Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0015%/8h= +1.7% APRpaid last 24h +0.013%

Price spread now: Phoenix against Binance−0.162%7-day average +0.107% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

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

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.125%+$12 on $10k

Price spread, last 3 days (all we have)+0.400%+$40 · spread now −0.162%, 7d avg +0.107%

Together, before fees+0.525%+$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.269% cheaper against Binance than usual: you would sell low and buy high (spread −0.162% now, against its 7-day average of +0.107%). If the spread goes back, that is −$27 on $10k: about 59 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.125% in total) that is about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2095	0.0100	pay 0.0050% / 4h	1h 20m	$129.2M	$455.9M	75x
Short	Phoenix ENA	0.2091	0.0115	get 0.0014% / 1h	20m 43s	$5K	$356K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.162%Rate

Funding earned: $3.18
Price spread: −0.162% → +0.107%: −$26.89
Slippage, 4 orders: −$32.61
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$73.32
Costs to cover: 0.496%
Break-even: 168.4 days

Slippage from Binance: live order book, 8 min ago; Phoenix: live order book, 61 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, 8 min ago	0.24 bp	6.6 bp −$7	11.9 bp −$119	49.6 bp −$4,957	doesn't fit
Sell Phoenix live order book, 61 min ago	1.90 bp	16.9 bp −$17	51.9 bp −$519	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
Backpack ENA_USDC_PERP	−0.0060%	1h	0.2096	+0.043%	$362K	$447K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0052%	4h	0.2094	−0.014%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	+0.020%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2095	+0.010%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.366%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2097	+0.101%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	+0.010%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	+0.024%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2096	+0.074%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2095	+0.031%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2096	+0.072%	$405K	$578K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2095	long leg	$129.2M	$455.9M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2094	−0.038%	$87.1M	$191.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	+0.005%	$20.2M	$111.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.100%	$15K	$401K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	+0.105%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2088	−0.300%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2095	+0.010%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	−0.019%	$45.8M	$46.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	+0.058%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2093	−0.086%	$47.3M	$64.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2094	−0.019%	—	$32.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.263%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.106%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	−0.038%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2094	−0.038%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	+0.053%	$179K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.382%	$968	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2095	+0.010%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2098	+0.148%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2094	−0.038%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	+0.029%	$77K	$11K	3x	as long as short
Phoenix ENAshort	+0.0115%	1h	0.2091	−0.162%	$5K	$356K	10x
01 Exchange ENAUSD	+0.0128%	1h	0.2097	+0.125%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0238% / S −0.0406%	1h	0.2095	+0.008%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0328%	1h	0.2094	−0.048%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	+0.010%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2094	−0.022%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0512%	1h	0.2098	+0.134%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	+0.129%	$806K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0579%	1h	0.2098	+0.148%	$110.7M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1960%	1h	0.2096	+0.036%	$138K	$15K	5x	as long as short