Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0024%/8h= −2.7% APRpaid last 24h +0.003%

Price spread now: Phoenix against HTX−0.133%72s7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as 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−$890.887% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.098%+$10 on $10k

Price spread, last 4 days (all we have)−0.530%−$53 · spread now −0.133%, 7d avg +0.007%

Together, before fees−0.432%−$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.141% cheaper against HTX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.007%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.098%, so the current rate has only just turned against you. The two prices were read 72 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	HTX ENA-USDT	0.2099	0.0100	pay 0.0050% / 4h	41m 56s	$271K	$795K	50x
Short	Phoenix ENA	0.2097	0.0076	get 0.0009% / 1h	41m 56s	$8K	$266K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now −0.133%Rate

Funding earned: −$5.09
Price spread: −0.133% → +0.007%: −$14.08
Slippage, 4 orders: −$69.68
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$107.84
Costs to cover: 0.887%
Break-even: never at this rate

Slippage from HTX: live order book, 42 min ago; Phoenix: live order book, 14 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 HTX live order book, 42 min ago	11.52 bp	31.9 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 14 min ago	1.90 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
Backpack ENA_USDC_PERP	−0.0325%	1h	0.2098	−0.067%	$364K	$390K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2094	−0.276%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0063%	4h	0.2096	−0.162%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	−0.119%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2097	−0.114%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.148%	$522	$57K	5.5x	as long as short
Phoenix ENAshort	+0.0076%	1h	0.2097	−0.133%	$8K	$266K	10x
Lighter ENA	+0.0096%	1h	0.2099	−0.029%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2094	−0.252%	$55K	$501K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	−0.222%	$47K	$110	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	0.2094	−0.238%	$661K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2099	−0.005%	$111.7M	$73.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2097	−0.091%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2096	−0.165%	$408K	$500K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2098	−0.047%	$128.1M	$415.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2098	−0.071%	$85.1M	$175.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	−0.014%	$20.8M	$102.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.305%	$20K	$311K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2089	−0.491%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.072%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	−0.110%	$11.0M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	−0.052%	$45.6M	$41.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	−0.019%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	−0.143%	$47.8M	$57.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2098	−0.071%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.090%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.284%	$241K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.204%	$347K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	−0.205%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	−0.138%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2046	−2.563%	$901	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2097	−0.110%	$4K	$7K	10x	as long as short
HTX ENA-USDTlong	+0.0100%	4h	0.2099	long leg	$271K	$795K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2097	−0.110%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2097	−0.119%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	−0.127%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0133%	1h	0.2095	−0.218%	$138K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0245%	1h	0.2098	−0.073%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2097	−0.123%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	−0.205%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	−0.186%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2090	−0.438%	$851K	$1.5M	50x	as long as short