Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0024%/8h= +2.7% APRpaid last 24h −0.018%

Price spread now: Bybit against Phoenix+0.297%55s7-day average −0.157% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as 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−$490.495% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.174%−$17 on $10k

Price spread, last 3 days (all we have)−0.669%−$67 · spread now +0.297%, 7d avg −0.157%

Together, before fees−0.844%−$84 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bybit is 0.454% dearer against Phoenix than usual: you sell high and buy low: +$45 more if the spread goes back to its 7-day average of −0.157%. Mind the row above: over the last 7 days funding on this pair cost −0.174%, so the current rate has only just turned in your favour. The two prices were read 55 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	0.2089	0.0076	pay 0.0009% / 1h	54m 33s	$5K	$356K	10x
Short	Bybit ENAUSDT	0.2095	0.0100	get 0.0050% / 4h	1h 54m	$87.2M	$193.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.297%Rate

Funding earned: $5.09
Price spread: +0.297% → −0.157%: $45.38
Slippage, 4 orders: −$31.48
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $0.98
Costs to cover: 0.495%
Break-even: 5.7 days

Slippage from Phoenix: live order book, 27 min ago; Bybit: 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, 27 min ago	1.90 bp	16.9 bp −$17	59.7 bp −$597	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.24 bp	6.8 bp −$7	15.1 bp −$151	58.4 bp −$5,843	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	−0.0078%	4h	0.2096	+0.359%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	+0.383%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2097	+0.372%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.652%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0064%	1h	0.2099	+0.493%	$4K	$432	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2097	+0.397%	$2.6M	$5.6M	50x	as long as short
Phoenix ENAlong	+0.0076%	1h	0.2089	long leg	$5K	$356K	10x
Backpack ENA_USDC_PERP	+0.0091%	1h	0.2099	+0.469%	$362K	$485K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2097	+0.388%	$60K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2097	+0.377%	$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	0.2096	+0.318%	$657K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2098	+0.431%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2098	+0.443%	$406K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2097	+0.408%	$129.0M	$463.9M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2095	+0.297%	$87.2M	$193.4M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	+0.311%	$20.2M	$113.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	+0.450%	$20K	$414K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2098	+0.436%	$82K	$223K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	+0.369%	$10.5M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2097	+0.364%	$45.2M	$46.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.493%	$24.0M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2095	+0.311%	$47.4M	$65.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2097	+0.383%	—	$33.0M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2093	+0.200%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2084	−0.220%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2088	−0.043%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2089	+0.005%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2098	+0.436%	$190K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2046	−2.030%	$1K	$813K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	+0.340%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.479%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	+0.340%	$1.9M	$9.2M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2083	−0.259%	$88K	$2K	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	+0.388%	$77K	$11K	3x	as long as short
Extended ENA-USD	+0.0208%	1h	0.2096	+0.357%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0217% / S −0.0354%	1h	0.2097	+0.388%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2096	+0.354%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	+0.374%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0504%	1h	0.2100	+0.536%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0568%	1h	0.2101	+0.557%	$110.7M	$79.7M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2094	+0.259%	$801K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1861%	1h	0.2098	+0.445%	$139K	$15K	5x	as long as short