Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0190%/8h= −20.8% APRpaid last 24h −0.066%

Price spread now: Phoenix against BloFin+0.776%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs+$19as in the Price arb table

costs, in and out, $10k−$580.580% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.344%−$34 on $10k

Price spread, last 3 days (all we have)−1.081%−$108 · spread now +0.776%, 7d avg +0.002%

Together, before fees−1.424%−$142 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.774% dearer against BloFin than usual: you sell high and buy low (spread +0.776% now, against its 7-day average of +0.002%): +$77 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ENA-USDT	0.2140	0.0340	pay 0.0170% / 4h	3h 03m	$5.7M	$2.0M	75x
Short	Phoenix ENA	0.2157	0.0150	get 0.0019% / 1h	3m 06s	$8K	$347K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.776%Rate

Funding earned: −$39.84
Price spread: +0.776% → +0.002%: $77.38
Slippage, 4 orders: −$38.98
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$20.44
Costs to cover: 0.580%
Break-even: from the start

Slippage from BloFin: live order book, 6 min ago; Phoenix: live order book, 3 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 BloFin live order book, 6 min ago	0.69 bp	10.8 bp −$11	21.6 bp −$216	doesn't fit	doesn't fit
Sell Phoenix live order book, 3 min ago	1.86 bp	16.6 bp −$17	51.8 bp −$518	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2140	−0.009%	$80K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2139	−0.083%	$92K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2139	−0.061%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.790%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2138	−0.107%	$52K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2138	−0.098%	$716K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2140	−0.012%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2139	−0.059%	$421K	$550K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2140	+0.001%	$133.8M	$441.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2140	+0.005%	$87.9M	$186.1M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2142	+0.070%	$21.1M	$109.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2153	+0.603%	$16K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2140	−0.014%	$106K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2167	+1.247%	$95K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2137	−0.150%	$10.9M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2136	−0.192%	$45.2M	$45.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2137	−0.159%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2141	+0.033%	$48.5M	$61.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2136	−0.196%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2139	−0.075%	$379K	$377K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2153	+0.582%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2166	+1.209%	$252K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2148	+0.361%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2149	+0.406%	$33K	$686K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2138	−0.089%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2087	−2.490%	$830	$834K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2139	−0.061%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2142	+0.070%	$277K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2136	−0.201%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2138	−0.123%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2139	−0.077%	$75K	$4K	3x	as long as short
Phoenix ENAshort	+0.0150%	1h	0.2157	+0.776%	$8K	$347K	10x
01 Exchange ENAUSD	+0.0160%	1h	0.2140	−0.033%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0233%	1h	0.2139	−0.063%	$2.7M	$5.1M	50x	as long as short
dYdX ENA-USD	+0.0243%	1h	0.2139	−0.048%	$141K	$15K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2138	−0.104%	$81K	—	100x	as long as short
BloFin ENA-USDTlong	+0.0340%	4h	0.2140	long leg	$5.7M	$2.0M	75x
Extended ENA-USD	+0.0376%	1h	0.2142	+0.073%	$1.6M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2138	−0.085%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2162	+1.014%	$855K	$1.8M	50x	as long as short
Hyperliquid ENA	+0.0749%	1h	0.2139	−0.047%	$115.4M	$74.5M	10x	as long as short
Lighter ENA	+0.0784%	1h	0.2139	−0.051%	$5.7M	$13.7M	10x	as long as short