Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.007%

Price spread now: Phemex against Paradex+0.063%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.063% dearer against Paradex than usual: you sell high and buy low, +$6 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ENA-USD-PERP	0.2120	0.0100	pay 0.0100% / 8h	1h 26m	$47K	$110	10x
Short	Phemex ENAUSDT	0.2121	0.0100	get 0.0050% / 4h	1h 26m	$1.8M	$8.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Paradex. 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 ParadexbpFee PhemexbpOrdersPrice spread, now +0.063%Rate

Funding earned: $0.08
Price spread: +0.063% → 0.000%: $6.33
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$9.59
Costs to cover: 0.160%
Break-even: 896.8 days

Slippage unknown: Paradex: no order-book sample; Phemex: live order book, 2 min ago. Net counts fees only.

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 Paradex no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	9.45 bp	23.1 bp −$23	66.3 bp −$663	doesn't fit	doesn't fit

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0117%	4h	0.2120	+0.026%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2121	+0.077%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2122	+0.087%	$55K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2116	−0.166%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.177%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2122	+0.110%	$53K	$483K	50x	as long as short
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2120	long leg	$47K	$110	10x
Nado ENA-PERP	+0.0100%	1h	0.2120	+0.016%	$561K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2123	+0.172%	$114.9M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2122	+0.128%	$1.4M	$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	0.2121	+0.060%	$402K	$544K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2122	+0.095%	$128.4M	$429.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2120	−0.003%	$89.4M	$186.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	+0.110%	$21.2M	$108.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2122	+0.101%	$33K	$330K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	+0.016%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.102%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2122	+0.087%	$12.4M	$26.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2122	+0.106%	$37.6M	$42.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	+0.110%	$24.9M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	−0.007%	$48.0M	$60.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2121	+0.073%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	−0.027%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2120	+0.008%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2121	+0.080%	$350K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	−0.078%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	+0.120%	$186K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.300%	$1K	$904K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	+0.063%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.417%	$267K	$820K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2121	+0.063%	$1.8M	$8.8M	50x
Extended ENA-USD	+0.0104%	1h	0.2120	+0.035%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	+0.094%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2119	−0.055%	$8K	$276K	10x	as long as short
dYdX ENA-USD	+0.0184%	1h	0.2121	+0.040%	$140K	$16K	5x	as long as short
Lighter ENA	+0.0184%	1h	0.2124	+0.186%	$5.0M	$13.5M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2121	+0.085%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2121	+0.082%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	−0.137%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0444%	1h	0.2122	+0.131%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0547%	1h	0.2122	+0.120%	$394K	$437K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2127	+0.323%	$877K	$1.8M	50x	as long as short