Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1593%/8h= −174.5% APRpaid last 24h −0.007%

Price spread now: Phemex against SoDEX+0.139%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on Phemex

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—needs both histories

The price spread pays, funding is against you. Phemex is 0.139% dearer against SoDEX than usual: you sell high and buy low (spread +0.139% now, against zero (this spread has no 7-day history yet)): +$14 on $10k if it goes back. Holding the pair costs −$48 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX ENA-USD	0.2161	0.0100	pay 0.0013% / 1h	45m 20s	$4K	$7K	10x
Short	Phemex ENAUSDT	0.2164	−0.1493	pay 0.0747% / 4h	3h 45m	$1.9M	$8.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SoDEX. 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 SoDEXbpFee PhemexbpOrdersPrice spread, now +0.139%Rate

Funding earned: −$334.57
Price spread: +0.139% → 0.000%: $13.88
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$340.69
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Phemex: live order book, 4 min ago. 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 SoDEX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	9.26 bp	25.8 bp −$26	75.4 bp −$754	doesn't fit	doesn't fit

SoDEX: 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
Phemex ENAUSDTshort	−0.1493%	4h	0.2164	+0.139%	$1.9M	$8.9M	50x
Orderly PERP_ENA_USDC	−0.0087%	4h	0.2162	+0.042%	$45K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0048%	1h	0.2163	+0.097%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2162	+0.032%	$77K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2170	+0.401%	$83K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.740%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2163	+0.093%	$52K	$490K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2163	+0.102%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2162	+0.056%	$591K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2162	+0.051%	$117.9M	$75.9M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2162	+0.058%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2163	+0.112%	$417K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2161	−0.005%	$131.2M	$430.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2160	−0.023%	$90.1M	$194.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2162	+0.028%	$21.3M	$111.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2177	+0.727%	$28K	$325K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2164	+0.139%	$80K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2157	−0.165%	$94K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2161	−0.005%	$13.5M	$27.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2162	+0.037%	$40.8M	$42.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2163	+0.083%	$25.5M	$16.0M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2159	−0.093%	$48.8M	$61.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2161	−0.009%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2168	+0.314%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2145	−0.748%	$259K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2147	−0.654%	$370K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2174	+0.602%	$20K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2164	+0.125%	$178K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2111	−2.328%	$1K	$924K	20x	as long as short
SoDEX ENA-USDlong	+0.0100%	1h	0.2161	long leg	$4K	$7K	10x
HTX ENA-USDT	+0.0100%	4h	0.2165	+0.162%	$266K	$833K	50x	as long as short
Lighter ENA	+0.0104%	1h	0.2163	+0.088%	$5.0M	$12.9M	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2161	−0.008%	$1.7M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2162	+0.040%	$76K	$4K	3x	as long as short
dYdX ENA-USD	+0.0113%	1h	0.2165	+0.179%	$143K	$16K	5x	as long as short
Phoenix ENA	+0.0150%	1h	0.2138	−1.078%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0193%	1h	0.2161	−0.002%	$2.7M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0309% / S −0.0754%	1h	0.2161	0.000%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2162	+0.042%	$5.6M	$3.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2160	−0.047%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2163	+0.102%	$803K	$2.0M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0664%	1h	0.2169	+0.370%	$422K	$482K	5x	as long as short