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 +0.004%

Price spread now: Phoenix against SunX+2.711%69s7-day average +2.467% · you sell dearer than you buy

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

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 3 days (all we have)−0.530%−$53 · spread now +2.711%, 7d avg +2.467%

Together, before fees−0.437%−$44 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phoenix is 0.244% dearer against SunX than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of +2.467%. The two prices were read 69 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	SunX ENA-USDT	0.2062	0.0100	pay 0.0050% / 4h	2h 07m	$1K	$853K	20x
Short	Phoenix ENA	0.2118	0.0188	get 0.0024% / 1h	7m 40s	$7K	$351K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now +2.711%Rate

Funding earned: $18.57
Price spread: +2.711% → +2.467%: $24.44
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $28.01
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: SunX: live order book, 34 min ago; Phoenix: live order book, 58 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 SunX live order book, 34 min ago	251.90 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 58 min ago	1.86 bp	16.6 bp −$17	51.8 bp −$518	doesn't fit	doesn't fit

ENA on 41 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
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2111	+2.386%	$87K	—	150x	as long as short
dYdX ENA-USD	+0.0012%	1h	0.2106	+2.170%	$139K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+2.993%	$522	$57K	5.5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0034%	1h	0.2112	+2.430%	$79K	$1.3M	50x	as long as short
Orderly PERP_ENA_USDC	+0.0035%	4h	0.2110	+2.362%	$44K	$27K	10x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2105	+2.086%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2103	+2.003%	$54K	$507K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2110	+2.362%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2110	+2.332%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2107	+2.173%	$411K	$530K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2107	+2.212%	$129.9M	$435.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2104	+2.052%	$86.2M	$181.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2104	+2.076%	$20.7M	$104.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	+2.464%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2105	+2.100%	$78K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+3.121%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2104	+2.052%	$11.0M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2102	+1.974%	$44.5M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	+2.289%	$24.5M	$16.2M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2102	+1.960%	$47.8M	$59.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2104	+2.057%	—	$32.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2112	+2.464%	$381K	$370K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	+2.526%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2117	+2.685%	$247K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2116	+2.634%	$358K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+2.634%	$32K	$654K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	+2.328%	$182K	$2.4M	10x	as long as short
SunX ENA-USDTlong	+0.0100%	4h	0.2062	long leg	$1K	$853K	20x
SoDEX ENA-USD	+0.0100%	1h	0.2111	+2.391%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+2.663%	$275K	$814K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2110	+2.343%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2103	+1.991%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	+2.375%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0184%	1h	0.2104	+2.029%	$1.6M	$4.1M	50x	as long as short
Phoenix ENAshort	+0.0188%	1h	0.2118	+2.711%	$7K	$351K	10x
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2111	+2.402%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0253%	1h	0.2111	+2.407%	$2.6M	$4.4M	50x	as long as short
Lighter ENA	+0.0384%	1h	0.2110	+2.323%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	+2.364%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0474%	1h	0.2111	+2.382%	$113.5M	$71.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2115	+2.600%	$830K	$1.6M	50x	as long as short