Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0015%/8h= −1.7% APRpaid last 24h −0.019%

Price spread now: Gate against Phoenix+0.531%92s7-day average −0.129% · you sell dearer than you buy

Net, funding: paid 7d − costs−$83as 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−$690.686% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.139%−$14 on $10k

Price spread, last 3 days (all we have)−0.743%−$74 · spread now +0.531%, 7d avg −0.129%

Together, before fees−0.883%−$88 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.660% dearer against Phoenix than usual: you sell high and buy low (spread +0.531% now, against its 7-day average of −0.129%): +$66 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 5 months. At the pace of the last 7 days (−0.139% in total) that is about 33 days. The two prices were read 92 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	0.2109	0.0115	pay 0.0014% / 1h	59m 45s	$5K	$356K	10x
Short	Gate ENA_USDT	0.2121	0.0100	get 0.0050% / 4h	59m 45s	$10.8M	$21.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.531%Rate

Funding earned: −$3.18
Price spread: +0.531% → −0.129%: $66.03
Slippage, 4 orders: −$46.61
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$5.76
Costs to cover: 0.686%
Break-even: never at this rate

Slippage from Phoenix: live order book, 16 min ago; Gate: live order book, 4 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, 16 min ago	1.91 bp	16.6 bp −$17	59.6 bp −$596	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	4.97 bp	16.2 bp −$16	32.7 bp −$327	58.3 bp −$5,831	95.6 bp −$47.8K

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
Orderly PERP_ENA_USDC	−0.0036%	4h	0.2120	+0.507%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2121	+0.550%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2121	+0.541%	$105K	—	150x	as long as short
Backpack ENA_USDC_PERP	+0.0012%	1h	0.2122	+0.574%	$375K	$447K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.659%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0065%	1h	0.2122	+0.610%	$2.7M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	+0.498%	$63K	$530K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2122	+0.614%	$666K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2121	+0.522%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2120	+0.479%	$410K	$575K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2120	+0.499%	$131.1M	$455.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2118	+0.393%	$89.0M	$191.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2120	+0.493%	$20.5M	$112.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2117	+0.374%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2121	+0.545%	$83K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	+0.574%	$89K	$500	10x	as long as short
Gate ENA_USDTshort	+0.0100%	4h	0.2121	+0.531%	$10.8M	$21.6M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2120	+0.517%	$46.7M	$47.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	+0.593%	$24.2M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	+0.460%	$48.0M	$64.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2120	+0.517%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2115	+0.269%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2112	+0.111%	$251K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2107	−0.119%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	+0.071%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	+0.593%	$178K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2069	−1.939%	$1K	$819K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	+0.545%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.649%	$275K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2119	+0.450%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2119	+0.468%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2121	+0.531%	$78K	$11K	3x	as long as short
Phoenix ENAlong	+0.0115%	1h	0.2109	long leg	$5K	$356K	10x
01 Exchange ENAUSD	+0.0152%	1h	0.2121	+0.550%	$4K	$312	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2121	+0.525%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	+0.351%	$5.6M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2120	+0.513%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	+0.517%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0452%	1h	0.2124	+0.672%	$112.3M	$78.6M	10x	as long as short
Lighter ENA	+0.0560%	1h	0.2121	+0.555%	$5.7M	$12.8M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2124	+0.711%	$839K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.1985%	1h	0.2120	+0.500%	$140K	$15K	5x	as long as short