ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0394%/8h= −43.1% APRnext payment −$0.49 per $10,000 · paid last 24h −0.147%

Price spread now: Phoenix against Coinbase International+0.482%72s7-day average −0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$720.715% of the position

Long on Coinbase International Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.403%−$40 on $10k

Price spread, last 4 days (all we have)−1.247%−$125 · spread now +0.482%, 7d avg −0.068%

Together, before fees−1.651%−$165 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.550% dearer against Coinbase International than usual: you sell high and buy low (spread +0.482% now, against its 7-day average of −0.068%): +$55 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 4.7 days. At the pace of the last 7 days (−0.403% in total) that is about 9.5 days. The two prices were read 72 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	Coinbase International ENA-PERP-INTX	0.2118	0.0544	pay 0.0068% / 1h	29m 46s	$785K	$2.0M	50x
Short	Phoenix ENA	0.2128	0.0150	get 0.0019% / 1h	29m 46s	$13K	$267K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Coinbase International. 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 Coinbase InternationalbpFee PhoenixbpOrdersPrice spread, now +0.482%Rate

Funding earned: −$82.72
Price spread: +0.482% → −0.068%: $54.98
Slippage, 4 orders: −$54.52
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$99.27
Costs to cover: 0.715%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; Phoenix: live order book, 66 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 Coinbase International live order book, 4 min ago	9.39 bp	18.2 bp −$18	23.8 bp −$238	doesn't fit	doesn't fit
Sell Phoenix live order book, 66 min ago	1.91 bp	16.6 bp −$17	51.7 bp −$517	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
01 Exchange ENAUSD	−0.0104%	1h	0.2118	+0.009%	$4K	$169	10x	as long as short
Orderly PERP_ENA_USDC	−0.0099%	4h	0.2114	−0.179%	$44K	$16K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	−0.094%	$75K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2117	−0.015%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.241%	$734	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0066%	4h	0.2117	−0.038%	$13.2M	$27.7M	50x	as long as short
Lighter ENA	+0.0096%	1h	0.2119	+0.071%	$4.9M	$13.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2118	+0.014%	$54K	$499K	50x	as long as short
Bitget ENAUSDT	+0.0096%	4h	0.2115	−0.142%	$47.9M	$61.2M	75x	as long as short
Paradex ENA-USD-PERP	+0.0099%	8h	0.2116	−0.068%	$47K	$110	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2112	−0.246%	$558K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2119	+0.047%	$115.2M	$76.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2118	+0.033%	$1.4M	$3.4M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	−0.018%	$407K	$562K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2117	−0.049%	$128.4M	$431.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	−0.127%	$88.1M	$194.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	−0.066%	$20.9M	$108.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	−0.170%	$28K	$326K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2116	−0.080%	$77K	$283K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2140	+1.053%	$93K	$511	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	−0.066%	$40.2M	$43.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	+0.047%	$24.9M	$16.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2116	−0.094%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2120	+0.094%	$410K	$480K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	−0.170%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2127	+0.448%	$253K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.533%	$354K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2128	+0.486%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2120	+0.123%	$174K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.408%	$1K	$929K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2119	+0.061%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2121	+0.142%	$264K	$843K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2118	+0.014%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2115	−0.148%	$1.6M	$4.7M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	−0.095%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0120%	1h	0.2119	+0.054%	$140K	$16K	5x	as long as short
Phoenix ENAshort	+0.0150%	1h	0.2128	+0.482%	$13K	$267K	10x
Kraken Futures PF_ENAUSD	+0.0197%	1h	0.2117	−0.050%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0756%	1h	0.2118	+0.004%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2114	−0.194%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2115	−0.148%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0544%	1h	0.2118	long leg	$785K	$2.0M	50x