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: Paradex against Phemex−0.128%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Paradex

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: Paradex is 0.128% cheaper against Phemex than usual: you would sell low and buy high, −$13 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	Phemex ENAUSDT	0.2093	0.0100	pay 0.0050% / 4h	1h 23m	$1.9M	$9.2M	50x
Short	Paradex ENA-USD-PERP	0.2090	0.0100	get 0.0100% / 8h	1h 23m	$47K	$221	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.128%Rate

Funding earned: $0
Price spread: −0.128% → 0.000%: −$12.78
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$28.79
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Paradex: no order-book sample. 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 Phemex live order book, 5 min ago	4.78 bp	18.4 bp −$18	65.8 bp −$658	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

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
Backpack ENA_USDC_PERP	−0.0072%	1h	0.2094	+0.057%	$361K	$447K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0055%	4h	0.2093	−0.005%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2094	+0.024%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2092	−0.066%	$100K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.452%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2095	+0.105%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2092	−0.048%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2090	−0.128%	$47K	$221	10x
Nado ENA-PERP	+0.0100%	1h	0.2091	−0.088%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2092	−0.056%	$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	0.2092	−0.062%	$405K	$578K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2092	−0.053%	$129.0M	$456.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2091	−0.076%	$87.1M	$191.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	−0.043%	$20.1M	$111.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.014%	$15K	$401K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2093	0.000%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2088	−0.215%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2092	−0.067%	$10.4M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2092	−0.043%	$45.7M	$46.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2093	+0.014%	$23.8M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2090	−0.129%	$47.3M	$64.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2092	−0.053%	—	$32.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.177%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.021%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	+0.048%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2094	+0.048%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2092	−0.048%	$181K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2044	−2.332%	$723	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2094	+0.048%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2098	+0.253%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2093	long leg	$1.9M	$9.2M	50x
Aevo ENA-PERP	+0.0104%	1h	0.2093	+0.023%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2091	−0.076%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0128%	1h	0.2093	+0.014%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0236% / S −0.0401%	1h	0.2094	+0.062%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0312%	1h	0.2091	−0.074%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	+0.105%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2091	−0.080%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0504%	1h	0.2094	+0.062%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2092	−0.048%	$804K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0578%	1h	0.2095	+0.100%	$110.6M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1957%	1h	0.2091	−0.091%	$138K	$15K	5x	as long as short