Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Phemex against Paradex−0.084%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.084% cheaper against Paradex than usual: you would sell low and buy high, −$8 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ENA-USD-PERP	0.2128	0.0100	pay 0.0100% / 8h	40m 00s	$48K	$221	10x
Short	Phemex ENAUSDT	0.2126	0.0100	get 0.0050% / 4h	40m 00s	$2.0M	$9.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Paradex. 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 ParadexbpFee PhemexbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$0.01
Price spread: −0.084% → 0.000%: −$8.42
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$24.43
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Phemex: live order book, 4 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 Paradex no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	7.06 bp	23.5 bp −$23	74.7 bp −$747	doesn't fit	doesn't fit

Paradex: 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
Orderly PERP_ENA_USDC	−0.0023%	4h	0.2126	−0.070%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	−0.014%	$93K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2128	+0.006%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.206%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0090%	1h	0.2128	+0.029%	$376K	$448K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2128	+0.010%	$64K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2128	+0.031%	$684K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2127	−0.047%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2128	+0.031%	$412K	$567K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2125	−0.117%	$131.4M	$454.5M	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	0.2125	−0.127%	$89.3M	$190.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2125	−0.117%	$20.6M	$112.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2126	−0.103%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2130	+0.104%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2129	+0.057%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2128	+0.010%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2125	−0.122%	$46.9M	$45.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2127	−0.037%	$24.4M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	−0.173%	$48.2M	$64.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2125	−0.112%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	+0.061%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	−0.115%	$253K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	−0.131%	$358K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	−0.084%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	+0.019%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.429%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	−0.037%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2131	+0.146%	$277K	$1.5M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2126	−0.084%	$2.0M	$9.2M	50x
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2128	long leg	$48K	$221	10x
Aevo ENA-PERP	+0.0104%	1h	0.2127	−0.042%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.061%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2129	+0.076%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2129	+0.051%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2128	−0.012%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0320%	1h	0.2125	−0.125%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.005%	$5.6M	$7.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2128	−0.012%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.184%	$842K	$2.1M	50x	as long as short
Lighter ENA	+0.0616%	1h	0.2130	+0.104%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0859%	1h	0.2131	+0.160%	$114.5M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1741%	1h	0.2128	+0.016%	$141K	$15K	5x	as long as short