Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.007%

Price spread now: KuCoin against Phemex−0.061%50s7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$690.685% of the position

Long on Phemex Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 4 days (all we have)−0.109%−$11 · spread now −0.061%, 7d avg −0.019%

Together, before fees−0.152%−$15 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: KuCoin is 0.042% cheaper against Phemex than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.019%. The two prices were read 50 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	Phemex ENAUSDT	0.2115	0.0100	pay 0.0050% / 4h	51m 26s	$1.8M	$8.8M	50x
Short	KuCoin ENAUSDTM	0.2114	0.0100	get 0.0050% / 4h	51m 26s	$24.7M	$15.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.061%Rate

Funding earned: $0
Price spread: −0.061% → −0.019%: −$4.23
Slippage, 4 orders: −$44.5
Fee Phemex: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$72.73
Costs to cover: 0.685%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; KuCoin: live order book, 7 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, 3 min ago	7.12 bp	16.2 bp −$16	79.7 bp −$797	doesn't fit	doesn't fit
Sell KuCoin live order book, 7 min ago	2.38 bp	17.1 bp −$17	28.0 bp −$280	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	−0.0099%	4h	0.2112	−0.151%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2113	−0.085%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2113	−0.104%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	−0.106%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.397%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2115	−0.009%	$5.0M	$13.6M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.142%	$55K	$480K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.154%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2112	−0.149%	$559K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2115	−0.009%	$114.6M	$74.9M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2114	−0.037%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2112	−0.125%	$400K	$541K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2113	−0.080%	$128.2M	$425.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2110	−0.217%	$90.5M	$187.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2112	−0.137%	$21.1M	$107.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2105	−0.492%	$33K	$312K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2113	−0.095%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2103	−0.544%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2113	−0.090%	$12.6M	$26.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2113	−0.080%	$38.4M	$42.3M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2114	−0.061%	$24.7M	$15.6M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2110	−0.227%	$47.8M	$59.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2113	−0.113%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2116	+0.057%	$382K	$458K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.848%	$3.0M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.424%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2105	−0.489%	$363K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2105	−0.473%	$19K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	−0.095%	$182K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−2.742%	$1K	$903K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2113	−0.095%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	−0.180%	$265K	$818K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2115	long leg	$1.8M	$8.8M	50x
Extended ENA-USD	+0.0104%	1h	0.2111	−0.176%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2112	−0.118%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0149%	1h	0.2113	−0.073%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2108	−0.336%	$8K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2112	−0.159%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2105	−0.478%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2112	−0.147%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2106	−0.426%	$869K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.1129%	1h	0.2111	−0.175%	$139K	$16K	5x	as long as short