Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.013%

Price spread now: Phemex against 01 Exchange+0.019%7-day average — · you sell dearer than you buy

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

Long on 01 Exchange Short on Phemex

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—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange ENAUSD	0.2095	0	get 0.0000% / 1h	36m 56s	$4K	$277	10x
Short	Phemex ENAUSDT	0.2095	0.0100	get 0.0050% / 4h	36m 56s	$1.8M	$8.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against 01 Exchange. 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 01 ExchangebpFee PhemexbpOrdersPrice spread, now +0.019%Rate

Funding earned: $21
Price spread: +0.019% → 0.000%: $1.91
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $3.91
Costs to cover: 0.190%
Break-even: 5.7 days

Slippage unknown: 01 Exchange: no order-book sample; Phemex: live order book, 2 min ago. 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	9.52 bp	19.0 bp −$19	75.0 bp −$750	doesn't fit	doesn't fit

01 Exchange: 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
Orderly PERP_ENA_USDC	−0.0095%	4h	0.2094	−0.010%	$43K	$17K	10x	as long as short
01 Exchange ENAUSDlong	0.0000%	1h	0.2095	long leg	$4K	$277	10x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	+0.024%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2095	+0.007%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.375%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2097	+0.124%	$4.9M	$13.8M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2094	−0.029%	$55K	$478K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2097	+0.112%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2095	+0.005%	$557K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2098	+0.148%	$113.8M	$74.9M	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	0.2097	+0.120%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2097	+0.129%	$404K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2097	+0.110%	$127.4M	$425.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2095	+0.038%	$89.7M	$187.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2096	+0.086%	$21.0M	$106.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	+0.616%	$38K	$318K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2096	+0.067%	$77K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2096	+0.054%	$91K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	+0.119%	$12.7M	$27.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2097	+0.129%	$39.1M	$42.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2098	+0.177%	$24.7M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	+0.048%	$47.6M	$59.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2097	+0.119%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2098	+0.158%	$406K	$492K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2106	+0.556%	$3.0M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2099	+0.203%	$253K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2100	+0.248%	$362K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2109	+0.687%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2095	+0.033%	$185K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.263%	$1K	$905K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2095	+0.019%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.220%	$264K	$817K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2095	+0.019%	$1.8M	$8.8M	50x
Extended ENA-USD	+0.0104%	1h	0.2096	+0.071%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	+0.009%	$73K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0150%	1h	0.2096	+0.052%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2108	+0.659%	$8K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2094	−0.008%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2094	−0.024%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2094	−0.017%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2099	+0.234%	$868K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0803%	1h	0.2096	+0.081%	$138K	$16K	5x	as long as short