Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.004%

Price spread now: Phemex against Bybit+0.166%7-day average +0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$580.584% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 4 days (all we have)+0.908%+$91 · spread now +0.166%, 7d avg +0.090%

Together, before fees+0.969%+$97 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.076% dearer against Bybit than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.090%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2107	0.0100	pay 0.0050% / 4h	1h 28m	$86.4M	$175.3M	50x
Short	Phemex ENAUSDT	0.2110	0.0100	get 0.0050% / 4h	1h 28m	$1.9M	$8.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bybit. 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 BybitbpFee PhemexbpOrdersPrice spread, now +0.166%Rate

Funding earned: $0
Price spread: +0.166% → +0.090%: $7.6
Slippage, 4 orders: −$35.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$50.8
Costs to cover: 0.584%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Phemex: live order book, 5 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 Bybit live order book, 5 min ago	0.24 bp	9.9 bp −$10	18.0 bp −$180	56.2 bp −$5,624	doesn't fit
Sell Phemex live order book, 5 min ago	7.08 bp	19.3 bp −$19	59.1 bp −$591	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
Orderly PERP_ENA_USDC	−0.0009%	4h	0.2109	+0.138%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2110	+0.180%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2110	+0.166%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2111	+0.214%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.802%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	+0.166%	$55K	$497K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2109	+0.123%	$681K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2109	+0.133%	$113.3M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2108	+0.087%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2107	+0.037%	$412K	$506K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2107	+0.014%	$129.3M	$420.1M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2107	long leg	$86.4M	$175.3M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	+0.038%	$20.7M	$102.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	+0.047%	$19K	$364K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	+0.024%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	+0.404%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2108	+0.057%	$11.0M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	+0.019%	$45.3M	$41.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	+0.104%	$24.5M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2105	−0.066%	$48.0M	$57.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2107	+0.014%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2110	+0.161%	$373K	$363K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2113	+0.286%	$3.4M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2118	+0.526%	$244K	$7.4M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2113	+0.311%	$357K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2113	+0.309%	$22K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.209%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2060	−2.198%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2109	+0.119%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2113	+0.304%	$276K	$781K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2110	+0.166%	$1.9M	$8.9M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	−0.008%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2106	−0.040%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	+0.214%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0130%	1h	0.2108	+0.080%	$139K	$15K	5x	as long as short
Phoenix ENA	+0.0150%	1h	0.2116	+0.432%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2110	+0.158%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2111	+0.213%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	+0.166%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0384%	1h	0.2110	+0.147%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	+0.165%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2118	+0.527%	$833K	$1.5M	50x	as long as short