Funding arb · Price arb /

ENA

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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: GRVT against Phoenix−0.085%7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$640.641% of the position

Long on Phoenix Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.101%−$10 on $10k

Price spread, last 4 days (all we have)−0.297%−$30 · spread now −0.085%, 7d avg −0.098%

Together, before fees−0.399%+ Points / potential airdropGRVT: Active · farm board−$40 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.098%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.101%, 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	0.2114	0.0076	pay 0.0009% / 1h	28m 53s	$8K	$266K	10x
Short	GRVT ENA_USDT_Perp	0.2113	0.0100	get 0.0050% / 4h	28m 53s	$349K	$5.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.085%Rate

Funding earned: $5.09
Price spread: −0.085% → −0.098%: $1.35
Slippage, 4 orders: −$48.08
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$57.64
Costs to cover: 0.641%
Break-even: 86.2 days

Slippage from Phoenix: live order book, 27 min ago; GRVT: 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	16.8 bp −$17	59.2 bp −$592	doesn't fit	doesn't fit
Sell GRVT live order book, 5 min ago	2.38 bp	19.6 bp −$20	81.5 bp −$815	doesn't fit	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	−0.0186%	1h	0.2119	+0.246%	$365K	$390K	5x	as long as short
01 Exchange ENAUSD	−0.0096%	1h	0.2128	+0.667%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0068%	4h	0.2123	+0.430%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2124	+0.464%	$79K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2124	+0.459%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.430%	$522	$57K	5.5x	as long as short
Phoenix ENAlong	+0.0076%	1h	0.2114	long leg	$8K	$266K	10x
dYdX ENA-USD	+0.0096%	1h	0.2130	+0.727%	$141K	$15K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2123	+0.416%	$5.3M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	+0.506%	$56K	$482K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2129	+0.682%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2126	+0.558%	$656K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2122	+0.354%	$115.5M	$75.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2121	+0.305%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2130	+0.733%	$407K	$516K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2117	+0.147%	$129.0M	$416.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2117	+0.147%	$85.6M	$176.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	+0.151%	$20.9M	$103.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	+0.175%	$20K	$318K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2128	+0.648%	$80K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2093	−1.007%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2118	+0.166%	$11.1M	$22.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	+0.142%	$46.2M	$41.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2120	+0.279%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2115	+0.057%	$48.1M	$57.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2117	+0.147%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	−0.105%	$3.0M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2111	−0.138%	$243K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perpshort	+0.0100%	4h	0.2113	−0.085%	$349K	$5.0M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2104	−0.487%	$20K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2127	+0.601%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2073	−1.972%	$875	$846K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2124	+0.459%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.672%	$275K	$794K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2119	+0.222%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2116	+0.100%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2125	+0.489%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2124	+0.472%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0254% / S −0.0213%	1h	0.2124	+0.452%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2120	+0.284%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2127	+0.579%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2127	+0.577%	$870K	$1.6M	50x	as long as short