Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h −0.001%

Price spread now: HTX against Phoenix−0.859%72s7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$108as 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−$980.975% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.103%−$10 on $10k

Price spread, last 4 days (all we have)+1.044%+$104 · spread now −0.859%, 7d avg −0.004%

Together, before fees+0.942%+$94 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and HTX is 0.856% cheaper against Phoenix than usual: you would sell low and buy high (−$86 if the spread goes back to its 7-day average of −0.004%). Swap the legs. The two prices were read 72 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	0.2142	0.0110	pay 0.0014% / 1h	34m 03s	$8K	$276K	10x
Short	HTX ENA-USDT	0.2123	0.0100	get 0.0050% / 4h	1h 34m	$266K	$828K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.859%Rate

Funding earned: −$2.2
Price spread: −0.859% → −0.004%: −$85.56
Slippage, 4 orders: −$78.51
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$185.27
Costs to cover: 0.975%
Break-even: never at this rate

Slippage from Phoenix: live order book, 7 min ago; HTX: live order book, 35 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, 7 min ago	1.87 bp	16.6 bp −$17	59.2 bp −$592	doesn't fit	doesn't fit
Sell HTX live order book, 35 min ago	20.38 bp	26.8 bp −$27	doesn't fit	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
Orderly PERP_ENA_USDC	−0.0125%	4h	0.2118	−1.111%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	−0.0080%	1h	0.2119	−1.079%	$55K	$1.1M	50x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2123	−0.873%	$4K	$277	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2118	−1.124%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.850%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2123	−0.869%	$54K	$483K	50x	as long as short
Gate ENA_USDT	+0.0096%	4h	0.2119	−1.037%	$12.3M	$26.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2121	−0.970%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2118	−1.118%	$560K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2121	−0.961%	$114.8M	$75.9M	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	0.2121	−0.973%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2121	−0.961%	$400K	$539K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2120	−1.021%	$128.1M	$429.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2119	−1.055%	$89.9M	$186.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2121	−0.957%	$21.1M	$108.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	−0.840%	$20K	$336K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2123	−0.869%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2138	−0.168%	$93K	$511	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2119	−1.041%	$37.3M	$42.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	−1.037%	$24.5M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2118	−1.097%	$48.0M	$60.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2119	−1.041%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2128	−0.655%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2143	+0.085%	$262K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2145	+0.158%	$366K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2145	+0.159%	$19K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	−1.088%	$186K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2068	−3.441%	$1K	$903K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2118	−1.102%	$4K	$7K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2123	−0.859%	$266K	$828K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2119	−1.055%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2117	−1.151%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2118	−1.093%	$74K	$4K	3x	as long as short
Phoenix ENAlong	+0.0110%	1h	0.2142	long leg	$8K	$276K	10x
Lighter ENA	+0.0136%	1h	0.2121	−0.953%	$5.0M	$13.4M	10x	as long as short
dYdX ENA-USD	+0.0210%	1h	0.2122	−0.926%	$140K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2125	−0.774%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2122	−0.892%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2116	−1.178%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0445%	1h	0.2120	−1.009%	$2.6M	$4.3M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2122	−0.925%	$875K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0653%	1h	0.2120	−0.999%	$390K	$435K	5x	as long as short