Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.006%

Price spread now: Popdex against Phemex+0.048%7-day average −0.046% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$540.537% of the position

Long on Phemex Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 3 days (all we have)−0.464%−$46 · spread now +0.048%, 7d avg −0.046%

Together, before fees−0.458%−$46 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: Popdex is 0.094% dearer against Phemex than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2091	0.0100	pay 0.0050% / 4h	1h 32m	$1.9M	$9.2M	50x
Short	Popdex ENAUSDT	0.2092	0.0096	get 0.0012% / 1h	32m 09s	$61K	$537K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$0.84
Price spread: +0.048% → −0.046%: $9.38
Slippage, 4 orders: −$35.3
Fee Phemex: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$45.16
Costs to cover: 0.537%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Popdex: live order book, 52 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	2.38 bp	19.7 bp −$20	86.9 bp −$869	doesn't fit	doesn't fit
Sell Popdex live order book, 52 min ago	0.71 bp	9.5 bp −$10	75.2 bp −$752	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	−0.0081%	1h	0.2093	+0.077%	$361K	$461K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0064%	4h	0.2091	−0.014%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2091	+0.010%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2091	+0.003%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.549%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2093	+0.089%	$2.6M	$5.6M	50x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2092	+0.048%	$61K	$537K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2092	+0.059%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2091	+0.017%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2092	+0.065%	$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	0.2092	+0.068%	$405K	$581K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2092	+0.062%	$128.9M	$457.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2092	+0.029%	$87.0M	$191.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2090	−0.029%	$20.1M	$111.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2091	−0.005%	$15K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2093	+0.096%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.327%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2092	+0.043%	$10.4M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2092	+0.062%	$45.2M	$46.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2092	+0.067%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2091	−0.005%	$47.3M	$65.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2092	+0.053%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2091	−0.009%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2092	+0.044%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	+0.088%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2093	+0.096%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2091	+0.005%	$184K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2041	−2.415%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	0.000%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2095	+0.187%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2091	long leg	$1.9M	$9.2M	50x
01 Exchange ENAUSD	+0.0104%	1h	0.2093	+0.091%	$4K	$432	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2092	+0.024%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2095	+0.172%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0231% / S −0.0389%	1h	0.2091	−0.023%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0288%	1h	0.2091	−0.020%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2094	+0.158%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−0.050%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0504%	1h	0.2094	+0.148%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0567%	1h	0.2096	+0.220%	$110.7M	$79.6M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2096	+0.239%	$806K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1910%	1h	0.2093	+0.092%	$138K	$15K	5x	as long as short