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updated —ENA Funding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding covers it in ~3.8d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+26.63%
7d Period Avg+1.24%
swing±26.63%
LONG Bybit · now
−15.67%
7d avg:+4.32%
SHORT Phemex · now
+10.96%
7d avg:+5.56%
Entry Spread Now
+0.078%
Eaten by executionL 0.1274 · S 0.1275+$7.85 if it converges
24h range −0.27%…+0.50% · median +0.01%
Long pays every4hShort pays every4h
LONGmaker0.020%/taker0.055%SHORTmaker0.010%/taker0.060%
Loading Funding History…
↗Total PnL
−$25.53
−0.26%
$Avg Daily PnL
+$0.34
+0.0034%
★Best Day
+$5.01
Nov 8
◎Open Interest
Bybit$45.07M
Phemex$1.97M⚡Funding APR
+1.24%
annualized · funding only
⚠Execution Cost
−$27.91
entry + exit fees
⏱Payback
2.7mo
to break even
◧24h Volume
Bybit$76.88MPhemex$6.89MLoading Cumulative PnL…
How it works: Funding PnL is bucketed daily from real settlement history. Execution Cost = round-trip taker fees + fees only (orderbook snapshot stale) on both legs (−$27.91 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.