Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.003%

Price spread now: Phemex against Bitget+0.014%7-day average +0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$620.623% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 3 days (all we have)+0.641%+$64 · spread now +0.014%, 7d avg +0.112%

Together, before fees+0.645%+$65 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 0.097% cheaper against Bitget than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.112%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ENAUSDT	0.2090	0.0100	pay 0.0050% / 4h	2h 11m	$47.3M	$66.0M	75x
Short	Phemex ENAUSDT	0.2090	0.0100	get 0.0050% / 4h	2h 11m	$1.9M	$9.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now +0.014%Rate

Funding earned: $0
Price spread: +0.014% → +0.112%: −$9.73
Slippage, 4 orders: −$38.27
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$72
Costs to cover: 0.623%
Break-even: never at this rate

Slippage from Bitget: live order book, 8 min ago; Phemex: live order book, 3 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 Bitget live order book, 8 min ago	0.48 bp	11.6 bp −$12	18.2 bp −$182	47.2 bp −$4,719	doesn't fit
Sell Phemex live order book, 3 min ago	7.17 bp	19.8 bp −$20	63.5 bp −$635	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	−0.0289%	1h	0.2092	+0.096%	$361K	$483K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2088	−0.086%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2088	−0.100%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2089	−0.038%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2087	−0.107%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.613%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0062%	4h	0.2091	+0.048%	$10.4M	$21.7M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	+0.230%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2086	−0.177%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2087	−0.151%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2086	−0.172%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2089	−0.054%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2087	−0.151%	$404K	$593K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2091	+0.055%	$128.9M	$465.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2090	+0.024%	$87.2M	$193.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2091	+0.081%	$20.2M	$113.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.014%	$19K	$423K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2087	−0.129%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	−0.136%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2091	+0.067%	$45.5M	$49.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2091	+0.072%	$24.0M	$16.5M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2090	long leg	$47.3M	$66.0M	75x
BingX ENA-USDC	+0.0100%	4h	0.2091	+0.048%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2096	+0.323%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	+0.378%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2091	+0.062%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2098	+0.397%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2088	−0.100%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2038	−2.484%	$1K	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2088	−0.081%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2097	+0.345%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2090	+0.014%	$1.9M	$9.3M	50x
Aevo ENA-PERP	+0.0104%	1h	0.2089	−0.040%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2089	−0.014%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0184%	1h	0.2087	−0.111%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0163%	1h	0.2087	−0.130%	$50K	—	100x	as long as short
Lighter ENA	+0.0304%	1h	0.2092	+0.086%	$5.6M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2087	−0.139%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0350%	1h	0.2094	+0.187%	$110.4M	$80.8M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2086	−0.170%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2090	−0.005%	$800K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5465%	1h	0.2087	−0.146%	$138K	$15K	5x	as long as short