Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0024%/8h= +2.7% APRpaid last 24h −0.003%

Price spread now: edgeX against Phoenix+0.148%7-day average −0.080% · 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−$34as in the Price arb table

costs, in and out, $10k−$570.568% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 4 days (all we have)−0.549%−$55 · spread now +0.148%, 7d avg −0.080%

Together, before fees−0.648%+ Points / potential airdropedgeX: Active · farm board−$65 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 edgeX is 0.228% dearer against Phoenix than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of −0.080%. Mind the row above: over the last 7 days funding on this pair cost −0.098%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ENA	0.2110	0.0076	pay 0.0009% / 1h	0m 53s	$8K	$266K	10x
Short	edgeX ENAUSDC	0.2113	0.0100	get 0.0050% / 4h	0m 53s	$244K	$6.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.148%Rate

Funding earned: $5.09
Price spread: +0.148% → −0.080%: $22.81
Slippage, 4 orders: −$40.83
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$28.93
Costs to cover: 0.568%
Break-even: 46.8 days

Slippage from Phoenix: live order book, 55 min ago; edgeX: live order book, 3 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, 55 min ago	1.90 bp	16.8 bp −$17	59.2 bp −$592	doesn't fit	doesn't fit
Sell edgeX live order book, 3 min ago	7.10 bp	11.6 bp −$12	13.1 bp −$131	44.1 bp −$4,414	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	−0.0129%	1h	0.2117	+0.341%	$362K	$401K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0080%	4h	0.2114	+0.175%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2116	+0.261%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2114	+0.199%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	+0.232%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.630%	$522	$57K	5.5x	as long as short
Phoenix ENAlong	+0.0076%	1h	0.2110	long leg	$8K	$266K	10x
Popdex ENAUSDT	+0.0096%	1h	0.2114	+0.185%	$56K	$475K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2113	+0.117%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	+0.154%	$658K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2117	+0.319%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2113	+0.157%	$403K	$521K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2117	+0.336%	$128.7M	$415.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2117	+0.346%	$85.5M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2118	+0.384%	$21.1M	$104.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2105	−0.227%	$20K	$318K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2116	+0.280%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.171%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	+0.299%	$11.1M	$22.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	+0.318%	$46.2M	$41.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2118	+0.384%	$25.0M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2115	+0.256%	$48.0M	$57.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2117	+0.336%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	+0.179%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2113	+0.148%	$244K	$6.9M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	+0.242%	$359K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.280%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2115	+0.237%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.223%	$923	$850K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2114	+0.185%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	+0.403%	$274K	$793K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2117	+0.327%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2116	+0.269%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	+0.168%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0154%	1h	0.2113	+0.156%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0184%	1h	0.2118	+0.365%	$5.2M	$13.5M	10x	as long as short
Hyperliquid ENA	+0.0215%	1h	0.2120	+0.469%	$115.5M	$74.8M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0243%	1h	0.2115	+0.252%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2115	+0.228%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	+0.227%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	+0.149%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2120	+0.479%	$866K	$1.7M	50x	as long as short