Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0564%/8h= +61.8% APRpaid last 24h +0.146%

Price spread now: Coinbase International against Phemex+0.675%7-day average +0.116% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$940.943% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.478%+$48 on $10k

Price spread, last 3 days (all we have)−0.764%−$76 · spread now +0.675%, 7d avg +0.116%

Together, before fees−0.286%−$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Coinbase International is 0.559% dearer against Phemex than usual: you sell high and buy low: +$56 more if the spread goes back to its 7-day average of +0.116%.

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	1h 53m	$1.8M	$8.8M	50x
Short	Coinbase International ENA-PERP-INTX	0.2131	0.0664	get 0.0083% / 1h	53m 34s	$838K	$1.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.675%Rate

Funding earned: $118.44
Price spread: +0.675% → +0.116%: $55.94
Slippage, 4 orders: −$72.26
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $80.12
Costs to cover: 0.943%
Break-even: 2.3 days

Slippage from Phemex: live order book, 5 min ago; Coinbase International: live order book, 5 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	11.78 bp	21.1 bp −$21	76.8 bp −$768	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	10.59 bp	21.7 bp −$22	23.2 bp −$232	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	0.2119	+0.080%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2118	+0.033%	$87K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0025%	4h	0.2118	+0.028%	$44K	$27K	10x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2119	+0.076%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.302%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0049%	1h	0.2118	+0.037%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	0.000%	$54K	$500K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	−0.014%	$683K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2119	+0.076%	$113.9M	$71.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2118	+0.032%	$1.5M	$3.3M	50x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2117	0.000%	$414K	$519K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2118	+0.042%	$130.3M	$426.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2117	+0.019%	$86.7M	$177.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2118	+0.043%	$20.8M	$103.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2121	+0.170%	$19K	$383K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	+0.047%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	0.000%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2117	−0.005%	$11.1M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	−0.014%	$45.5M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2118	+0.047%	$24.6M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2116	−0.047%	$48.2M	$58.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2117	0.000%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2128	+0.520%	$3.8M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2119	+0.078%	$247K	$7.4M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	−0.133%	$360K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2115	−0.094%	$32K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	+0.028%	$182K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2068	−2.329%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2118	+0.047%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.288%	$276K	$787K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2117	long leg	$1.8M	$8.8M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	+0.023%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2118	+0.047%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0136%	1h	0.2116	−0.045%	$1.6M	$4.1M	50x	as long as short
Lighter ENA	+0.0144%	1h	0.2119	+0.076%	$5.5M	$13.6M	10x	as long as short
Phoenix ENA	+0.0188%	1h	0.2121	+0.184%	$7K	$298K	10x	as long as short
Backpack ENA_USDC_PERP	+0.0249%	1h	0.2118	+0.052%	$380K	$359K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2118	+0.036%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2119	+0.104%	$2.7M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	−0.005%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0664%	1h	0.2131	+0.675%	$838K	$1.6M	50x