Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0053%/8h= +5.8% APRpaid last 24h +0.001%

Price spread now: Phoenix against edgeX+0.167%115s7-day average +0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as 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−$560.564% of the position

Long on edgeX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.101%+$10 on $10k

Price spread, last 4 days (all we have)+0.154%+$15 · spread now +0.167%, 7d avg +0.083%

Together, before fees+0.254%+ Points / potential airdropedgeX: Active · farm board+$25 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 0.084% dearer against edgeX than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.083%. The two prices were read 115 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	edgeX ENAUSDC	0.2172	0.0100	pay 0.0050% / 4h	1h 55m	$256K	$7.0M	20x
Short	Phoenix ENA	0.2175	0.0153	get 0.0019% / 1h	55m 38s	$8K	$259K	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 +0.167%Rate

Funding earned: $11.03
Price spread: +0.167% → +0.083%: $8.41
Slippage, 4 orders: −$40.36
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$36.92
Costs to cover: 0.564%
Break-even: 30.4 days

Slippage from edgeX: live order book, 3 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 edgeX live order book, 3 min ago	6.87 bp	11.4 bp −$11	12.8 bp −$128	47.5 bp −$4,747	doesn't fit
Sell Phoenix live order book, 50 min ago	1.89 bp	16.8 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
Orderly PERP_ENA_USDC	−0.0142%	4h	0.2170	−0.081%	$45K	$26K	10x	as long as short
dYdX ENA-USD	0.0000%	1h	0.2164	−0.332%	$143K	$16K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2170	−0.068%	$67K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2171	−0.027%	$84K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2160	−0.533%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.218%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2160	−0.533%	$57K	$481K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2172	+0.013%	$575K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2165	−0.289%	$117.4M	$76.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2162	−0.463%	$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	0.2163	−0.376%	$406K	$532K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2161	−0.496%	$130.8M	$427.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2160	−0.523%	$86.4M	$180.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2162	−0.459%	$21.7M	$109.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2183	+0.536%	$21K	$326K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2160	−0.533%	$80K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2172	+0.017%	$95K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2160	−0.546%	$12.4M	$25.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2161	−0.482%	$48.2M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2165	−0.298%	$25.1M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2158	−0.639%	$49.1M	$59.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2160	−0.514%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2170	−0.064%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDClong	+0.0100%	4h	0.2172	long leg	$256K	$7.0M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2175	+0.158%	$363K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2179	+0.342%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2172	+0.029%	$208K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2117	−2.499%	$976	$895K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2164	−0.348%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2176	+0.195%	$272K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2165	−0.302%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2161	−0.508%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2159	−0.567%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2170	−0.063%	$76K	$4K	3x	as long as short
Lighter ENA	+0.0120%	1h	0.2164	−0.330%	$5.2M	$13.3M	10x	as long as short
Phoenix ENAshort	+0.0153%	1h	0.2175	+0.167%	$8K	$259K	10x
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2171	−0.023%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2176	+0.204%	$5.7M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2171	−0.038%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0435%	1h	0.2166	−0.268%	$2.7M	$4.3M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2175	+0.135%	$894K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0717%	1h	0.2166	−0.252%	$396K	$424K	5x	as long as short