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 −0.013%

Price spread now: KuCoin against Phoenix−0.286%48s7-day average −0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as 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−$650.647% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.164%−$16 on $10k

Price spread, last 3 days (all we have)+0.060%+$6 · spread now −0.286%, 7d avg −0.091%

Together, before fees−0.104%−$10 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 KuCoin is 0.195% cheaper against Phoenix than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.091%). Swap the legs. The two prices were read 48 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	0.2096	0.0115	pay 0.0014% / 1h	30m 45s	$5K	$356K	10x
Short	KuCoin ENAUSDTM	0.2090	0.0100	get 0.0050% / 4h	1h 30m	$23.9M	$16.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.286%Rate

Funding earned: −$3.18
Price spread: −0.286% → −0.091%: −$19.52
Slippage, 4 orders: −$45.69
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$87.39
Costs to cover: 0.647%
Break-even: never at this rate

Slippage from Phoenix: live order book, 51 min ago; KuCoin: 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, 51 min ago	1.90 bp	16.9 bp −$17	59.7 bp −$597	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	1.19 bp	11.4 bp −$11	36.4 bp −$364	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	−0.0079%	1h	0.2090	−0.310%	$361K	$461K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0063%	4h	0.2087	−0.420%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2088	−0.377%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2090	−0.306%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.298%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2090	−0.316%	$2.6M	$5.6M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2090	−0.296%	$61K	$537K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2088	−0.409%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2091	−0.248%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2090	−0.296%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2090	−0.307%	$404K	$581K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2089	−0.331%	$128.7M	$457.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2089	−0.339%	$86.9M	$191.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2089	−0.334%	$20.1M	$111.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2091	−0.253%	$15K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2094	−0.105%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.078%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2089	−0.363%	$10.4M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2089	−0.334%	$45.1M	$46.8M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2090	−0.286%	$23.9M	$16.5M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2087	−0.444%	$47.2M	$65.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2089	−0.348%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2091	−0.257%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	−0.054%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	−0.160%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	−0.057%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2091	−0.258%	$183K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2041	−2.652%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2088	−0.391%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2093	−0.134%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2088	−0.391%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2088	−0.391%	$77K	$11K	3x	as long as short
01 Exchange ENAUSD	+0.0112%	1h	0.2092	−0.210%	$4K	$432	10x	as long as short
Phoenix ENAlong	+0.0115%	1h	0.2096	long leg	$5K	$356K	10x
GMX ENA/USD [ETH-USDC]	L +0.0231% / S −0.0390%	1h	0.2089	−0.325%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0288%	1h	0.2088	−0.389%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2089	−0.324%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−0.292%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0512%	1h	0.2092	−0.200%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0569%	1h	0.2092	−0.186%	$110.5M	$79.6M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2092	−0.200%	$804K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1918%	1h	0.2089	−0.351%	$138K	$15K	5x	as long as short