Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h −0.010%

Price spread now: BingX against Phoenix−0.052%7-day average −0.130% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$460.461% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.090%−$9 on $10k

Price spread, last 3 days (all we have)−0.171%−$17 · spread now −0.052%, 7d avg −0.130%

Together, before fees−0.260%−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.078% dearer against Phoenix than usual: you sell high and buy low (spread −0.052% now, against its 7-day average of −0.130%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.9 days. At the pace of the last 7 days (−0.090% in total) that is about 6.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ENA	0.2129	0.0189	pay 0.0024% / 1h	8m 55s	$7K	$347K	10x
Short	BingX ENA-USDT	0.2127	0.0100	get 0.0050% / 4h	8m 55s	—	$32.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$18.59
Price spread: −0.052% → −0.130%: $7.8
Slippage, 4 orders: −$29.06
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$56.85
Costs to cover: 0.461%
Break-even: never at this rate

Slippage from Phoenix: live order book, 2 min ago; BingX: live order book, 5 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, 2 min ago	1.88 bp	16.7 bp −$17	59.4 bp −$594	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	0.94 bp	6.4 bp −$6	7.9 bp −$79	13.4 bp −$1,341	29.7 bp −$14.8K

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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2128	−0.038%	$95K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2127	−0.070%	$97K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0006%	4h	0.2126	−0.113%	$41K	$24K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.244%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0052%	1h	0.2128	−0.009%	$377K	$444K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2126	−0.122%	$62K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2125	−0.146%	$680K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2129	−0.005%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2126	−0.132%	$411K	$559K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2127	−0.061%	$131.8M	$450.0M	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	0.2127	−0.056%	$89.4M	$189.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2128	−0.042%	$20.7M	$110.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2123	−0.244%	$15K	$390K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2127	−0.075%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	−0.126%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	−0.061%	$10.8M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2128	−0.047%	$46.6M	$45.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2128	−0.028%	$24.6M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2127	−0.099%	$48.2M	$63.4M	75x	as long as short
BingX ENA-USDTshort	+0.0100%	4h	0.2127	−0.052%	—	$32.7M	—
Variational Omni ENA	+0.0100%	4h	0.2121	−0.360%	$3.9M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	−0.048%	$246K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2121	−0.336%	$362K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2129	+0.019%	$34K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2127	−0.075%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2075	−2.499%	$1K	$827K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	−0.075%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.272%	$277K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	−0.075%	$1.9M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	−0.126%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	−0.067%	$78K	$11K	3x	as long as short
Phoenix ENAlong	+0.0189%	1h	0.2129	long leg	$7K	$347K	10x
01 Exchange ENAUSD	+0.0200%	1h	0.2127	−0.056%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2128	−0.020%	$2.7M	$5.2M	50x	as long as short
Extended ENA-USD	+0.0240%	1h	0.2127	−0.069%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2127	−0.079%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	−0.047%	$5.6M	$4.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2127	−0.087%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2126	−0.127%	$839K	$1.9M	50x	as long as short
Lighter ENA	+0.0560%	1h	0.2130	+0.066%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0753%	1h	0.2131	+0.110%	$114.9M	$78.3M	10x	as long as short
dYdX ENA-USD	+0.1229%	1h	0.2126	−0.128%	$140K	$15K	5x	as long as short