Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.024%

Price spread now: Phemex against 01 Exchange+0.081%7-day average — · you sell dearer than you buy

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

Long on 01 Exchange 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

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.081% dearer against 01 Exchange than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange ENAUSD	0.2098	0	get 0.0000% / 1h	8m 04s	$4K	$277	10x
Short	Phemex ENAUSDT	0.2100	0.0100	get 0.0050% / 4h	3h 08m	$1.7M	$8.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against 01 Exchange. 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 01 ExchangebpFee PhemexbpOrdersPrice spread, now +0.081%Rate

Funding earned: $21
Price spread: +0.081% → 0.000%: $8.1
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $10.1
Costs to cover: 0.190%
Break-even: 3.6 days

Slippage unknown: 01 Exchange: no order-book sample; Phemex: live order book, 6 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	2.38 bp	17.0 bp −$17	65.6 bp −$656	doesn't fit	doesn't fit

01 Exchange: 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
Orderly PERP_ENA_USDC	−0.0129%	4h	0.2099	+0.038%	$44K	$25K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0053%	1h	0.2101	+0.119%	$358K	$400K	5x	as long as short
01 Exchange ENAUSDlong	0.0000%	1h	0.2098	long leg	$4K	$277	10x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2100	+0.076%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2099	+0.057%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.196%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2098	−0.014%	$56K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2098	−0.012%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2098	−0.019%	$649K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2102	+0.186%	$114.1M	$73.8M	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	0.2099	+0.052%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2098	−0.002%	$399K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2100	+0.064%	$127.2M	$411.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	+0.038%	$84.7M	$173.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2100	+0.095%	$20.9M	$102.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2097	−0.038%	$22K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2098	−0.014%	$78K	$276K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2099	+0.014%	$11.2M	$22.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2100	+0.071%	$45.5M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2100	+0.105%	$24.8M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2098	−0.005%	$47.7M	$57.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2099	+0.052%	—	$31.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2098	+0.008%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2103	+0.203%	$242K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2103	+0.224%	$348K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2103	+0.224%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2100	+0.071%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.421%	$1K	$855K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	+0.081%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2102	+0.186%	$272K	$771K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2100	+0.081%	$1.7M	$8.9M	50x
Bulk ENA-USD	+0.0100%	1h	0.2102	+0.181%	$92K	−$0	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2099	+0.031%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2100	+0.063%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2102	+0.176%	$8K	$274K	10x	as long as short
Lighter ENA	+0.0168%	1h	0.2102	+0.162%	$5.2M	$13.3M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2100	+0.097%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2100	+0.072%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2097	−0.086%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	+0.035%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2109	+0.505%	$863K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1134%	1h	0.2097	−0.058%	$139K	$15K	5x	as long as short