Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.008%

Price spread now: Phemex against Arcus−0.047%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$800.805% of the position

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.009%−$1 on $10k

Price spread, last 3 days (all we have)+0.169%+$17 · spread now −0.047%, 7d avg +0.005%

Together, before fees+0.160%+$16 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 0.052% cheaper against Arcus than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus ENA-USD	0.2119	0.0100	pay 0.0013% / 1h	54m 59s	$78K	$288K	10x
Short	Phemex ENAUSDT	0.2118	0.0100	get 0.0050% / 4h	1h 54m	$1.8M	$8.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Arcus. 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 ArcusbpFee PhemexbpOrdersPrice spread, now −0.047%Rate

Funding earned: $0
Price spread: −0.047% → +0.005%: −$5.22
Slippage, 4 orders: −$63.95
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$85.67
Costs to cover: 0.805%
Break-even: never at this rate

Slippage from Arcus: live order book, 8 min ago; Phemex: live order book, 4 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 Arcus live order book, 8 min ago	7.05 bp	19.0 bp −$19	32.1 bp −$321	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	11.78 bp	30.1 bp −$30	73.3 bp −$733	doesn't fit	doesn't fit

ENA on 41 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	0.2117	−0.080%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2118	−0.050%	$87K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0026%	4h	0.2116	−0.142%	$44K	$27K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.208%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0040%	1h	0.2119	+0.009%	$4K	$302	10x	as long as short
dYdX ENA-USD	+0.0073%	1h	0.2119	+0.016%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	−0.094%	$54K	$501K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2118	−0.052%	$684K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2122	+0.151%	$114.1M	$71.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2121	+0.080%	$1.5M	$3.3M	50x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2119	+0.010%	$414K	$519K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2120	+0.028%	$130.4M	$427.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2118	−0.038%	$86.7M	$178.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2118	−0.042%	$20.9M	$103.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2121	+0.076%	$19K	$383K	5x	as long as short
Arcus ENA-USDlong	+0.0100%	1h	0.2119	long leg	$78K	$288K	10x
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.094%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2120	+0.028%	$11.1M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2121	+0.080%	$45.5M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	+0.160%	$24.7M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2120	+0.028%	$48.3M	$58.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2119	+0.014%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2128	+0.425%	$3.8M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2115	−0.188%	$247K	$7.4M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	−0.228%	$360K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2115	−0.189%	$32K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	−0.047%	$182K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2068	−2.416%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2118	−0.047%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.184%	$276K	$787K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2118	−0.047%	$1.8M	$8.8M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	−0.054%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2117	−0.071%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0136%	1h	0.2121	+0.085%	$1.6M	$4.1M	50x	as long as short
Lighter ENA	+0.0152%	1h	0.2122	+0.132%	$5.5M	$13.6M	10x	as long as short
Phoenix ENA	+0.0188%	1h	0.2121	+0.090%	$7K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2118	−0.036%	$50K	—	100x	as long as short
Backpack ENA_USDC_PERP	+0.0266%	1h	0.2120	+0.071%	$381K	$359K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2119	+0.005%	$2.7M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	−0.115%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2131	+0.580%	$838K	$1.6M	50x	as long as short