Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0151%/8h= +16.6% APRpaid last 24h +0.051%

Price spread now: Phoenix against Orderly+0.627%66s7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 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 +$5 a day on $10k at the current rate, and Phoenix is 0.627% dearer against Orderly than usual: you sell high and buy low: +$63 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 66 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	Orderly PERP_ENA_USDC	0.2104	0.0037	pay 0.0019% / 4h	2h 42m	$41K	$23K	10x
Short	Phoenix ENA	0.2117	0.0188	get 0.0024% / 1h	42m 27s	$7K	$351K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now +0.627%Rate

Funding earned: $31.75
Price spread: +0.627% → 0.000%: $62.75
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $81.5
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 23 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 23 min ago	1.86 bp	16.6 bp −$17	51.8 bp −$518	doesn't fit	doesn't fit

Orderly: 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2110	+0.295%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2102	−0.053%	$90K	—	150x	as long as short
dYdX ENA-USD	+0.0030%	1h	0.2104	+0.012%	$139K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.941%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDClong	+0.0037%	4h	0.2104	long leg	$41K	$23K	10x
01 Exchange ENAUSD	+0.0040%	1h	0.2104	+0.014%	$4K	$302	10x	as long as short
Backpack ENA_USDC_PERP	+0.0069%	1h	0.2106	+0.114%	$364K	$383K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2103	−0.029%	$53K	$525K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2102	−0.062%	$698K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	+0.021%	$1.5M	$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	0.2103	−0.017%	$412K	$548K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2103	−0.026%	$130.9M	$445.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2103	−0.029%	$86.0M	$187.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2104	+0.024%	$20.9M	$107.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	+0.347%	$16K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	+0.019%	$114K	$253K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2103	−0.024%	$10.9M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2105	+0.048%	$44.7M	$43.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	+0.071%	$24.3M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2103	−0.019%	$47.8M	$61.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2103	−0.014%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2109	+0.260%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	+0.604%	$242K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	+0.209%	$357K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.589%	$32K	$691K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2104	+0.029%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.139%	$1K	$846K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	+0.304%	$3K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2112	+0.395%	$273K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2109	+0.257%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	+0.626%	$93K	$4K	10x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2103	−0.032%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	+0.007%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0168%	1h	0.2105	+0.057%	$5.5M	$13.6M	10x	as long as short
Phoenix ENAshort	+0.0188%	1h	0.2117	+0.627%	$7K	$351K	10x
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2102	−0.063%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0253%	1h	0.2112	+0.380%	$2.6M	$4.9M	50x	as long as short
Extended ENA-USD	+0.0288%	1h	0.2103	−0.052%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	+1.369%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2104	+0.004%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0425%	1h	0.2107	+0.152%	$113.5M	$74.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2111	+0.347%	$829K	$1.7M	50x	as long as short