Funding arb · Price arb /

ENA

all ENA markets

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: Paradex against Phoenix−0.273%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.273% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.273% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$27 on $10k: about 37 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ENA	0.2117	0.0076	pay 0.0009% / 1h	57m 29s	$8K	$265K	10x
Short	Paradex ENA-USD-PERP	0.2111	0.0100	get 0.0100% / 8h	3h 57m	$47K	$110	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.273%Rate

Funding earned: $5.09
Price spread: −0.273% → 0.000%: −$27.25
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$33.16
Costs to cover: 0.110%
Break-even: 52.6 days

Slippage unknown: Phoenix: live order book, 58 min ago; Paradex: no order-book sample. Net counts fees only.

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, 58 min ago	1.90 bp	16.8 bp −$17	59.2 bp −$592	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0197%	1h	0.2116	−0.019%	$362K	$401K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2114	−0.118%	$44K	$25K	10x	as long as short
dYdX ENA-USD	0.0000%	1h	0.2116	−0.046%	$140K	$15K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	−0.043%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	−0.153%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.326%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0064%	1h	0.2111	−0.274%	$4K	$302	10x	as long as short
Gate ENA_USDT	+0.0068%	4h	0.2111	−0.260%	$11.1M	$22.0M	50x	as long as short
Phoenix ENAlong	+0.0076%	1h	0.2117	long leg	$8K	$265K	10x
Popdex ENAUSDT	+0.0096%	1h	0.2110	−0.307%	$56K	$464K	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-PERPshort	+0.0100%	8h	0.2111	−0.273%	$47K	$110	10x
Nado ENA-PERP	+0.0100%	1h	0.2110	−0.307%	$657K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2116	−0.033%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2113	−0.146%	$403K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2110	−0.290%	$128.4M	$415.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2110	−0.317%	$85.2M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2110	−0.288%	$21.0M	$103.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	−0.085%	$20K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2111	−0.260%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.472%	$92K	$4K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	−0.246%	$46.0M	$40.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	−0.047%	$25.0M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2108	−0.411%	$47.8M	$57.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2111	−0.255%	—	$32.2M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	−0.124%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2114	−0.098%	$244K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	−0.118%	$352K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2115	−0.071%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	−0.246%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.537%	$1K	$851K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	−0.071%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.028%	$274K	$793K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2114	−0.118%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2109	−0.351%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	−0.060%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0128%	1h	0.2115	−0.047%	$5.2M	$13.2M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0173%	1h	0.2116	−0.020%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2113	−0.160%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	−0.080%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2109	−0.347%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0503%	1h	0.2113	−0.165%	$115.1M	$74.8M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2120	+0.175%	$866K	$1.7M	50x	as long as short