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 −0.006%

Price spread now: Phemex against OKX−0.291%7-day average +0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$610.610% of the position

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 4 days (all we have)+0.929%+$93 · spread now −0.291%, 7d avg +0.052%

Together, before fees+0.993%+$99 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 0.343% cheaper against OKX than usual: you would sell low and buy high, −$34 on $10k if it goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ENA-USDT-SWAP	0.2098	0.0100	pay 0.0050% / 4h	38m 31s	$20.8M	$102.2M	50x
Short	Phemex ENAUSDT	0.2092	0.0100	get 0.0050% / 4h	38m 31s	$1.7M	$8.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against OKX. 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 OKXbpFee PhemexbpOrdersPrice spread, now −0.291%Rate

Funding earned: $0
Price spread: −0.291% → +0.052%: −$34.27
Slippage, 4 orders: −$39.02
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$95.29
Costs to cover: 0.610%
Break-even: never at this rate

Slippage from OKX: 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 OKX live order book, 5 min ago	0.24 bp	10.5 bp −$11	18.6 bp −$186	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	7.14 bp	23.1 bp −$23	69.6 bp −$696	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
Backpack ENA_USDC_PERP	−0.0297%	1h	0.2092	−0.286%	$363K	$390K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2096	−0.110%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0065%	4h	0.2092	−0.310%	$43K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2092	−0.310%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2092	−0.268%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.206%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2104	+0.281%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2095	−0.148%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2096	−0.100%	$55K	$503K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2094	−0.218%	$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	0.2097	−0.052%	$660K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2094	−0.172%	$111.4M	$73.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2094	−0.218%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2093	−0.223%	$408K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2096	−0.091%	$127.8M	$415.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2097	−0.076%	$85.0M	$175.8M	50x	as long as short
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2098	long leg	$20.8M	$102.2M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2102	+0.191%	$20K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2090	−0.386%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.015%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2094	−0.200%	$11.0M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	−0.219%	$45.6M	$41.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2094	−0.181%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	−0.091%	$47.8M	$57.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2095	−0.167%	—	$32.2M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.064%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2097	−0.053%	$242K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2098	−0.005%	$353K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2098	−0.005%	$20K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	−0.033%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2042	−2.660%	$1K	$845K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	−0.338%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.038%	$271K	$794K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2092	−0.291%	$1.7M	$8.8M	50x
Extended ENA-USD	+0.0104%	1h	0.2094	−0.201%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2092	−0.315%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0108%	1h	0.2092	−0.270%	$138K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0245%	1h	0.2093	−0.263%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2093	−0.239%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2093	−0.234%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	−0.050%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2106	+0.381%	$858K	$1.5M	50x	as long as short