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 +0.024%

Price spread now: Phoenix against Bitget+0.124%89s7-day average +0.174% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as 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−$550.550% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 3 days (all we have)+0.161%+$16 · spread now +0.124%, 7d avg +0.174%

Together, before fees+0.264%+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.049% cheaper against Bitget than usual: you would sell low and buy high (spread +0.124% now, against its 7-day average of +0.174%). If the spread goes back, that is −$5 on $10k: about 11 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.103% in total) that is about 3.4 days. The two prices were read 89 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	Bitget ENAUSDT	0.2092	0.0100	pay 0.0050% / 4h	1h 31m	$47.3M	$65.2M	75x
Short	Phoenix ENA	0.2095	0.0115	get 0.0014% / 1h	31m 56s	$5K	$356K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.124%Rate

Funding earned: $3.18
Price spread: +0.124% → +0.174%: −$4.93
Slippage, 4 orders: −$36.01
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$56.77
Costs to cover: 0.550%
Break-even: 132.0 days

Slippage from Bitget: live order book, 2 min ago; Phoenix: live order book, 50 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, 2 min ago	0.72 bp	10.9 bp −$11	18.5 bp −$185	47.3 bp −$4,728	doesn't fit
Sell Phoenix live order book, 50 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	−0.0081%	1h	0.2093	+0.029%	$361K	$461K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0064%	4h	0.2091	−0.062%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2091	−0.038%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2091	−0.045%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.501%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2093	+0.041%	$2.6M	$5.6M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2092	0.000%	$61K	$537K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2092	+0.012%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2091	−0.031%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2093	+0.059%	$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	0.2092	+0.020%	$405K	$581K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2092	+0.020%	$128.9M	$457.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2093	+0.043%	$87.0M	$191.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2094	+0.086%	$20.2M	$112.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2091	−0.053%	$15K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2093	+0.048%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.279%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2092	−0.005%	$10.4M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	+0.091%	$45.2M	$46.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2092	+0.019%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2092	long leg	$47.3M	$65.2M	75x
BingX ENA-USDC	+0.0100%	4h	0.2092	+0.005%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2091	−0.057%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2092	−0.004%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	+0.040%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2093	+0.048%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2091	−0.043%	$184K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2041	−2.462%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	−0.048%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2095	+0.139%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2091	−0.048%	$1.9M	$9.2M	50x	as long as short
01 Exchange ENAUSD	+0.0104%	1h	0.2093	+0.043%	$4K	$432	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2092	−0.024%	$77K	$11K	3x	as long as short
Phoenix ENAshort	+0.0115%	1h	0.2095	+0.124%	$5K	$356K	10x
GMX ENA/USD [ETH-USDC]	L +0.0231% / S −0.0389%	1h	0.2091	−0.071%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0288%	1h	0.2093	+0.050%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2094	+0.110%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−0.098%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0504%	1h	0.2094	+0.100%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0567%	1h	0.2096	+0.172%	$110.7M	$79.6M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2096	+0.191%	$806K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1910%	1h	0.2093	+0.044%	$138K	$15K	5x	as long as short