Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.007%

Price spread now: Phemex against Pacifica+0.096%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$490.490% of the position

Long on Pacifica Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.007%+$1 on $10k

Price spread, last 4 days (all we have)+0.041%+$4 · spread now +0.096%, 7d avg +0.033%

Together, before fees+0.048%+ Points / potential airdropPacifica: Active · farm board+$5 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 0.063% dearer against Pacifica than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica ENA	0.2105	0.0100	pay 0.0013% / 1h	18m 40s	$406K	$563K	10x
Short	Phemex ENAUSDT	0.2107	0.0100	get 0.0050% / 4h	18m 40s	$1.8M	$8.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Pacifica. 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 PacificabpFee PhemexbpOrdersPrice spread, now +0.096%Rate

Funding earned: $0
Price spread: +0.096% → +0.033%: $6.31
Slippage, 4 orders: −$28.96
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$42.65
Costs to cover: 0.490%
Break-even: never at this rate

Slippage from Pacifica: live order book, 20 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 Pacifica live order book, 20 min ago	1.19 bp	7.2 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	2.39 bp	16.8 bp −$17	60.1 bp −$601	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	−0.0088%	4h	0.2106	+0.034%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2107	+0.082%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2105	+0.024%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2107	+0.082%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.875%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	+0.048%	$53K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2105	+0.009%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2104	−0.035%	$562K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2106	+0.067%	$114.2M	$74.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2105	+0.017%	$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 ENAlong	+0.0100%	1h	0.2105	long leg	$406K	$563K	10x
Binance ENAUSDT	+0.0100%	4h	0.2105	+0.002%	$128.1M	$425.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2104	−0.047%	$90.3M	$187.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2106	+0.058%	$21.0M	$106.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	+0.105%	$33K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2106	+0.048%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2105	+0.001%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2106	+0.048%	$12.8M	$27.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2105	−0.009%	$39.2M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2106	+0.029%	$24.8M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	−0.061%	$47.8M	$59.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2105	+0.020%	—	$31.4M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2108	+0.148%	$408K	$486K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.361%	$3.0M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	−0.451%	$253K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2099	−0.284%	$354K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2099	−0.284%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	+0.044%	$181K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2055	−2.370%	$1K	$908K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	+0.096%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.272%	$266K	$814K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2107	+0.096%	$1.8M	$8.9M	50x
Lighter ENA	+0.0104%	1h	0.2107	+0.077%	$5.0M	$13.9M	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2104	−0.031%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	+0.079%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0149%	1h	0.2107	+0.111%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2104	−0.037%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2106	+0.070%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2104	−0.028%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2104	−0.027%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2098	−0.336%	$867K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0958%	1h	0.2105	+0.025%	$139K	$16K	5x	as long as short