Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0088%/8h= −9.7% APRpaid last 24h −0.005%

Price spread now: OKX against Phoenix+0.714%66s7-day average −0.121% · you sell dearer than you buy

Net, funding: paid 7d − costs−$75as 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−$580.578% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.170%−$17 on $10k

Price spread, last 3 days (all we have)−0.920%−$92 · spread now +0.714%, 7d avg −0.121%

Together, before fees−1.089%−$109 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.835% dearer against Phoenix than usual: you sell high and buy low (spread +0.714% now, against its 7-day average of −0.121%): +$83 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 31 days. The two prices were read 66 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	0.2116	0.0188	pay 0.0024% / 1h	50m 20s	$7K	$351K	10x
Short	OKX ENA-USDT-SWAP	0.2131	0.0100	get 0.0050% / 4h	2h 50m	$21.2M	$109.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.714%Rate

Funding earned: −$18.57
Price spread: +0.714% → −0.121%: $83.47
Slippage, 4 orders: −$40.83
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $7.07
Costs to cover: 0.578%
Break-even: from the start

Slippage from Phoenix: live order book, 16 min ago; OKX: 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	1.86 bp	16.6 bp −$17	59.6 bp −$596	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.24 bp	12.8 bp −$13	24.5 bp −$245	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2131	+0.714%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2129	+0.614%	$91K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2127	+0.534%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.340%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0037%	4h	0.2130	+0.652%	$41K	$23K	10x	as long as short
dYdX ENA-USD	+0.0040%	1h	0.2126	+0.482%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2129	+0.605%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2129	+0.617%	$702K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2130	+0.651%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	+0.534%	$418K	$548K	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	0.2129	+0.597%	$132.5M	$444.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2129	+0.595%	$87.2M	$186.7M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2131	+0.714%	$21.2M	$109.5M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	+0.392%	$17K	$408K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2129	+0.605%	$116K	$253K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	+0.526%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2129	+0.591%	$10.8M	$20.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2130	+0.652%	$44.9M	$43.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2131	+0.685%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2129	+0.614%	$48.3M	$61.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2129	+0.619%	—	$32.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2127	+0.520%	$368K	$383K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2125	+0.426%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2121	+0.228%	$244K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	+0.375%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	+0.463%	$32K	$689K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2130	+0.638%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2079	−1.767%	$1K	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2131	+0.699%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2136	+0.921%	$275K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2132	+0.747%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	+0.548%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	+0.685%	$75K	$4K	3x	as long as short
Lighter ENA	+0.0176%	1h	0.2129	+0.614%	$5.5M	$13.6M	10x	as long as short
Phoenix ENAlong	+0.0188%	1h	0.2116	long leg	$7K	$351K	10x
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2132	+0.763%	$2.7M	$5.0M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2129	+0.602%	$51K	—	100x	as long as short
Extended ENA-USD	+0.0304%	1h	0.2130	+0.655%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	+0.501%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2128	+0.580%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0522%	1h	0.2132	+0.747%	$114.9M	$74.3M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2131	+0.718%	$837K	$1.8M	50x	as long as short