Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.007%

Price spread now: Phemex against Binance+0.098%7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$500.496% of the position

Long on Binance Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 4 days (all we have)+0.184%+$18 · spread now +0.098%, 7d avg +0.038%

Together, before fees+0.193%+$19 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 0.060% dearer against Binance than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2106	0.0100	pay 0.0050% / 4h	2h 27m	$127.7M	$417.8M	75x
Short	Phemex ENAUSDT	0.2108	0.0100	get 0.0050% / 4h	2h 27m	$1.8M	$8.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Binance. 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 BinancebpFee PhemexbpOrdersPrice spread, now +0.098%Rate

Funding earned: $0
Price spread: +0.098% → +0.038%: $6.01
Slippage, 4 orders: −$27.57
Fee Binance: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$43.56
Costs to cover: 0.496%
Break-even: never at this rate

Slippage from Binance: live order book, 16 min ago; Phemex: live order book, 6 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 Binance live order book, 16 min ago	0.24 bp	8.9 bp −$9	13.3 bp −$133	52.6 bp −$5,260	doesn't fit
Sell Phemex live order book, 6 min ago	4.73 bp	20.2 bp −$20	68.1 bp −$681	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
Orderly PERP_ENA_USDC	−0.0142%	4h	0.2109	+0.150%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2110	+0.179%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2109	+0.166%	$82K	—	150x	as long as short
Gate ENA_USDT	+0.0018%	4h	0.2106	+0.017%	$11.1M	$23.7M	50x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2107	+0.046%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.829%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2105	−0.044%	$57K	$467K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2105	−0.055%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2109	+0.154%	$653K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2108	+0.112%	$114.5M	$74.3M	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	0.2107	+0.037%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2106	+0.013%	$395K	$525K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2106	long leg	$127.7M	$417.8M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2106	−0.011%	$85.2M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	+0.122%	$21.1M	$103.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2117	+0.516%	$20K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2106	+0.003%	$78K	$276K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	+0.041%	$46.4M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2107	+0.046%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	−0.092%	$47.8M	$57.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2106	−0.016%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2111	+0.242%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2117	+0.541%	$243K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	+0.532%	$351K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	+0.573%	$19K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.222%	$188K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.214%	$1K	$871K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2108	+0.098%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.506%	$267K	$795K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2108	+0.098%	$1.8M	$8.9M	50x
Bulk ENA-USD	+0.0100%	1h	0.2118	+0.573%	$93K	−$0	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2105	−0.034%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2110	+0.178%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2115	+0.440%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0163%	1h	0.2109	+0.123%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0200%	1h	0.2107	+0.074%	$5.2M	$13.0M	10x	as long as short
dYdX ENA-USD	+0.0290%	1h	0.2108	+0.085%	$139K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2108	+0.117%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	+0.411%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	+0.187%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0585%	1h	0.2108	+0.098%	$357K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2123	+0.815%	$869K	$1.7M	50x	as long as short