Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.032%

Price spread now: Deribit against Binance+0.089%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.129%−$13 on $10k

Price spread, last 3 days (all we have)+0.455%+$46 · spread now +0.089%, 7d avg +0.044%

Together, before fees+0.327%+$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.044% dearer against Binance than usual: you sell high and buy low (spread +0.089% now, against its 7-day average of +0.044%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2093	0.0100	pay 0.0050% / 4h	2h 45m	$129.2M	$470.1M	75x
Short	Deribit ENA_USDC-PERPETUAL	0.2095	0	get 0.0000% / 1h	45m 39s	$97K	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$21
Price spread: +0.089% → +0.044%: $4.43
Slippage, 4 orders: −$17.3
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$50.86
Costs to cover: 0.343%
Break-even: never at this rate

Slippage from Binance: live order book, 13 min ago; Deribit: live order book, 3 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 Binance live order book, 13 min ago	0.24 bp	7.4 bp −$7	13.7 bp −$137	51.8 bp −$5,183	doesn't fit
Sell Deribit live order book, 3 min ago	3.58 bp	12.5 bp −$13	doesn't fit	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
Backpack ENA_USDC_PERP	−0.0405%	1h	0.2094	+0.022%	$360K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0092%	4h	0.2094	+0.031%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0064%	1h	0.2095	+0.079%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0036%	4h	0.2092	−0.064%	$10.3M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2095	+0.089%	$97K	$1.9M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2096	+0.116%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.431%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2096	+0.127%	$5K	$394K	10x	as long as short
ApeX Omni ENAUSDT	+0.0086%	1h	0.2097	+0.170%	$32K	$711K	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2094	+0.026%	$59K	$542K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2093	−0.035%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2094	+0.029%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2094	+0.012%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2093	−0.004%	$402K	$587K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2093	long leg	$129.2M	$470.1M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2092	−0.083%	$87.6M	$194.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	−0.045%	$20.1M	$114.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2096	+0.117%	$19K	$444K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2094	+0.026%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.313%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2093	−0.031%	$45.0M	$48.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2093	−0.002%	$24.2M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2091	−0.112%	$47.4M	$66.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2093	−0.036%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2095	+0.063%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2097	+0.172%	$251K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2097	+0.169%	$357K	$4.6M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	+0.151%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.333%	$684	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2093	−0.021%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.280%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2092	−0.069%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2092	−0.076%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	+0.058%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2095	+0.075%	$2.7M	$5.8M	50x	as long as short
Lighter ENA	+0.0112%	1h	0.2096	+0.103%	$5.6M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0211% / S −0.0159%	1h	0.2095	+0.091%	$50K	—	100x	as long as short
Hyperliquid ENA	+0.0239%	1h	0.2096	+0.103%	$111.3M	$80.8M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	+0.055%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	+0.052%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.351%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.8714%	1h	0.2095	+0.091%	$138K	$12K	5x	as long as short