Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.008%

Price spread now: Phemex against Nado+0.005%7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$570.574% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.026%−$3 on $10k

Price spread, last 3 days (all we have)+0.332%+$33 · spread now +0.005%, 7d avg +0.039%

Together, before fees+0.306%+ Points / potential airdropNado: Active · farm board+$31 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 0.034% cheaper against Nado than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.039%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ENA-PERP	0.2124	0.0100	pay 0.0012% / 1h	41m 56s	$683K	$1.8M	10x
Short	Phemex ENAUSDT	0.2124	0.0100	get 0.0050% / 4h	41m 56s	$2.0M	$9.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now +0.005%Rate

Funding earned: $0
Price spread: +0.005% → +0.039%: −$3.38
Slippage, 4 orders: −$38.38
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$60.76
Costs to cover: 0.574%
Break-even: 1212155488198568.8 days

Slippage from Nado: live order book, 2 min ago; Phemex: live order book, 2 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 Nado live order book, 2 min ago	0.94 bp	6.9 bp −$7	14.4 bp −$144	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	7.06 bp	23.5 bp −$23	74.7 bp −$747	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	−0.0025%	4h	0.2124	−0.014%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2125	+0.047%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2124	−0.013%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.024%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0090%	1h	0.2124	+0.009%	$375K	$448K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2123	−0.042%	$63K	$523K	50x	as long as short
Nado ENA-PERPlong	+0.0100%	1h	0.2124	long leg	$683K	$1.8M	10x
Aster ENAUSDT	+0.0100%	4h	0.2124	+0.001%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2125	+0.069%	$411K	$567K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2124	−0.011%	$131.3M	$454.7M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2124	0.000%	$89.1M	$190.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2125	+0.056%	$20.5M	$112.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2126	+0.080%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2125	+0.052%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2125	+0.074%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2124	−0.014%	$10.9M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2123	−0.033%	$46.9M	$45.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2123	−0.033%	$24.5M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2121	−0.122%	$48.1M	$64.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2124	−0.005%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2126	+0.079%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.068%	$253K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	+0.058%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	+0.099%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2123	−0.047%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.472%	$1K	$825K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2124	+0.005%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2136	+0.556%	$278K	$1.5M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2124	+0.005%	$2.0M	$9.2M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2124	+0.003%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2125	+0.040%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.245%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2124	0.000%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2125	+0.047%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2123	−0.037%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2125	+0.033%	$5.6M	$7.0M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2122	−0.074%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2122	−0.081%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2135	+0.499%	$843K	$2.1M	50x	as long as short
Lighter ENA	+0.0608%	1h	0.2127	+0.141%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0848%	1h	0.2127	+0.137%	$114.3M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1749%	1h	0.2127	+0.127%	$140K	$15K	5x	as long as short