Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.021%

Price spread now: gTrade (Gains Network) against Phemex+0.063%7-day average −0.028% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$354as in the Price arb table

costs, in and out, $10k−$3633.633% of the position

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.081%−$8 on $10k

Price spread, last 3 days (all we have)−0.232%−$23 · spread now +0.063%, 7d avg −0.028%

Together, before fees−0.313%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.090% dearer against Phemex than usual: you sell high and buy low (spread +0.063% now, against its 7-day average of −0.028%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2126	0.0100	pay 0.0050% / 4h	43m 52s	$2.0M	$9.2M	50x
Short	gTrade (Gains Network) ENA/USD	0.2127	L +0.0003% / S −0.0003%	get 0.0000% / 1h	43m 52s	$106K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.063%Rate

Funding earned: −$20.27
Price spread: +0.063% → −0.028%: $9.01
Slippage, 4 orders: −$341.28
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$374.54
Costs to cover: 3.633%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; gTrade (Gains Network): virtual book (oracle venue), 40 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	9.41 bp	18.9 bp −$19	64.7 bp −$647	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 40 min ago	130.03 bp	135.0 bp −$135	748.2 bp −$7,482	doesn't fit	doesn't fit

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	−0.0027%	4h	0.2126	−0.014%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	+0.042%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USDshort	L +0.0003% / S −0.0003%	1h	0.2127	+0.063%	$106K	—	150x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.122%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0090%	1h	0.2127	+0.042%	$375K	$448K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2127	+0.047%	$64K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2126	−0.009%	$684K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2126	+0.019%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2123	−0.143%	$411K	$567K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2125	−0.028%	$131.4M	$455.0M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2125	−0.066%	$89.0M	$191.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2124	−0.071%	$20.6M	$112.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	−0.085%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2124	−0.094%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2125	−0.025%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2126	+0.009%	$10.9M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2126	+0.005%	$47.0M	$45.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2127	+0.047%	$24.5M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	−0.089%	$48.1M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2125	−0.052%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2126	−0.020%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.111%	$253K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.162%	$355K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2128	+0.094%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	+0.075%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2074	−2.422%	$1K	$823K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2126	0.000%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	+0.405%	$277K	$1.5M	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2126	long leg	$2.0M	$9.2M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2122	−0.203%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	+0.040%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.146%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2127	+0.056%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2127	+0.066%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2127	+0.056%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2125	−0.028%	$5.6M	$7.0M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2125	−0.059%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2126	+0.022%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2135	+0.400%	$843K	$2.1M	50x	as long as short
Lighter ENA	+0.0632%	1h	0.2130	+0.165%	$5.7M	$12.8M	10x	as long as short
Hyperliquid ENA	+0.0861%	1h	0.2130	+0.165%	$114.4M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1746%	1h	0.2125	−0.062%	$140K	$15K	5x	as long as short