Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.022%

Price spread now: Phemex against gTrade (Gains Network)+0.076%7-day average — · you sell dearer than you buy

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

Long on gTrade (Gains Network)Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 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 0.076% dearer against gTrade (Gains Network) 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	gTrade (Gains Network) ENA/USD	0.2114	L +0.0004% / S −0.0004%	pay 0.0000% / 1h	50m 20s	$81K	—	150x
Short	Phemex ENAUSDT	0.2116	0.0100	get 0.0050% / 4h	50m 20s	$1.8M	$8.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee PhemexbpOrdersPrice spread, now +0.076%Rate

Funding earned: $20.23
Price spread: +0.076% → 0.000%: $7.57
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: $5.8
Costs to cover: 0.220%
Break-even: 5.0 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Phemex: live order book, 4 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	7.12 bp	19.9 bp −$20	65.4 bp −$654	doesn't fit	doesn't fit

gTrade (Gains Network): 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	−0.0100%	4h	0.2116	+0.066%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2114	−0.043%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2117	+0.118%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USDlong	L +0.0004% / S −0.0004%	1h	0.2114	long leg	$81K	—	150x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.426%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2118	+0.166%	$5.0M	$13.6M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.114%	$55K	$480K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.113%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2111	−0.156%	$559K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2115	+0.024%	$114.6M	$74.9M	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	0.2115	+0.029%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2113	−0.077%	$400K	$541K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2115	+0.033%	$128.3M	$425.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	+0.009%	$90.7M	$186.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	+0.071%	$21.1M	$107.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2110	−0.227%	$33K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2112	−0.114%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.072%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2114	−0.005%	$12.6M	$26.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2114	−0.033%	$38.3M	$42.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	−0.043%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	−0.005%	$47.9M	$59.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2114	−0.014%	—	$31.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2113	−0.071%	$381K	$458K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2109	−0.244%	$3.0M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.396%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2105	−0.461%	$363K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2105	−0.445%	$19K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	−0.047%	$182K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.440%	$857	$904K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	+0.076%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.383%	$267K	$818K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2116	+0.076%	$1.8M	$8.8M	50x
Extended ENA-USD	+0.0104%	1h	0.2115	+0.019%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	+0.052%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0148%	1h	0.2116	+0.081%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2108	−0.307%	$8K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2115	+0.025%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2114	0.000%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.081%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2117	+0.137%	$874K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.1129%	1h	0.2111	−0.147%	$139K	$16K	5x	as long as short