Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.007%

Price spread now: Phemex against SoDEX0.000%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX ENA-USD	0.2115	0.0100	pay 0.0013% / 1h	4m 36s	$4K	$7K	10x
Short	Phemex ENAUSDT	0.2115	0.0100	get 0.0050% / 4h	4m 36s	$1.9M	$8.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SoDEX. 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 SoDEXbpFee PhemexbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → 0.000%: $0
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$20
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Phemex: live order book, 4 min ago. 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 SoDEX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	4.72 bp	20.8 bp −$21	70.4 bp −$704	doesn't fit	doesn't fit

SoDEX: 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
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2116	+0.028%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2117	+0.095%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	−0.013%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2116	+0.033%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.397%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2115	0.000%	$53K	$485K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2113	−0.091%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2115	+0.012%	$569K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2116	+0.061%	$114.8M	$74.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2115	+0.006%	$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	0.2114	−0.068%	$408K	$562K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2115	+0.006%	$128.7M	$425.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2114	−0.057%	$90.6M	$190.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2115	+0.009%	$21.1M	$107.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	+0.005%	$33K	$311K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2116	+0.047%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2118	+0.165%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2113	−0.095%	$13.2M	$27.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2112	−0.118%	$39.3M	$43.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2113	−0.104%	$24.9M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2110	−0.217%	$47.9M	$59.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2112	−0.142%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2116	+0.057%	$410K	$483K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	−0.063%	$3.1M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	+0.068%	$255K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	+0.097%	$358K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.047%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	+0.099%	$182K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.359%	$1K	$908K	20x	as long as short
SoDEX ENA-USDlong	+0.0100%	1h	0.2115	long leg	$4K	$7K	10x
HTX ENA-USDT	+0.0100%	4h	0.2120	+0.232%	$267K	$808K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2115	0.000%	$1.9M	$8.9M	50x
Extended ENA-USD	+0.0104%	1h	0.2111	−0.182%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	+0.035%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0144%	1h	0.2114	−0.033%	$5.0M	$13.9M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0148%	1h	0.2116	+0.030%	$2.6M	$4.3M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2118	+0.132%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0754%	1h	0.2115	+0.022%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	+0.005%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2115	+0.017%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2115	+0.024%	$799K	$1.9M	50x	as long as short
dYdX ENA-USD	+0.0783%	1h	0.2116	+0.062%	$140K	$16K	5x	as long as short