Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.014%

Price spread now: Phemex against Phoenix−0.085%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$730.733% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 3 days (all we have)+0.393%+$39 · spread now −0.085%, 7d avg −0.048%

Together, before fees+0.288%+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.037% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.048%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ENA	0.2119	0.0150	pay 0.0019% / 1h	38m 46s	$7K	$347K	10x
Short	Phemex ENAUSDT	0.2117	0.0100	get 0.0050% / 4h	3h 38m	$1.9M	$9.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$10.56
Price spread: −0.085% → −0.048%: −$3.73
Slippage, 4 orders: −$54.33
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$87.62
Costs to cover: 0.733%
Break-even: never at this rate

Slippage from Phoenix: live order book, 32 min ago; Phemex: 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, 32 min ago	1.88 bp	16.7 bp −$17	59.4 bp −$594	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	9.43 bp	19.0 bp −$19	56.7 bp −$567	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	−0.0010%	1h	0.2119	−0.009%	$377K	$417K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2118	−0.042%	$91K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2118	−0.043%	$97K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0023%	4h	0.2118	−0.057%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.217%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0036%	1h	0.2117	−0.081%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	−0.085%	$62K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2118	−0.042%	$672K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2117	−0.068%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2116	−0.109%	$410K	$552K	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	0.2116	−0.109%	$131.3M	$446.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2116	−0.118%	$89.0M	$186.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	−0.094%	$20.7M	$109.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2119	−0.014%	$15K	$399K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	−0.038%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.274%	$89K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	−0.113%	$10.8M	$20.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	−0.123%	$46.2M	$44.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2117	−0.085%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	−0.236%	$48.0M	$61.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2116	−0.151%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2118	−0.037%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2117	−0.069%	$247K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2121	+0.082%	$355K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	−0.085%	$34K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2119	−0.014%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2069	−2.360%	$992	$829K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	−0.085%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.194%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2117	−0.085%	$1.9M	$9.4M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.081%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2118	−0.052%	$74K	$4K	3x	as long as short
Phoenix ENAlong	+0.0150%	1h	0.2119	long leg	$7K	$347K	10x
01 Exchange ENAUSD	+0.0216%	1h	0.2119	+0.005%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0236%	1h	0.2119	+0.013%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2117	−0.099%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0272%	1h	0.2117	−0.106%	$1.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2119	−0.009%	$5.6M	$3.8M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2118	−0.048%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0600%	1h	0.2118	−0.019%	$5.6M	$12.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2120	+0.047%	$837K	$1.9M	50x	as long as short
Hyperliquid ENA	+0.0684%	1h	0.2119	+0.019%	$114.3M	$75.3M	10x	as long as short