Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0264%/8h= +28.9% APRpaid last 24h +0.051%

Price spread now: BloFin against Phoenix+0.134%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$560.564% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.338%+$34 on $10k

Price spread, last 3 days (all we have)+0.742%+$74 · spread now +0.134%, 7d avg +0.003%

Together, before fees+1.080%+$108 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and BloFin is 0.131% dearer against Phoenix than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ENA	0.2095	0.0076	pay 0.0009% / 1h	32m 36s	$5K	$394K	10x
Short	BloFin ENA-USDT	0.2098	0.0340	get 0.0170% / 4h	2h 32m	$5.5M	$8.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.134%Rate

Funding earned: $55.49
Price spread: +0.134% → +0.003%: $13.11
Slippage, 4 orders: −$37.38
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $12.21
Costs to cover: 0.564%
Break-even: 5.5 days

Slippage from Phoenix: live order book, 54 min ago; BloFin: live order book, 6 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, 54 min ago	1.87 bp	16.7 bp −$17	59.4 bp −$594	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	0.24 bp	14.2 bp −$14	19.8 bp −$198	75.6 bp −$7,562	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	−0.0316%	1h	0.2099	+0.181%	$361K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2097	+0.086%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2099	+0.157%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2099	+0.162%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2098	+0.132%	$96K	—	150x	as long as short
Gate ENA_USDT	+0.0016%	4h	0.2098	+0.119%	$10.4M	$21.5M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.331%	$522	$57K	5.5x	as long as short
Phoenix ENAlong	+0.0076%	1h	0.2095	long leg	$5K	$394K	10x
Popdex ENAUSDT	+0.0096%	1h	0.2098	+0.119%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2098	+0.122%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2097	+0.066%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2099	+0.166%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	+0.175%	$403K	$585K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2099	+0.167%	$129.4M	$467.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	+0.153%	$87.8M	$193.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	+0.153%	$20.3M	$114.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2091	−0.239%	$19K	$433K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2099	+0.167%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	−0.072%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	+0.157%	$44.7M	$48.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2100	+0.205%	$24.3M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	+0.086%	$47.5M	$66.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2098	+0.134%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2092	−0.168%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.108%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	−0.092%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2093	−0.119%	$32K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	+0.162%	$181K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.291%	$1K	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	+0.119%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2100	+0.215%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2098	+0.119%	$1.9M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2099	+0.186%	$2.7M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2098	+0.121%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2098	+0.115%	$77K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0213% / S −0.0161%	1h	0.2098	+0.128%	$50K	—	100x	as long as short
Lighter ENA	+0.0288%	1h	0.2101	+0.272%	$5.7M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0302%	1h	0.2101	+0.275%	$110.9M	$80.8M	10x	as long as short
BloFin ENA-USDTshort	+0.0340%	4h	0.2098	+0.134%	$5.5M	$8.1M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2097	+0.082%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.253%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.8600%	1h	0.2098	+0.115%	$139K	$15K	5x	as long as short