Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0013%/8h= −1.5% APRpaid last 24h −0.001%

Price spread now: MEXC against Phoenix−0.459%77s7-day average −0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as 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−$380.382% of the position

Long on Phoenix Short on MEXC

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)+0.235%+$23 · spread now −0.459%, 7d avg −0.114%

Together, before fees+0.113%+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and MEXC is 0.345% cheaper against Phoenix than usual: you would sell low and buy high (−$34 if the spread goes back to its 7-day average of −0.114%). Swap the legs. The two prices were read 77 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	0.2113	0.0113	pay 0.0014% / 1h	47m 58s	$8K	$274K	10x
Short	MEXC ENA_USDT	0.2103	0.0100	get 0.0050% / 4h	3h 47m	$45.8M	$40.9M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.459%Rate

Funding earned: −$2.82
Price spread: −0.459% → −0.114%: −$34.5
Slippage, 4 orders: −$31.25
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$75.57
Costs to cover: 0.382%
Break-even: never at this rate

Slippage from Phoenix: live order book, 3 min ago; MEXC: live order book, 1 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, 3 min ago	1.89 bp	16.8 bp −$17	59.5 bp −$595	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	0.24 bp	1.7 bp −$2	10.8 bp −$108	38.1 bp −$3,805	62.7 bp −$31.4K

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	−0.0253%	1h	0.2104	−0.440%	$361K	$402K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0085%	4h	0.2103	−0.487%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2104	−0.445%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2104	−0.442%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.487%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0072%	1h	0.2106	−0.336%	$4K	$277	10x	as long as short
Gate ENA_USDT	+0.0084%	4h	0.2103	−0.478%	$11.1M	$22.2M	50x	as long as short
Lighter ENA	+0.0096%	1h	0.2106	−0.345%	$5.2M	$13.2M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2105	−0.383%	$56K	$464K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2108	−0.263%	$47K	$110	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2106	−0.324%	$656K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	−0.411%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2107	−0.268%	$401K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2104	−0.435%	$127.9M	$415.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2104	−0.431%	$85.0M	$175.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2106	−0.355%	$21.0M	$103.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	−0.303%	$20K	$329K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	−0.289%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	+0.106%	$93K	$4K	10x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2103	−0.459%	$45.8M	$40.9M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	−0.383%	$24.9M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2103	−0.487%	$47.8M	$57.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2103	−0.464%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2110	−0.129%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2114	+0.033%	$244K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2116	+0.135%	$355K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	+0.232%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	−0.341%	$177K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2055	−2.754%	$1K	$852K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2103	−0.478%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2110	−0.137%	$273K	$793K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2104	−0.431%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2104	−0.449%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2103	−0.461%	$74K	$4K	3x	as long as short
Phoenix ENAlong	+0.0113%	1h	0.2113	long leg	$8K	$274K	10x
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2104	−0.416%	$2.6M	$4.3M	50x	as long as short
dYdX ENA-USD	+0.0298%	1h	0.2108	−0.258%	$139K	$15K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2103	−0.467%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2107	−0.279%	$5.6M	$3.0M	75x	as long as short
Hyperliquid ENA	+0.0381%	1h	0.2106	−0.322%	$114.8M	$74.0M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2104	−0.414%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2112	−0.076%	$863K	$1.7M	50x	as long as short