Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.007%

Price spread now: Paradex against Phemex−0.229%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.229% cheaper against Phemex than usual: you would sell low and buy high, −$23 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2135	0.0100	pay 0.0050% / 4h	3h 01m	$1.9M	$9.4M	50x
Short	Paradex ENA-USD-PERP	0.2130	0.0100	get 0.0100% / 8h	7h 01m	$48K	$110	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.229%Rate

Funding earned: $0.08
Price spread: −0.229% → 0.000%: −$22.87
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$38.8
Costs to cover: 0.160%
Break-even: 3528.2 days

Slippage unknown: Phemex: live order book, 3 min ago; Paradex: no order-book sample. Net counts fees only.

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	7.02 bp	22.5 bp −$23	80.1 bp −$801	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2137	+0.089%	$80K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2126	−0.430%	$91K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0032%	4h	0.2124	−0.496%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.543%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2131	−0.187%	$52K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2132	−0.150%	$714K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2131	−0.200%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2134	−0.045%	$420K	$550K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2127	−0.362%	$132.6M	$442.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2125	−0.478%	$87.2M	$186.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2125	−0.450%	$21.0M	$108.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2153	+0.852%	$17K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2134	−0.047%	$106K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2167	+1.499%	$95K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2130	−0.248%	$10.8M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2130	−0.220%	$45.2M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2132	−0.141%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2129	−0.276%	$48.3M	$61.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2126	−0.436%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2135	+0.009%	$378K	$378K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2153	+0.831%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2140	+0.241%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2148	+0.610%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2138	+0.141%	$33K	$687K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2131	−0.206%	$177K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2085	−2.342%	$1K	$835K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2135	0.000%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2141	+0.267%	$277K	$1.1M	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2135	long leg	$1.9M	$9.4M	50x
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2130	−0.229%	$48K	$110	10x
Aevo ENA-PERP	+0.0104%	1h	0.2137	+0.073%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2139	+0.164%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0160%	1h	0.2132	−0.159%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0234%	1h	0.2137	+0.113%	$2.7M	$5.1M	50x	as long as short
dYdX ENA-USD	+0.0274%	1h	0.2135	+0.020%	$141K	$15K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0332% / S −0.0430%	1h	0.2126	−0.429%	$80K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2140	+0.248%	$5.7M	$2.0M	75x	as long as short
Extended ENA-USD	+0.0376%	1h	0.2129	−0.270%	$1.6M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2130	−0.234%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2162	+1.265%	$855K	$1.8M	50x	as long as short
Hyperliquid ENA	+0.0734%	1h	0.2134	−0.047%	$115.0M	$74.5M	10x	as long as short
Lighter ENA	+0.0784%	1h	0.2134	−0.047%	$5.7M	$13.7M	10x	as long as short