Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.004%

Price spread now: Bybit against Phemex+0.099%7-day average −0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$580.582% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.048%−$5 on $10k

Price spread, last 4 days (all we have)−0.698%−$70 · spread now +0.099%, 7d avg −0.074%

Together, before fees−0.746%−$75 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: Bybit is 0.173% dearer against Phemex than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.074%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2117	0.0100	pay 0.0050% / 4h	2h 05m	$1.9M	$9.0M	50x
Short	Bybit ENAUSDT	0.2119	0.0100	get 0.0050% / 4h	2h 05m	$86.3M	$186.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.099%Rate

Funding earned: $0
Price spread: +0.099% → −0.074%: $17.33
Slippage, 4 orders: −$35.19
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$40.86
Costs to cover: 0.582%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Bybit: live order book, 2 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, 6 min ago	7.10 bp	18.8 bp −$19	69.5 bp −$695	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.24 bp	9.7 bp −$10	17.8 bp −$178	61.9 bp −$6,190	doesn't fit

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
Kraken Futures PF_ENAUSD	−0.0242%	1h	0.2119	+0.077%	$2.6M	$4.2M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0181%	4h	0.2115	−0.113%	$44K	$14K	10x	as long as short
01 Exchange ENAUSD	−0.0144%	1h	0.2119	+0.118%	$4K	$169	10x	as long as short
Bitget ENAUSDT	−0.0040%	4h	0.2118	+0.033%	$47.7M	$57.6M	75x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2119	+0.076%	$90K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2118	+0.037%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0026%	1h	0.2122	+0.231%	$734	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2121	+0.208%	$5.0M	$13.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.236%	$57K	$390K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2120	+0.129%	$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	0.2113	−0.184%	$587K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2120	+0.142%	$114.3M	$78.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	+0.128%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2120	+0.134%	$390K	$534K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2120	+0.132%	$127.6M	$411.2M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2119	+0.099%	$86.3M	$186.4M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2120	+0.128%	$21.1M	$102.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	−0.279%	$27K	$331K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	+0.142%	$79K	$237K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2114	−0.118%	$103K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2120	+0.123%	$13.8M	$27.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2120	+0.123%	$42.3M	$43.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2120	+0.151%	$24.9M	$15.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2119	+0.118%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2110	−0.332%	$3.0M	$8.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2111	−0.292%	$245K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2111	−0.283%	$352K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2112	−0.236%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	−0.128%	$167K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.612%	$1K	$921K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2118	+0.047%	$6K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	0.000%	$264K	$785K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2117	long leg	$1.9M	$9.0M	50x
Extended ENA-USD	+0.0104%	1h	0.2119	+0.084%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2117	+0.024%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0112%	1h	0.2113	−0.184%	$13K	$306K	10x	as long as short
dYdX ENA-USD	+0.0138%	1h	0.2113	−0.186%	$140K	$15K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0756%	1h	0.2118	+0.065%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	−0.085%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2112	−0.232%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0496%	1h	0.2120	+0.161%	$785K	$1.9M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0563%	1h	0.2119	+0.085%	$409K	$473K	5x	as long as short