Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.008%

Price spread now: ApeX Omni against Phemex+0.188%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$940.935% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 3 days (all we have)−0.438%−$44 · spread now +0.188%, 7d avg +0.005%

Together, before fees−0.428%−$43 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: ApeX Omni is 0.183% dearer against Phemex than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2127	0.0100	pay 0.0050% / 4h	2h 17m	$1.9M	$9.2M	50x
Short	ApeX Omni ENAUSDT	0.2131	0.0100	get 0.0013% / 1h	17m 33s	$32K	$655K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Phemex. 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 PhemexbpFee ApeX OmnibpOrdersPrice spread, now +0.188%Rate

Funding earned: $0
Price spread: +0.188% → +0.005%: $18.3
Slippage, 4 orders: −$71.52
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$75.21
Costs to cover: 0.935%
Break-even: never at this rate

Slippage from Phemex: live order book, 1 min ago; ApeX Omni: live order book, 51 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 Phemex live order book, 1 min ago	9.39 bp	30.5 bp −$30	80.3 bp −$803	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 51 min ago	11.52 bp	20.5 bp −$21	146.8 bp −$1,468	doesn't fit	doesn't fit

ENA on 41 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	0.2129	+0.080%	$79K	$1.5M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2126	−0.032%	$91K	—	150x	as long as short
dYdX ENA-USD	+0.0014%	1h	0.2127	+0.007%	$141K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.169%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0036%	4h	0.2129	+0.071%	$44K	$28K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	−0.141%	$54K	$515K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	−0.148%	$683K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2127	+0.009%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2126	−0.024%	$415K	$543K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2124	−0.118%	$131.6M	$442.7M	75x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2124	−0.160%	$87.1M	$186.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2125	−0.108%	$20.9M	$107.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2129	+0.080%	$19K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2125	−0.094%	$78K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2135	+0.353%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2125	−0.080%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2125	−0.103%	$45.2M	$44.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2125	−0.113%	$24.6M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2123	−0.202%	$48.3M	$60.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2125	−0.113%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2127	+0.014%	$380K	$385K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2130	+0.162%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2131	+0.203%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2131	+0.191%	$357K	$4.8M	10x	as long as short
ApeX Omni ENAUSDTshort	+0.0100%	1h	0.2131	+0.188%	$32K	$655K	50x
Polymarket Perps ENA-USD	+0.0100%	1h	0.2124	−0.118%	$182K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2078	−2.318%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2129	+0.094%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.348%	$275K	$864K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2127	long leg	$1.9M	$9.2M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	−0.042%	$48K	$110	10x	as long as short
01 Exchange ENAUSD	+0.0104%	1h	0.2125	−0.099%	$4K	$302	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2129	+0.077%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2126	−0.047%	$7K	$351K	10x	as long as short
Extended ENA-USD	+0.0216%	1h	0.2123	−0.175%	$1.6M	$4.1M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2130	+0.147%	$2.7M	$4.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2131	+0.176%	$51K	—	100x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2123	−0.187%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0416%	1h	0.2128	+0.052%	$5.5M	$13.7M	10x	as long as short
Hyperliquid ENA	+0.0491%	1h	0.2127	0.000%	$114.9M	$72.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2136	+0.418%	$837K	$1.7M	50x	as long as short