Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.008%

Price spread now: Phemex against Pacifica+0.069%7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$620.621% of the position

Long on Pacifica Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 3 days (all we have)+0.068%+$7 · spread now +0.069%, 7d avg +0.042%

Together, before fees+0.074%+ Points / potential airdropPacifica: Active · farm board+$7 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 0.027% dearer against Pacifica than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica ENA	0.2129	0.0100	pay 0.0013% / 1h	0m 50s	$416K	$530K	10x
Short	Phemex ENAUSDT	0.2130	0.0100	get 0.0050% / 4h	2h 00m	$1.9M	$9.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Pacifica. 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 PacificabpFee PhemexbpOrdersPrice spread, now +0.069%Rate

Funding earned: $0
Price spread: +0.069% → +0.042%: $2.71
Slippage, 4 orders: −$42.13
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$59.42
Costs to cover: 0.621%
Break-even: never at this rate

Slippage from Pacifica: live order book, 3 min ago; Phemex: live order book, 3 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 Pacifica live order book, 3 min ago	1.41 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	9.42 bp	22.6 bp −$23	69.3 bp −$693	doesn't fit	doesn't fit

ENA on 41 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	0.2130	+0.078%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2130	+0.046%	$87K	—	150x	as long as short
dYdX ENA-USD	+0.0011%	1h	0.2129	+0.024%	$141K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2129	+0.008%	$44K	$27K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.241%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2128	−0.025%	$54K	$506K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2128	−0.034%	$684K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2130	+0.062%	$1.5M	$3.3M	50x	as long as short
Pacifica ENAlong	+0.0100%	1h	0.2129	long leg	$416K	$530K	10x
Binance ENAUSDT	+0.0100%	4h	0.2127	−0.067%	$130.8M	$430.4M	75x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2127	−0.095%	$87.0M	$179.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2127	−0.081%	$20.9M	$104.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2116	−0.593%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2129	+0.022%	$79K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.894%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2128	−0.039%	$11.1M	$22.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2126	−0.100%	$45.6M	$44.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2129	+0.022%	$24.7M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2127	−0.053%	$48.4M	$59.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2127	−0.081%	—	$32.4M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2131	+0.097%	$384K	$369K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	+0.002%	$3.8M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	−0.267%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.204%	$361K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	−0.166%	$32K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2129	+0.008%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2078	−2.374%	$1K	$843K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2130	+0.069%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2132	+0.154%	$278K	$803K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2130	+0.069%	$1.9M	$9.0M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2129	+0.044%	$48K	$110	10x	as long as short
01 Exchange ENAUSD	+0.0104%	1h	0.2129	−0.001%	$4K	$302	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	+0.098%	$75K	$4K	3x	as long as short
Extended ENA-USD	+0.0152%	1h	0.2128	−0.042%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2116	−0.570%	$7K	$351K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2131	+0.101%	$2.7M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2130	+0.053%	$51K	—	100x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2128	−0.027%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0440%	1h	0.2132	+0.168%	$5.5M	$13.8M	10x	as long as short
Hyperliquid ENA	+0.0461%	1h	0.2131	+0.116%	$114.6M	$71.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2132	+0.177%	$838K	$1.6M	50x	as long as short