Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.002%

Price spread now: BingX against Phoenix−0.335%64s7-day average −0.139% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$470.466% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.097%−$10 on $10k

Price spread, last 4 days (all we have)−1.102%−$110 · spread now −0.335%, 7d avg −0.139%

Together, before fees−1.199%−$120 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 BingX is 0.197% cheaper against Phoenix than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.139%). Swap the legs. The two prices were read 64 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ENA	0.2119	0.0150	pay 0.0019% / 1h	10m 20s	$8K	$298K	10x
Short	BingX ENA-USDT	0.2112	0.0100	get 0.0050% / 4h	1h 10m	—	$32.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.335%Rate

Funding earned: −$10.51
Price spread: −0.335% → −0.139%: −$19.65
Slippage, 4 orders: −$29.6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$76.76
Costs to cover: 0.466%
Break-even: never at this rate

Slippage from Phoenix: live order book, 51 min ago; BingX: live order book, 8 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, 51 min ago	1.88 bp	16.7 bp −$17	59.6 bp −$596	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	0.94 bp	6.0 bp −$6	7.4 bp −$74	13.7 bp −$1,366	30.6 bp −$15.3K

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	−0.0035%	4h	0.2111	−0.368%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	−0.0034%	1h	0.2111	−0.354%	$79K	$1.3M	50x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2115	−0.156%	$4K	$302	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2112	−0.328%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.217%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2115	−0.179%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2114	−0.219%	$663K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2115	−0.198%	$113.9M	$71.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2115	−0.182%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2115	−0.169%	$413K	$506K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2112	−0.322%	$129.4M	$417.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2112	−0.345%	$86.4M	$175.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2112	−0.330%	$20.8M	$102.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.345%	$19K	$333K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2115	−0.179%	$78K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2120	+0.057%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2112	−0.311%	$11.1M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2113	−0.278%	$45.9M	$42.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2117	−0.109%	$24.7M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2110	−0.415%	$48.0M	$57.5M	75x	as long as short
BingX ENA-USDTshort	+0.0100%	4h	0.2112	−0.335%	—	$32.2M	—
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2117	−0.109%	$375K	$362K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	−0.300%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2119	−0.008%	$244K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2119	+0.009%	$357K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2119	+0.009%	$22K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2115	−0.170%	$188K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2064	−2.610%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2112	−0.321%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2116	−0.132%	$276K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	−0.132%	$1.9M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2115	−0.193%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2111	−0.380%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	−0.377%	$74K	$4K	3x	as long as short
Phoenix ENAlong	+0.0150%	1h	0.2119	long leg	$8K	$298K	10x
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2112	−0.335%	$51K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2113	−0.296%	$2.7M	$4.3M	50x	as long as short
Lighter ENA	+0.0312%	1h	0.2116	−0.151%	$5.3M	$13.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	−0.184%	$5.6M	$3.1M	75x	as long as short
dYdX ENA-USD	+0.0347%	1h	0.2115	−0.175%	$140K	$15K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2112	−0.326%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2115	−0.160%	$832K	$1.5M	50x	as long as short