Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0090%/8h= −9.8% APRpaid last 24h −0.001%

Price spread now: OKX against Phoenix+0.047%7-day average −0.116% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$580.582% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.174%−$17 on $10k

Price spread, last 4 days (all we have)−1.515%−$152 · spread now +0.047%, 7d avg −0.116%

Together, before fees−1.689%−$169 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.164% dearer against Phoenix than usual: you sell high and buy low (spread +0.047% now, against its 7-day average of −0.116%): +$16 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ENA	0.2109	0.0190	pay 0.0024% / 1h	15m 02s	$13K	$273K	10x
Short	OKX ENA-USDT-SWAP	0.2110	0.0100	get 0.0050% / 4h	15m 02s	$21.1M	$107.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$18.88
Price spread: +0.047% → −0.116%: $16.35
Slippage, 4 orders: −$41.22
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$60.75
Costs to cover: 0.582%
Break-even: never at this rate

Slippage from Phoenix: live order book, 21 min ago; OKX: 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, 21 min ago	1.91 bp	16.6 bp −$17	59.5 bp −$595	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.24 bp	14.0 bp −$14	26.1 bp −$261	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	−0.0086%	4h	0.2108	−0.071%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2109	−0.033%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2108	−0.062%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2109	−0.038%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.668%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2110	+0.043%	$5.0M	$13.9M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2108	−0.062%	$53K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2108	−0.070%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	−0.059%	$564K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2111	+0.100%	$114.5M	$74.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2109	+0.009%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2108	−0.039%	$407K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2110	+0.025%	$128.4M	$425.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2110	+0.024%	$90.5M	$187.4M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2110	+0.047%	$21.1M	$107.0M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	−0.100%	$33K	$312K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2109	−0.014%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2105	−0.204%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2109	+0.005%	$13.0M	$27.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2109	−0.038%	$39.3M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	0.000%	$24.9M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2109	−0.009%	$47.9M	$59.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2110	+0.024%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2110	+0.052%	$408K	$486K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2105	−0.184%	$3.0M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.165%	$254K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2105	−0.199%	$355K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	−0.156%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2108	−0.081%	$181K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2058	−2.442%	$1K	$908K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2108	−0.062%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2110	+0.052%	$266K	$808K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2107	−0.109%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2107	−0.123%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2109	−0.030%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0149%	1h	0.2109	+0.002%	$2.6M	$4.4M	50x	as long as short
Phoenix ENAlong	+0.0190%	1h	0.2109	long leg	$13K	$273K	10x
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2108	−0.055%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2108	−0.081%	$5.5M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.149%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2098	−0.540%	$867K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0917%	1h	0.2108	−0.079%	$139K	$16K	5x	as long as short