Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.006%

Price spread now: Phemex against OKX−0.371%7-day average +0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$610.609% of the position

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 3 days (all we have)+0.632%+$63 · spread now −0.371%, 7d avg +0.055%

Together, before fees+0.696%+$70 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.427% cheaper against OKX than usual: you would sell low and buy high, −$43 on $10k if it goes back to its 7-day average of +0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ENA-USDT-SWAP	0.2154	0.0100	pay 0.0050% / 4h	3h 04m	$21.2M	$110.3M	50x
Short	Phemex ENAUSDT	0.2146	0.0100	get 0.0050% / 4h	3h 04m	$1.9M	$9.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against OKX. 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 OKXbpFee PhemexbpOrdersPrice spread, now −0.371%Rate

Funding earned: $0
Price spread: −0.371% → +0.055%: −$42.66
Slippage, 4 orders: −$38.86
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$103.52
Costs to cover: 0.609%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Phemex: live order book, 4 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 OKX live order book, 4 min ago	0.23 bp	15.0 bp −$15	27.2 bp −$272	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	6.93 bp	20.9 bp −$21	63.4 bp −$634	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2148	−0.283%	$80K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2149	−0.254%	$92K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0032%	4h	0.2148	−0.279%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.421%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2149	−0.232%	$52K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2148	−0.258%	$713K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2148	−0.288%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2151	−0.127%	$424K	$550K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2154	+0.012%	$134.7M	$441.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2153	−0.046%	$88.4M	$186.1M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2154	long leg	$21.2M	$110.3M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2160	+0.269%	$16K	$414K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2152	−0.093%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2167	+0.604%	$95K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2153	−0.060%	$10.9M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2154	0.000%	$45.6M	$45.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2150	−0.176%	$24.8M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2153	−0.042%	$48.8M	$61.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2154	−0.014%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2148	−0.260%	$380K	$374K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2153	−0.058%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2166	+0.566%	$252K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2169	+0.717%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2169	+0.696%	$33K	$686K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2149	−0.232%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2095	−2.730%	$945	$834K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2147	−0.325%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2152	−0.088%	$279K	$1.1M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2146	−0.371%	$1.9M	$9.4M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2150	−0.163%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2147	−0.308%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2157	+0.135%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0168%	1h	0.2150	−0.172%	$4K	$302	10x	as long as short
dYdX ENA-USD	+0.0200%	1h	0.2153	−0.056%	$142K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0232%	1h	0.2148	−0.257%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2148	−0.275%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2149	−0.214%	$5.7M	$2.0M	75x	as long as short
Extended ENA-USD	+0.0368%	1h	0.2152	−0.106%	$1.6M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2148	−0.293%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2162	+0.371%	$855K	$1.8M	50x	as long as short
Hyperliquid ENA	+0.0766%	1h	0.2157	+0.144%	$116.4M	$74.4M	10x	as long as short
Lighter ENA	+0.0776%	1h	0.2158	+0.195%	$5.9M	$13.2M	10x	as long as short