Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0034%/8h= −3.7% APRpaid last 24h −0.008%

Price spread now: Gate against Phoenix+0.375%47s7-day average −0.135% · you sell dearer than you buy

Net, funding: paid 7d − costs−$83as 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−$700.698% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.134%−$13 on $10k

Price spread, last 4 days (all we have)−0.675%−$68 · spread now +0.375%, 7d avg −0.135%

Together, before fees−0.810%−$81 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.509% dearer against Phoenix than usual: you sell high and buy low (spread +0.375% now, against its 7-day average of −0.135%): +$51 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 50 days. The two prices were read 47 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	0.2109	0.0076	pay 0.0009% / 1h	54m 27s	$8K	$274K	10x
Short	Gate ENA_USDT	0.2117	0.0042	get 0.0021% / 4h	3h 54m	$11.1M	$22.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.375%Rate

Funding earned: −$7.09
Price spread: +0.375% → −0.135%: $50.94
Slippage, 4 orders: −$47.84
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$25.99
Costs to cover: 0.698%
Break-even: never at this rate

Slippage from Phoenix: live order book, 61 min ago; Gate: 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 Phoenix live order book, 61 min ago	1.90 bp	16.8 bp −$17	59.2 bp −$592	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	4.73 bp	16.5 bp −$17	29.6 bp −$296	53.8 bp −$5,382	91.9 bp −$45.9K

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
Backpack ENA_USDC_PERP	−0.0308%	1h	0.2117	+0.379%	$362K	$401K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0084%	4h	0.2112	+0.156%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2114	+0.228%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	+0.180%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.673%	$522	$57K	5.5x	as long as short
Gate ENA_USDTshort	+0.0042%	4h	0.2117	+0.375%	$11.1M	$22.0M	50x
01 Exchange ENAUSD	+0.0072%	1h	0.2117	+0.351%	$4K	$302	10x	as long as short
Phoenix ENAlong	+0.0076%	1h	0.2109	long leg	$8K	$274K	10x
dYdX ENA-USD	+0.0076%	1h	0.2114	+0.247%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2114	+0.228%	$56K	$464K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	+0.327%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2112	+0.145%	$656K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2116	+0.299%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2116	+0.310%	$404K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2115	+0.272%	$128.6M	$415.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2112	+0.147%	$85.2M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2113	+0.194%	$21.1M	$103.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	+0.090%	$20K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	+0.417%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	+0.291%	$93K	$4K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2114	+0.223%	$46.1M	$40.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	+0.266%	$25.0M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2112	+0.109%	$47.9M	$57.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2117	+0.384%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2108	−0.067%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2111	+0.095%	$244K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2111	+0.073%	$352K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2110	+0.038%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2115	+0.289%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.200%	$1K	$851K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	+0.275%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.631%	$274K	$793K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	+0.322%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2116	+0.318%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	+0.212%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0173%	1h	0.2116	+0.315%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0216%	1h	0.2117	+0.379%	$5.2M	$13.2M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2113	+0.165%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2113	+0.199%	$5.6M	$3.0M	75x	as long as short
Hyperliquid ENA	+0.0395%	1h	0.2116	+0.325%	$115.3M	$74.0M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2112	+0.128%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2120	+0.493%	$866K	$1.7M	50x	as long as short