ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0076%/8h= +8.3% APRnext payment +$0.09 per $10,000 · paid last 24h +0.048%

Price spread now: Phoenix against Deribit+0.211%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$510.508% of the position

Long on Deribit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.253%+$25 on $10k

Price spread, last 3 days (all we have)−0.963%−$96 · spread now +0.211%, 7d avg +0.044%

Together, before fees−0.710%−$71 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.167% dearer against Deribit than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2086	0	get 0.0000% / 1h	6m 26s	$92K	$1.8M	50x
Short	Phoenix ENA	0.2090	0.0076	get 0.0009% / 1h	6m 26s	$5K	$394K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Deribit. 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 DeribitbpFee PhoenixbpOrdersPrice spread, now +0.211%Rate

Funding earned: $15.91
Price spread: +0.211% → +0.044%: $16.68
Slippage, 4 orders: −$36.77
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$18.18
Costs to cover: 0.508%
Break-even: 15.0 days

Slippage from Deribit: live order book, 3 min ago; Phoenix: live order book, 15 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 Deribit live order book, 3 min ago	5.02 bp	8.5 bp −$9	16.9 bp −$169	doesn't fit	doesn't fit
Sell Phoenix live order book, 15 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	−0.0286%	1h	0.2081	−0.206%	$359K	$483K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0079%	4h	0.2081	−0.201%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2081	−0.240%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2086	long leg	$92K	$1.8M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2081	−0.232%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.812%	$522	$57K	5.5x	as long as short
Phoenix ENAshort	+0.0076%	1h	0.2090	+0.211%	$5K	$394K	10x
Gate ENA_USDT	+0.0090%	4h	0.2080	−0.273%	$10.4M	$21.8M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2080	−0.269%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2080	−0.273%	$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	0.2080	−0.257%	$652K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2081	−0.219%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2081	−0.218%	$403K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2080	−0.246%	$128.0M	$464.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2081	−0.230%	$86.4M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2082	−0.192%	$20.1M	$112.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2088	+0.110%	$20K	$412K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2081	−0.221%	$81K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	+0.060%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2080	−0.249%	$45.1M	$49.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2081	−0.211%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2079	−0.292%	$47.0M	$65.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2080	−0.249%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2085	−0.005%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	+0.240%	$248K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2091	+0.262%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2090	+0.211%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2081	−0.225%	$191K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2037	−2.345%	$1K	$811K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2085	−0.029%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2093	+0.350%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2084	−0.077%	$1.9M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2085	−0.029%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0105%	1h	0.2086	+0.030%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2080	−0.268%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0164%	1h	0.2080	−0.248%	$50K	—	100x	as long as short
Lighter ENA	+0.0304%	1h	0.2083	−0.120%	$5.6M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2089	+0.144%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0340%	1h	0.2083	−0.117%	$109.8M	$80.2M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2080	−0.252%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2089	+0.144%	$798K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5075%	1h	0.2081	−0.233%	$137K	$15K	5x	as long as short