Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0089%/8h= +9.7% APRpaid last 24h +0.010%

Price spread now: Phoenix against edgeX−0.014%7-day average +0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$570.565% of the position

Long on edgeX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.088%+$9 on $10k

Price spread, last 3 days (all we have)+0.335%+$33 · spread now −0.014%, 7d avg +0.081%

Together, before fees+0.423%+ Points / potential airdropedgeX: Active · farm board+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.095% cheaper against edgeX than usual: you would sell low and buy high (spread −0.014% now, against its 7-day average of +0.081%). If the spread goes back, that is −$9 on $10k: about 3.6 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.088% in total) that is about 7.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ENAUSDC	0.2124	0.0100	pay 0.0050% / 4h	3h 55m	$246K	$7.5M	20x
Short	Phoenix ENA	0.2124	0.0189	get 0.0024% / 1h	55m 16s	$7K	$347K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against edgeX. 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 edgeXbpFee PhoenixbpOrdersPrice spread, now −0.014%Rate

Funding earned: $18.59
Price spread: −0.014% → +0.081%: −$9.49
Slippage, 4 orders: −$40.53
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$47.43
Costs to cover: 0.565%
Break-even: 24.9 days

Slippage from edgeX: live order book, 4 min ago; Phoenix: live order book, 16 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 edgeX live order book, 4 min ago	7.06 bp	11.6 bp −$12	13.1 bp −$131	43.7 bp −$4,374	doesn't fit
Sell Phoenix live order book, 16 min ago	1.88 bp	16.7 bp −$17	51.7 bp −$517	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	−0.0122%	1h	0.2125	+0.057%	$378K	$418K	5x	as long as short
dYdX ENA-USD	0.0000%	1h	0.2121	−0.143%	$140K	$15K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2119	−0.225%	$94K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2120	−0.200%	$104K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0015%	4h	0.2119	−0.249%	$41K	$24K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.042%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	−0.202%	$63K	$525K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2119	−0.230%	$681K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2121	−0.155%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2120	−0.207%	$411K	$560K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2120	−0.188%	$131.6M	$448.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2120	−0.221%	$89.2M	$188.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2119	−0.230%	$20.6M	$110.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	+0.010%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2121	−0.155%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+0.081%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2119	−0.225%	$10.8M	$20.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2120	−0.183%	$46.3M	$44.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2121	−0.150%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2118	−0.296%	$48.1M	$63.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2120	−0.207%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2122	−0.128%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDClong	+0.0100%	4h	0.2124	long leg	$246K	$7.5M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.014%	$359K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	−0.014%	$34K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2121	−0.169%	$176K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2070	−2.551%	$1K	$828K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2119	−0.249%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2126	+0.076%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2124	−0.014%	$2.0M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2119	−0.236%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2124	+0.007%	$76K	$3K	3x	as long as short
Phoenix ENAshort	+0.0189%	1h	0.2124	−0.014%	$7K	$347K	10x
01 Exchange ENAUSD	+0.0216%	1h	0.2120	−0.188%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0235%	1h	0.2121	−0.139%	$2.7M	$5.2M	50x	as long as short
Extended ENA-USD	+0.0248%	1h	0.2118	−0.289%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2120	−0.200%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2123	−0.047%	$5.6M	$4.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2119	−0.242%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2127	+0.146%	$840K	$1.9M	50x	as long as short
Lighter ENA	+0.0624%	1h	0.2122	−0.108%	$5.6M	$12.5M	10x	as long as short
Hyperliquid ENA	+0.0721%	1h	0.2123	−0.051%	$114.5M	$78.4M	10x	as long as short