Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.008%

Price spread now: Phemex against ApeX Omni−0.968%77s7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as 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−$790.789% of the position

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 3 days (all we have)+1.302%+$130 · spread now −0.968%, 7d avg +0.001%

Together, before fees+1.292%+$129 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.969% cheaper against ApeX Omni than usual: you would sell low and buy high, −$97 on $10k if it goes back to its 7-day average of +0.001%. 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	ApeX Omni ENAUSDT	0.2169	0.0100	pay 0.0013% / 1h	4m 18s	$33K	$686K	50x
Short	Phemex ENAUSDT	0.2148	0.0100	get 0.0050% / 4h	3h 04m	$1.9M	$9.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX Omni. 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now −0.968%Rate

Funding earned: $0
Price spread: −0.968% → +0.001%: −$96.92
Slippage, 4 orders: −$56.94
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$175.86
Costs to cover: 0.789%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 4 min ago; Phemex: 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 ApeX Omni live order book, 4 min ago	11.52 bp	20.7 bp −$21	140.9 bp −$1,409	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	6.93 bp	20.9 bp −$21	63.4 bp −$634	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2148	−0.954%	$80K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2151	−0.850%	$92K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0032%	4h	0.2148	−0.982%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.102%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2153	−0.738%	$53K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2152	−0.791%	$722K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2152	−0.786%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2155	−0.657%	$424K	$550K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2148	−0.961%	$134.3M	$441.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2145	−1.116%	$88.1M	$186.1M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2146	−1.065%	$21.2M	$109.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2160	−0.424%	$16K	$414K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2154	−0.692%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2167	−0.092%	$95K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2151	−0.844%	$10.9M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2152	−0.793%	$45.6M	$45.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2152	−0.779%	$24.8M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2147	−1.005%	$48.7M	$61.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2150	−0.871%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2148	−0.950%	$380K	$374K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2153	−0.749%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2166	−0.130%	$252K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2169	+0.020%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDTlong	+0.0100%	1h	0.2169	long leg	$33K	$686K	50x
Polymarket Perps ENA-USD	+0.0100%	1h	0.2152	−0.770%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2098	−3.283%	$827	$834K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2148	−0.968%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2154	−0.687%	$279K	$1.1M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2148	−0.968%	$1.9M	$9.4M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2155	−0.644%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2150	−0.858%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2157	−0.558%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0168%	1h	0.2154	−0.705%	$4K	$302	10x	as long as short
dYdX ENA-USD	+0.0217%	1h	0.2154	−0.685%	$142K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0232%	1h	0.2149	−0.904%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2151	−0.852%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2149	−0.904%	$5.7M	$2.0M	75x	as long as short
Extended ENA-USD	+0.0384%	1h	0.2148	−0.978%	$1.6M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2150	−0.858%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2162	−0.323%	$855K	$1.8M	50x	as long as short
Hyperliquid ENA	+0.0761%	1h	0.2154	−0.705%	$116.2M	$74.5M	10x	as long as short
Lighter ENA	+0.0776%	1h	0.2152	−0.779%	$5.9M	$13.2M	10x	as long as short