Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0053%/8h= −5.8% APRpaid last 24h −0.001%

Price spread now: Binance against Phoenix−0.166%7-day average −0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$500.502% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 4 days (all we have)−0.054%−$5 · spread now −0.166%, 7d avg −0.108%

Together, before fees−0.176%−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Binance is 0.058% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.108%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ENA	0.2115	0.0153	pay 0.0019% / 1h	31m 20s	$8K	$278K	10x
Short	Binance ENAUSDT	0.2112	0.0100	get 0.0050% / 4h	2h 31m	$128.0M	$417.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now −0.166%Rate

Funding earned: −$11.03
Price spread: −0.166% → −0.108%: −$5.81
Slippage, 4 orders: −$33.24
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$67.08
Costs to cover: 0.502%
Break-even: never at this rate

Slippage from Phoenix: live order book, 14 min ago; Binance: live order book, 12 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 Phoenix live order book, 14 min ago	1.89 bp	16.8 bp −$17	59.4 bp −$594	doesn't fit	doesn't fit
Sell Binance live order book, 12 min ago	0.24 bp	7.7 bp −$8	17.7 bp −$177	62.8 bp −$6,275	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	−0.0144%	4h	0.2112	−0.175%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2112	−0.137%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2112	−0.160%	$82K	—	150x	as long as short
Gate ENA_USDT	+0.0012%	4h	0.2112	−0.170%	$11.1M	$23.7M	50x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2114	−0.038%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.388%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2111	−0.199%	$57K	$467K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2113	−0.091%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.104%	$655K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2114	−0.047%	$114.8M	$74.3M	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	0.2113	−0.124%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	−0.066%	$397K	$525K	10x	as long as short
Binance ENAUSDTshort	+0.0100%	4h	0.2112	−0.166%	$128.0M	$417.7M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2112	−0.170%	$85.4M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2113	−0.113%	$21.2M	$104.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	+0.118%	$20K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2114	−0.057%	$79K	$276K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2112	−0.165%	$46.7M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2113	−0.118%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2111	−0.194%	$47.9M	$57.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2112	−0.151%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2122	+0.304%	$3.1M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	−0.097%	$242K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	−0.078%	$351K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2114	−0.057%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2112	−0.132%	$188K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.534%	$1K	$871K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2112	−0.151%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.350%	$268K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2114	−0.057%	$1.8M	$8.9M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2118	+0.132%	$93K	−$0	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2111	−0.185%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2112	−0.166%	$74K	$4K	3x	as long as short
Phoenix ENAlong	+0.0153%	1h	0.2115	long leg	$8K	$278K	10x
Kraken Futures PF_ENAUSD	+0.0163%	1h	0.2113	−0.101%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0208%	1h	0.2116	+0.043%	$5.2M	$13.0M	10x	as long as short
dYdX ENA-USD	+0.0294%	1h	0.2115	−0.033%	$140K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0358%	1h	0.2111	−0.190%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2114	−0.076%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2112	−0.162%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0597%	1h	0.2113	−0.109%	$358K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2131	+0.738%	$872K	$1.7M	50x	as long as short