	+0.456%	$352K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2123	+0.473%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	+0.028%	$178K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.409%	$1K	$820K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2113	0.000%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.189%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2113	long leg	$2.0M	$9.2M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2122	+0.428%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	+0.035%	$78K	$11K	3x	as long as short
Phoenix ENAshort	+0.0115%	1h	0.2120	+0.350%	$5K	$347K	10x
01 Exchange ENAUSD	+0.0136%	1h	0.2114	+0.071%	$4K	$312	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2115	+0.072%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2114	+0.071%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	+0.175%	$5.6M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0360%	1h	0.2125	+0.568%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.009%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0488%	1h	0.2126	+0.606%	$5.7M	$12.8M	10x	as long as short
Hyperliquid ENA	+0.0518%	1h	0.2127	+0.648%	$113.7M	$78.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2125	+0.563%	$839K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1669%	1h	0.2122	+0.427%	$140K	$15K	5x	as long as short