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% APRnext payment +$0.00 per $10,000 · paid last 24h +0.008%

Price spread now: edgeX against Phemex−0.197%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$710.706% of the position

Long on Phemex Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 3 days (all we have)−0.434%−$43 · spread now −0.197%, 7d avg −0.020%

Together, before fees−0.421%+ Points / potential airdropedgeX: Active · farm board−$42 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: edgeX is 0.177% cheaper against Phemex than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2094	0.0100	pay 0.0050% / 4h	1h 44m	$1.9M	$9.2M	50x
Short	edgeX ENAUSDC	0.2090	0.0100	get 0.0050% / 4h	1h 44m	$248K	$7.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.197%Rate

Funding earned: $0
Price spread: −0.197% → −0.020%: −$17.69
Slippage, 4 orders: −$49.64
Fee Phemex: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$88.33
Costs to cover: 0.706%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; edgeX: live order book, 4 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, 4 min ago	2.39 bp	17.7 bp −$18	64.5 bp −$645	doesn't fit	doesn't fit
Sell edgeX live order book, 4 min ago	14.34 bp	18.8 bp −$19	20.4 bp −$204	51.8 bp −$5,177	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	−0.0071%	4h	0.2095	+0.062%	$40K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0049%	1h	0.2098	+0.181%	$362K	$482K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	+0.124%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2096	+0.098%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.404%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2097	+0.133%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0080%	1h	0.2099	+0.263%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	+0.048%	$59K	$539K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2096	+0.095%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2094	+0.014%	$657K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2097	+0.129%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2098	+0.183%	$406K	$582K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2098	+0.188%	$129.2M	$461.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2098	+0.172%	$87.2M	$192.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	+0.239%	$20.3M	$112.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.253%	$21K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	+0.287%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2090	−0.187%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2098	+0.191%	$10.5M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	+0.191%	$45.1M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2098	+0.181%	$24.0M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	+0.138%	$47.5M	$65.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2099	+0.229%	—	$32.9M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.241%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2090	−0.197%	$248K	$7.8M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2088	−0.287%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2089	−0.239%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	+0.129%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.330%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	+0.096%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2098	+0.191%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2094	long leg	$1.9M	$9.2M	50x
Aevo ENA-PERP	+0.0104%	1h	0.2096	+0.096%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2092	−0.096%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0223% / S −0.0369%	1h	0.2096	+0.099%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0264%	1h	0.2098	+0.177%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2096	+0.110%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	+0.068%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0488%	1h	0.2100	+0.267%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0541%	1h	0.2100	+0.282%	$110.7M	$79.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	+0.134%	$801K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1890%	1h	0.2096	+0.100%	$138K	$15K	5x	as long as short