Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.010%

Price spread now: 01 Exchange against Phemex+0.028%7-day average — · you sell dearer than you buy

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

Long on Phemex Short on 01 Exchange

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—needs both histories

The price spread pays, funding is against you. 01 Exchange is 0.028% dearer against Phemex than usual: you sell high and buy low (spread +0.028% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 37 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2175	0.0100	pay 0.0050% / 4h	2h 01m	$1.8M	$8.9M	50x
Short	01 Exchange ENAUSD	0.2176	0.0040	get 0.0005% / 1h	1m 55s	$4K	$277	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now +0.028%Rate

Funding earned: −$12.6
Price spread: +0.028% → 0.000%: $2.76
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$28.84
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 2 min ago; 01 Exchange: 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, 2 min ago	2.30 bp	17.2 bp −$17	62.5 bp −$625	doesn't fit	doesn't fit
Sell 01 Exchange no order-book sample	—	—	—	—	—

01 Exchange: 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
Orderly PERP_ENA_USDC	−0.0141%	4h	0.2173	−0.074%	$45K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2174	−0.028%	$67K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2174	−0.036%	$84K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.372%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSDshort	+0.0040%	1h	0.2176	+0.028%	$4K	$277	10x
Popdex ENAUSDT	+0.0096%	1h	0.2175	0.000%	$55K	$477K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2176	+0.025%	$578K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2175	−0.018%	$118.0M	$75.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2172	−0.118%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2172	−0.117%	$408K	$532K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2171	−0.188%	$131.5M	$426.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2171	−0.193%	$87.7M	$179.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2171	−0.170%	$21.7M	$109.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2173	−0.092%	$21K	$327K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2175	0.000%	$80K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2172	−0.141%	$95K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2170	−0.230%	$11.5M	$24.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2171	−0.193%	$48.4M	$42.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2172	−0.143%	$25.3M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2169	−0.290%	$49.3M	$59.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2171	−0.175%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2182	+0.307%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2179	+0.167%	$257K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2179	+0.172%	$364K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2178	+0.138%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2176	+0.037%	$193K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2121	−2.501%	$894	$893K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2173	−0.092%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2186	+0.497%	$274K	$806K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2175	long leg	$1.8M	$8.9M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2171	−0.168%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2170	−0.225%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2174	−0.042%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2176	+0.060%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0158%	1h	0.2176	+0.051%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USD	+0.0190%	1h	0.2172	−0.144%	$143K	$16K	5x	as long as short
Lighter ENA	+0.0240%	1h	0.2176	+0.046%	$5.2M	$13.4M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2174	−0.047%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2172	−0.129%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2175	−0.001%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0511%	1h	0.2174	−0.028%	$398K	$423K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2178	+0.120%	$894K	$1.8M	50x	as long as short