ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0113%/8h= −12.4% APRnext payment −$0.14 per $10,000 · paid last 24h −0.033%

Price spread now: Deribit against Phoenix−0.109%70s7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as 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−$510.506% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.236%−$24 on $10k

Price spread, last 4 days (all we have)+0.611%+$61 · spread now −0.109%, 7d avg −0.051%

Together, before fees+0.375%+$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit 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 −0.051%). Swap the legs. The two prices were read 70 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	0.2102	0.0113	pay 0.0014% / 1h	24m 12s	$8K	$274K	10x
Short	Deribit ENA_USDC-PERPETUAL	0.2100	0	get 0.0000% / 1h	24m 12s	$73K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.109%Rate

Funding earned: −$23.82
Price spread: −0.109% → −0.051%: −$5.83
Slippage, 4 orders: −$36.6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$80.25
Costs to cover: 0.506%
Break-even: never at this rate

Slippage from Phoenix: live order book, 26 min ago; Deribit: live order book, 5 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, 26 min ago	1.89 bp	16.8 bp −$17	59.5 bp −$595	doesn't fit	doesn't fit
Sell Deribit live order book, 5 min ago	3.32 bp	10.1 bp −$10	16.7 bp −$167	doesn't fit	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
Backpack ENA_USDC_PERP	−0.0114%	1h	0.2100	−0.124%	$358K	$402K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0111%	4h	0.2099	−0.147%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2100	−0.109%	$73K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2101	−0.089%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2101	−0.052%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.994%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2101	−0.071%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	−0.101%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2101	−0.062%	$653K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2101	−0.069%	$1.4M	$3.2M	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	0.2101	−0.059%	$400K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2100	−0.109%	$127.3M	$413.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2100	−0.138%	$84.9M	$174.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2098	−0.195%	$20.9M	$103.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2109	+0.285%	$22K	$334K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2102	−0.024%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.214%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2098	−0.200%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2100	−0.138%	$45.5M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2101	−0.076%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	−0.290%	$47.6M	$57.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2098	−0.214%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2100	−0.130%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2102	−0.008%	$241K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2107	+0.206%	$349K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	−0.024%	$20K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2101	−0.057%	$191K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2050	−2.497%	$943	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	−0.119%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2105	+0.138%	$272K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2100	−0.119%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2099	−0.178%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2100	−0.138%	$73K	$4K	3x	as long as short
Phoenix ENAlong	+0.0113%	1h	0.2102	long leg	$8K	$274K	10x
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2101	−0.067%	$2.6M	$4.3M	50x	as long as short
Hyperliquid ENA	+0.0188%	1h	0.2100	−0.105%	$114.1M	$74.0M	10x	as long as short
Lighter ENA	+0.0200%	1h	0.2102	0.000%	$5.2M	$13.3M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2101	−0.084%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.033%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2100	−0.121%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2107	+0.219%	$862K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1103%	1h	0.2101	−0.081%	$139K	$15K	5x	as long as short