Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0015%/8h= +1.7% APRpaid last 24h +0.013%

Price spread now: Phoenix against Paradex−0.467%46s7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Phoenix

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 pays, the price is against you. Phoenix is 0.467% cheaper against Paradex than usual: you would sell low and buy high (spread −0.467% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$47 on $10k: about 3 months of funding at the current rate ($0 a day). The two prices were read 46 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	Paradex ENA-USD-PERP	0.2108	0.0100	pay 0.0100% / 8h	1h 08m	$47K	$221	10x
Short	Phoenix ENA	0.2098	0.0115	get 0.0014% / 1h	8m 25s	$5K	$356K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.467%Rate

Funding earned: $3.18
Price spread: −0.467% → 0.000%: −$46.66
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$54.48
Costs to cover: 0.110%
Break-even: 126.9 days

Slippage unknown: Paradex: no order-book sample; Phoenix: live order book, 8 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 Phoenix live order book, 8 min ago	1.91 bp	16.6 bp −$17	51.7 bp −$517	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	−0.0041%	4h	0.2107	−0.073%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0018%	1h	0.2110	+0.069%	$372K	$447K	5x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2107	−0.078%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.719%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2109	+0.022%	$2.7M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	−0.106%	$62K	$531K	50x	as long as short
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2108	long leg	$47K	$221	10x
Nado ENA-PERP	+0.0100%	1h	0.2106	−0.111%	$662K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2108	−0.006%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2108	−0.011%	$408K	$575K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2107	−0.050%	$130.0M	$454.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2106	−0.120%	$87.8M	$190.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2105	−0.135%	$20.4M	$111.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2099	−0.457%	$15K	$397K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	−0.011%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	−0.426%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2107	−0.035%	$10.5M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2105	−0.144%	$46.7M	$47.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2106	−0.092%	$24.0M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2106	−0.111%	$47.6M	$64.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2108	−0.021%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.525%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	−0.491%	$249K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−0.594%	$350K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.580%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	−0.092%	$177K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2053	−2.606%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2108	−0.011%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2104	−0.192%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2107	−0.059%	$2.0M	$9.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	−0.035%	$77K	$11K	3x	as long as short
Phoenix ENAshort	+0.0115%	1h	0.2098	−0.467%	$5K	$356K	10x
Deribit ENA_USDC-PERPETUAL	+0.0130%	1h	0.2108	−0.002%	$92K	$1.8M	50x	as long as short
01 Exchange ENAUSD	+0.0144%	1h	0.2107	−0.040%	$4K	$312	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0246% / S −0.0424%	1h	0.2105	−0.149%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2103	−0.253%	$5.5M	$8.0M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2107	−0.077%	$1.6M	$4.1M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2105	−0.151%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0552%	1h	0.2111	+0.112%	$5.7M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2100	−0.386%	$827K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0587%	1h	0.2109	+0.017%	$111.3M	$78.5M	10x	as long as short
dYdX ENA-USD	+0.1988%	1h	0.2107	−0.073%	$139K	$15K	5x	as long as short