ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0188%/8h= −20.6% APRnext payment −$0.24 per $10,000 · paid last 24h −0.041%

Price spread now: Deribit against Phoenix−0.503%70s7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$227as 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−$2022.024% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.244%−$24 on $10k

Price spread, last 3 days (all we have)+0.741%+$74 · spread now −0.503%, 7d avg −0.051%

Together, before fees+0.498%+$50 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Deribit is 0.452% cheaper against Phoenix than usual: you would sell low and buy high (−$45 if the spread goes back to its 7-day average of −0.051%). Swap the legs. The two prices were read 70 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	Phoenix ENA	0.2127	0.0188	pay 0.0024% / 1h	47m 55s	$7K	$351K	10x
Short	Deribit ENA_USDC-PERPETUAL	0.2116	0	get 0.0000% / 1h	47m 55s	$79K	$1.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phoenix. 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 PhoenixbpFee DeribitbpOrdersPrice spread, now −0.503%Rate

Funding earned: −$39.57
Price spread: −0.503% → −0.051%: −$45.19
Slippage, 4 orders: −$188.4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$287.15
Costs to cover: 2.024%
Break-even: never at this rate

Slippage from Phoenix: live order book, 18 min ago; Deribit: live order book, 1 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 Phoenix live order book, 18 min ago	1.86 bp	16.6 bp −$17	59.6 bp −$596	doesn't fit	doesn't fit
Sell Deribit live order book, 1 min ago	15.28 bp	22.5 bp −$23	doesn't fit	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
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2116	−0.503%	$79K	$1.6M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	−0.556%	$91K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2119	−0.371%	$4K	$302	10x	as long as short
dYdX ENA-USD	+0.0032%	1h	0.2123	−0.185%	$140K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.169%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0037%	4h	0.2116	−0.517%	$41K	$23K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2120	−0.315%	$5.5M	$13.6M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2118	−0.423%	$52K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2116	−0.498%	$698K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2119	−0.398%	$1.5M	$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	0.2122	−0.231%	$416K	$548K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2118	−0.437%	$131.8M	$444.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2117	−0.461%	$86.7M	$186.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2118	−0.414%	$21.0M	$108.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	−0.118%	$17K	$408K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	−0.329%	$115K	$253K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	+0.016%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2118	−0.404%	$10.7M	$20.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2118	−0.418%	$44.7M	$43.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	−0.386%	$24.4M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2117	−0.470%	$48.0M	$61.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2119	−0.371%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2119	−0.381%	$366K	$383K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2125	−0.084%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2121	−0.280%	$244K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.135%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	−0.047%	$32K	$690K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	−0.409%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.826%	$1K	$845K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	−0.470%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	−0.212%	$274K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2118	−0.423%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	−0.431%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	−0.532%	$74K	$4K	3x	as long as short
Phoenix ENAlong	+0.0188%	1h	0.2127	long leg	$7K	$351K	10x
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2115	−0.585%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0252%	1h	0.2118	−0.433%	$2.7M	$4.9M	50x	as long as short
Extended ENA-USD	+0.0296%	1h	0.2116	−0.503%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	+0.254%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2114	−0.627%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0483%	1h	0.2122	−0.226%	$114.3M	$74.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2131	+0.207%	$837K	$1.8M	50x	as long as short