Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h −0.001%

Price spread now: KuCoin against Phoenix−0.094%7-day average −0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$570.574% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.157%−$16 on $10k

Price spread, last 4 days (all we have)−0.064%−$6 · spread now −0.094%, 7d avg −0.091%

Together, before fees−0.221%−$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.091%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ENA	0.2133	0.0110	pay 0.0014% / 1h	23m 09s	$8K	$276K	10x
Short	KuCoin ENAUSDTM	0.2131	0.0100	get 0.0050% / 4h	1h 23m	$25.0M	$15.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.094%Rate

Funding earned: −$2.2
Price spread: −0.094% → −0.091%: −$0.31
Slippage, 4 orders: −$38.37
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$59.88
Costs to cover: 0.574%
Break-even: never at this rate

Slippage from Phoenix: live order book, 18 min ago; KuCoin: live order book, 6 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	1.87 bp	16.6 bp −$17	59.2 bp −$592	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	1.65 bp	11.3 bp −$11	24.2 bp −$242	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
Orderly PERP_ENA_USDC	−0.0116%	4h	0.2131	−0.098%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2129	−0.188%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2132	−0.056%	$55K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2131	−0.121%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.459%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2129	−0.197%	$54K	$483K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2132	−0.074%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2130	−0.148%	$564K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2133	−0.023%	$115.4M	$75.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2132	−0.047%	$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	0.2132	−0.054%	$404K	$544K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2131	−0.089%	$129.0M	$429.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2129	−0.211%	$91.3M	$187.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2131	−0.113%	$21.4M	$109.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	−0.380%	$33K	$331K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2129	−0.197%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.736%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2131	−0.117%	$12.5M	$26.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2131	−0.117%	$37.8M	$42.9M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2131	−0.094%	$25.0M	$15.8M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2129	−0.192%	$48.2M	$60.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2130	−0.136%	—	$31.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	−0.179%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2120	−0.605%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2122	−0.526%	$350K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2122	−0.525%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2130	−0.131%	$186K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2081	−2.447%	$1K	$904K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2131	−0.103%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2133	−0.014%	$267K	$820K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2130	−0.150%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2131	−0.126%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2132	−0.079%	$75K	$4K	3x	as long as short
Phoenix ENAlong	+0.0110%	1h	0.2133	long leg	$8K	$276K	10x
dYdX ENA-USD	+0.0192%	1h	0.2133	−0.024%	$141K	$16K	5x	as long as short
Lighter ENA	+0.0216%	1h	0.2133	+0.009%	$5.1M	$13.5M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2131	−0.107%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	−0.080%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2129	−0.194%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0442%	1h	0.2132	−0.075%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0499%	1h	0.2131	−0.084%	$395K	$437K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2135	+0.108%	$881K	$1.8M	50x	as long as short