Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.007%

Price spread now: Bulk against Phemex−0.001%7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$560.561% of the position

Long on Phemex Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.784%−$78 · spread now −0.001%, 7d avg +0.024%

Together, before fees−0.775%−$78 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: Bulk is 0.025% cheaper against Phemex than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2112	0.0100	pay 0.0050% / 4h	1h 56m	$1.9M	$8.9M	50x
Short	Bulk ENA-USD	0.2112	0.0100	get 0.0013% / 1h	56m 39s	$103K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Phemex. 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 PhemexbpFee BulkbpOrdersPrice spread, now −0.001%Rate

Funding earned: $0
Price spread: −0.001% → +0.024%: −$2.53
Slippage, 4 orders: −$37.12
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$58.64
Costs to cover: 0.561%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Bulk: live order book, 55 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 Phemex live order book, 5 min ago	7.13 bp	22.1 bp −$22	78.7 bp −$787	doesn't fit	doesn't fit
Sell Bulk live order book, 55 min ago	2.38 bp	5.9 bp −$6	9.5 bp −$95	20.0 bp −$2,000	67.6 bp −$33.8K

ENA on 42 exchanges

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	−0.0182%	4h	0.2112	0.000%	$44K	$14K	10x	as long as short
01 Exchange ENAUSD	−0.0168%	1h	0.2110	−0.071%	$4K	$60	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0132%	1h	0.2113	+0.034%	$2.6M	$4.1M	50x	as long as short
Bitget ENAUSDT	−0.0042%	4h	0.2109	−0.118%	$47.5M	$56.7M	75x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2113	+0.062%	$105K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	+0.051%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+0.469%	$734	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2114	+0.104%	$5.0M	$12.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2111	−0.047%	$57K	$390K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	−0.052%	$47K	—	10x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2111	−0.069%	$586K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2113	+0.043%	$114.0M	$78.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2113	+0.054%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2112	−0.010%	$389K	$527K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2112	+0.002%	$127.1M	$408.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2111	−0.052%	$86.7M	$185.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2110	−0.071%	$20.9M	$100.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	+0.161%	$27K	$333K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2112	0.000%	$79K	$236K	10x	as long as short
Bulk ENA-USDshort	+0.0100%	1h	0.2112	−0.001%	$103K	$11K	10x
Gate ENA_USDT	+0.0100%	4h	0.2112	−0.014%	$13.7M	$26.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2112	+0.005%	$42.4M	$40.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2113	+0.062%	$25.0M	$15.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2112	−0.005%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2105	−0.352%	$3.0M	$8.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	−0.352%	$244K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	+0.142%	$362K	$4.4M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.189%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	−0.028%	$167K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.382%	$1K	$919K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2112	0.000%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.237%	$265K	$782K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2112	long leg	$1.9M	$8.9M	50x
Extended ENA-USD	+0.0104%	1h	0.2110	−0.085%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	+0.071%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0112%	1h	0.2115	+0.142%	$13K	$278K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0756%	1h	0.2113	+0.056%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2113	+0.028%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2110	−0.079%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0480%	1h	0.2120	+0.384%	$781K	$1.9M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0586%	1h	0.2113	+0.033%	$406K	$474K	5x	as long as short
dYdX ENA-USD	+0.0600%	1h	0.2112	+0.021%	$140K	$15K	5x	as long as short