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: MEXC against Phemex−0.005%7-day average −0.041% · you buy dearer than you sell

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

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

costs, in and out, $10k−$450.447% of the position

Long on Phemex Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)−0.219%−$22 · spread now −0.005%, 7d avg −0.041%

Together, before fees−0.229%−$23 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: MEXC is 0.036% dearer against Phemex than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2127	0.0100	pay 0.0050% / 4h	1h 20m	$1.8M	$8.8M	50x
Short	MEXC ENA_USDT	0.2127	0.0100	get 0.0050% / 4h	1h 20m	$37.9M	$42.9M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.005%Rate

Funding earned: $0
Price spread: −0.005% → −0.041%: $3.59
Slippage, 4 orders: −$32.71
Fee Phemex: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: −$41.12
Costs to cover: 0.447%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; MEXC: live order book, 4 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, 4 min ago	7.04 bp	19.0 bp −$19	70.4 bp −$704	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.23 bp	3.2 bp −$3	7.8 bp −$78	32.6 bp −$3,258	51.6 bp −$25.8K

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	−0.0113%	4h	0.2127	−0.024%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2130	+0.127%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	+0.005%	$55K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2127	+0.005%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.169%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2129	+0.094%	$54K	$483K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	+0.069%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2128	+0.054%	$564K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2132	+0.221%	$115.5M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2128	+0.050%	$1.4M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2129	+0.087%	$403K	$544K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2127	+0.018%	$128.8M	$428.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2124	−0.118%	$91.1M	$187.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2125	−0.099%	$21.3M	$108.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2126	−0.042%	$33K	$331K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2129	+0.094%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2128	+0.053%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	+0.019%	$12.5M	$26.6M	50x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2127	−0.005%	$37.9M	$42.9M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2130	+0.132%	$25.0M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2125	−0.085%	$48.2M	$60.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2127	−0.014%	—	$31.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2125	−0.109%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2130	+0.156%	$258K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2131	+0.199%	$356K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2132	+0.235%	$19K	$644K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2130	+0.118%	$186K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2079	−2.266%	$1K	$904K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	0.000%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2132	+0.230%	$267K	$820K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2127	long leg	$1.8M	$8.8M	50x
Extended ENA-USD	+0.0104%	1h	0.2126	−0.064%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	+0.017%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2133	+0.291%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0192%	1h	0.2129	+0.094%	$5.0M	$13.5M	10x	as long as short
dYdX ENA-USD	+0.0198%	1h	0.2127	+0.008%	$141K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2126	−0.052%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	−0.024%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2128	+0.032%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0443%	1h	0.2128	+0.060%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0478%	1h	0.2128	+0.042%	$395K	$437K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2135	+0.400%	$881K	$1.8M	50x	as long as short