Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0053%/8h= −5.8% APRpaid last 24h −0.001%

Price spread now: Binance against Phoenix−0.137%75s7-day average −0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as 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−$500.497% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 4 days (all we have)−0.083%−$8 · spread now −0.137%, 7d avg −0.108%

Together, before fees−0.206%−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Binance is 0.029% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.108%). Swap the legs. The two prices were read 75 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	Phoenix ENA	0.2175	0.0153	pay 0.0019% / 1h	0m 13s	$8K	$278K	10x
Short	Binance ENAUSDT	0.2172	0.0100	get 0.0050% / 4h	2h 00m	$131.5M	$427.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now −0.137%Rate

Funding earned: −$11.03
Price spread: −0.137% → −0.108%: −$2.89
Slippage, 4 orders: −$32.71
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$63.63
Costs to cover: 0.497%
Break-even: never at this rate

Slippage from Phoenix: live order book, 45 min ago; Binance: live order book, 13 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 Phoenix live order book, 45 min ago	1.89 bp	16.8 bp −$17	59.4 bp −$594	doesn't fit	doesn't fit
Sell Binance live order book, 13 min ago	0.23 bp	7.0 bp −$7	13.4 bp −$134	61.8 bp −$6,176	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
Orderly PERP_ENA_USDC	−0.0143%	4h	0.2172	−0.143%	$45K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2173	−0.087%	$67K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2172	−0.146%	$84K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.381%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0040%	1h	0.2172	−0.138%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2171	−0.193%	$55K	$477K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2171	−0.198%	$577K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2173	−0.092%	$117.8M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2173	−0.103%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2168	−0.316%	$407K	$532K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDTshort	+0.0100%	4h	0.2172	−0.137%	$131.5M	$427.2M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2172	−0.147%	$87.3M	$179.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2172	−0.138%	$21.8M	$109.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2173	−0.101%	$21K	$327K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2170	−0.239%	$80K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2172	−0.150%	$95K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2170	−0.239%	$11.4M	$24.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2172	−0.156%	$48.5M	$42.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2174	−0.046%	$25.3M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2170	−0.248%	$49.3M	$59.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2171	−0.184%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2168	−0.310%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2172	−0.159%	$256K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2172	−0.162%	$363K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2178	+0.129%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2172	−0.161%	$192K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2120	−2.533%	$891	$893K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2173	−0.101%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2175	−0.014%	$272K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2174	−0.055%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2167	−0.363%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2173	−0.115%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2173	−0.101%	$76K	$4K	3x	as long as short
Phoenix ENAlong	+0.0153%	1h	0.2175	long leg	$8K	$278K	10x
Kraken Futures PF_ENAUSD	+0.0158%	1h	0.2174	−0.058%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USD	+0.0191%	1h	0.2168	−0.351%	$143K	$16K	5x	as long as short
Lighter ENA	+0.0224%	1h	0.2175	−0.032%	$5.2M	$13.5M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2173	−0.100%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2169	−0.276%	$5.7M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2169	−0.263%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0500%	1h	0.2173	−0.087%	$398K	$423K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2176	+0.046%	$893K	$1.8M	50x	as long as short