Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.006%

Price spread now: Phemex against Popdex+0.048%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$540.537% of the position

Long on Popdex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.006%−$1 on $10k

Price spread, last 3 days (all we have)+0.368%+$37 · spread now +0.048%, 7d avg +0.046%

Together, before fees+0.362%+$36 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2090	0.0096	pay 0.0012% / 1h	31m 43s	$61K	$537K	50x
Short	Phemex ENAUSDT	0.2091	0.0100	get 0.0050% / 4h	1h 31m	$1.9M	$9.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Popdex. 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 PopdexbpFee PhemexbpOrdersPrice spread, now +0.048%Rate

Funding earned: $0.84
Price spread: +0.048% → +0.046%: $0.19
Slippage, 4 orders: −$35.3
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$52.67
Costs to cover: 0.537%
Break-even: 445.9 days

Slippage from Popdex: live order book, 52 min ago; Phemex: live order book, 2 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 Popdex live order book, 52 min ago	0.71 bp	7.7 bp −$8	66.4 bp −$664	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.38 bp	16.8 bp −$17	75.3 bp −$753	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	−0.0081%	1h	0.2093	+0.124%	$361K	$461K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0064%	4h	0.2091	+0.033%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2091	+0.057%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2091	+0.051%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.598%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2093	+0.137%	$2.6M	$5.6M	50x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2090	long leg	$61K	$537K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2094	+0.188%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2091	+0.065%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2094	+0.172%	$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	0.2094	+0.196%	$405K	$581K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2094	+0.191%	$129.0M	$457.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2093	+0.144%	$87.0M	$191.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2093	+0.129%	$20.2M	$111.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2091	+0.043%	$15K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2094	+0.191%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.375%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2093	+0.148%	$10.4M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	+0.172%	$45.2M	$46.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2095	+0.225%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2092	+0.081%	$47.3M	$65.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2093	+0.139%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2091	+0.039%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2092	+0.091%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	+0.136%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2093	+0.144%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2091	+0.053%	$184K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2041	−2.368%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	+0.048%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2095	+0.234%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2091	+0.048%	$1.9M	$9.2M	50x
Aevo ENA-PERP	+0.0104%	1h	0.2092	+0.072%	$77K	$11K	3x	as long as short
01 Exchange ENAUSD	+0.0112%	1h	0.2092	+0.086%	$4K	$432	10x	as long as short
Phoenix ENA	+0.0115%	1h	0.2095	+0.220%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0231% / S −0.0389%	1h	0.2091	+0.025%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0288%	1h	0.2092	+0.100%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2094	+0.206%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−0.002%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0504%	1h	0.2097	+0.316%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0570%	1h	0.2098	+0.364%	$110.8M	$79.6M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2096	+0.287%	$806K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1912%	1h	0.2093	+0.131%	$138K	$15K	5x	as long as short