Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.007%

Price spread now: Paradex against Phoenix+0.331%46s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Paradex

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—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Paradex is 0.331% dearer against Phoenix than usual: you sell high and buy low (spread +0.331% now, against zero (this spread has no 7-day history yet)): +$33 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 22 days. The two prices were read 46 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	0.2144	0.0150	pay 0.0019% / 1h	25m 48s	$7K	$347K	10x
Short	Paradex ENA-USD-PERP	0.2151	0.0100	get 0.0100% / 8h	7h 25m	$48K	$221	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.331%Rate

Funding earned: −$10.56
Price spread: +0.331% → 0.000%: $33.07
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: $11.51
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 45 min ago; Paradex: 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 Phoenix live order book, 45 min ago	1.88 bp	16.7 bp −$17	59.4 bp −$594	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2156	+0.563%	$98K	—	150x	as long as short
dYdX ENA-USD	+0.0024%	1h	0.2149	+0.272%	$142K	$15K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0028%	1h	0.2156	+0.592%	$80K	$1.7M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.938%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2155	+0.537%	$42K	$23K	10x	as long as short
Backpack ENA_USDC_PERP	+0.0086%	1h	0.2156	+0.583%	$383K	$416K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2151	+0.350%	$63K	$519K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2152	+0.387%	$714K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2157	+0.640%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2150	+0.310%	$422K	$549K	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	0.2156	+0.560%	$133.8M	$444.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2155	+0.523%	$89.0M	$187.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2155	+0.532%	$21.2M	$111.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2147	+0.145%	$15K	$410K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2152	+0.397%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2143	−0.023%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2155	+0.527%	$11.0M	$21.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2156	+0.569%	$46.4M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2156	+0.583%	$24.8M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2154	+0.490%	$48.8M	$61.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2155	+0.537%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2155	+0.536%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2136	−0.362%	$250K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.926%	$357K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2140	−0.163%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2154	+0.467%	$187K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2100	−2.015%	$1K	$830K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2156	+0.583%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2164	+0.956%	$281K	$1.2M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2154	+0.490%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2151	+0.331%	$48K	$221	10x
Aevo ENA-PERP	+0.0104%	1h	0.2156	+0.598%	$75K	$4K	3x	as long as short
Phoenix ENAlong	+0.0150%	1h	0.2144	long leg	$7K	$347K	10x
01 Exchange ENAUSD	+0.0216%	1h	0.2152	+0.415%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0232%	1h	0.2157	+0.645%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2154	+0.482%	$1.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2155	+0.541%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2146	+0.131%	$5.6M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2153	+0.451%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2143	−0.005%	$848K	$1.8M	50x	as long as short
Lighter ENA	+0.0744%	1h	0.2159	+0.704%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0755%	1h	0.2159	+0.714%	$116.4M	$75.5M	10x	as long as short