Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.008%

Price spread now: Phoenix against OKX−0.529%96s7-day average +0.121% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as 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−$550.550% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.168%+$17 on $10k

Price spread, last 3 days (all we have)+0.735%+$74 · spread now −0.529%, 7d avg +0.121%

Together, before fees+0.903%+$90 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.650% cheaper against OKX than usual: you would sell low and buy high (spread −0.529% now, against its 7-day average of +0.121%). If the spread goes back, that is −$65 on $10k: about 43 days of funding at the current rate (+$2 a day). The two prices were read 96 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	OKX ENA-USDT-SWAP	0.2155	0.0100	pay 0.0050% / 4h	3h 25m	$21.2M	$111.1M	50x
Short	Phoenix ENA	0.2144	0.0150	get 0.0019% / 1h	25m 45s	$7K	$347K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.529%Rate

Funding earned: $10.56
Price spread: −0.529% → +0.121%: −$65.02
Slippage, 4 orders: −$38.04
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$109.5
Costs to cover: 0.550%
Break-even: 79.6 days

Slippage from OKX: live order book, 3 min ago; Phoenix: live order book, 45 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, 3 min ago	0.23 bp	12.5 bp −$13	22.5 bp −$225	doesn't fit	doesn't fit
Sell Phoenix live order book, 45 min ago	1.88 bp	16.7 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
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2156	+0.031%	$98K	—	150x	as long as short
dYdX ENA-USD	+0.0024%	1h	0.2149	−0.259%	$142K	$15K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0028%	1h	0.2156	+0.060%	$80K	$1.7M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.462%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2155	+0.005%	$42K	$23K	10x	as long as short
Backpack ENA_USDC_PERP	+0.0086%	1h	0.2156	+0.051%	$383K	$416K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2151	−0.181%	$63K	$519K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2152	−0.144%	$714K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2157	+0.108%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2150	−0.221%	$422K	$549K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2156	+0.028%	$133.8M	$444.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2155	−0.009%	$89.0M	$187.8M	50x	as long as short
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2155	long leg	$21.2M	$111.1M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2147	−0.385%	$15K	$410K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2152	−0.135%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2143	−0.552%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2155	−0.005%	$11.0M	$21.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2156	+0.037%	$46.4M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2156	+0.051%	$24.8M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2154	−0.042%	$48.8M	$61.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2155	+0.005%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2155	+0.004%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2136	−0.889%	$250K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−1.450%	$357K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2140	−0.691%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2154	−0.065%	$187K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2100	−2.534%	$1K	$830K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2156	+0.051%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2164	+0.422%	$281K	$1.2M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2154	−0.042%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2151	−0.200%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2156	+0.065%	$75K	$4K	3x	as long as short
Phoenix ENAshort	+0.0150%	1h	0.2144	−0.529%	$7K	$347K	10x
01 Exchange ENAUSD	+0.0216%	1h	0.2152	−0.116%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0232%	1h	0.2157	+0.112%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2154	−0.050%	$1.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2155	+0.009%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2146	−0.399%	$5.6M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2153	−0.080%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2143	−0.534%	$848K	$1.8M	50x	as long as short
Lighter ENA	+0.0744%	1h	0.2159	+0.172%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0755%	1h	0.2159	+0.181%	$116.4M	$75.5M	10x	as long as short