Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h +0.001%

Price spread now: Phoenix against MEXC+0.122%47s7-day average +0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as 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−$390.389% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.125%+$12 on $10k

Price spread, last 4 days (all we have)+0.045%+$4 · spread now +0.122%, 7d avg +0.111%

Together, before fees+0.170%+$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.111%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. The two prices were read 47 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	MEXC ENA_USDT	0.2123	0.0100	pay 0.0050% / 4h	1h 12m	$37.9M	$43.1M	200x
Short	Phoenix ENA	0.2125	0.0110	get 0.0014% / 1h	12m 42s	$8K	$276K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against MEXC. 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 MEXCbpFee PhoenixbpOrdersPrice spread, now +0.122%Rate

Funding earned: $2.2
Price spread: +0.122% → +0.111%: $1.18
Slippage, 4 orders: −$31.87
Fee MEXC: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$35.49
Costs to cover: 0.389%
Break-even: 119.9 days

Slippage from MEXC: live order book, 1 min ago; Phoenix: live order book, 28 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 MEXC live order book, 1 min ago	0.24 bp	3.2 bp −$3	8.2 bp −$82	40.3 bp −$4,028	68.3 bp −$34.1K
Sell Phoenix live order book, 28 min ago	1.87 bp	16.6 bp −$17	51.6 bp −$516	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	−0.0105%	4h	0.2120	−0.122%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2121	−0.080%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2121	−0.105%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2123	+0.024%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.028%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2122	−0.038%	$55K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2122	−0.015%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2122	−0.049%	$563K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2124	+0.047%	$115.0M	$76.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2123	+0.010%	$1.4M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2122	−0.014%	$402K	$546K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2123	−0.006%	$128.5M	$427.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2121	−0.080%	$91.0M	$187.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2123	−0.005%	$21.3M	$108.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2121	−0.075%	$33K	$330K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2121	−0.085%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2128	+0.251%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2122	−0.033%	$12.5M	$26.6M	50x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2123	long leg	$37.9M	$43.1M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2123	0.000%	$24.8M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2120	−0.127%	$48.1M	$59.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2121	−0.071%	—	$31.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2120	−0.109%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2122	−0.020%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	+0.057%	$355K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	+0.057%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2123	−0.009%	$185K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2072	−2.388%	$1K	$903K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	−0.085%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.005%	$266K	$820K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2121	−0.085%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2120	−0.109%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2121	−0.070%	$74K	$4K	3x	as long as short
Phoenix ENAshort	+0.0110%	1h	0.2125	+0.122%	$8K	$276K	10x
Lighter ENA	+0.0184%	1h	0.2124	+0.071%	$5.0M	$13.6M	10x	as long as short
dYdX ENA-USD	+0.0227%	1h	0.2124	+0.035%	$140K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2121	−0.102%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2122	−0.047%	$5.6M	$3.2M	75x	as long as short
Backpack ENA_USDC_PERP	+0.0366%	1h	0.2123	−0.005%	$394K	$437K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2119	−0.191%	$1K	$3K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0445%	1h	0.2122	−0.049%	$2.6M	$4.4M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2135	+0.598%	$881K	$1.8M	50x	as long as short