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 BingX+0.100%7-day average +0.069% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

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

costs, in and out, $10k−$450.449% of the position

Long on BingX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.166%−$17 on $10k

Price spread, last 3 days (all we have)+0.969%+$97 · spread now +0.100%, 7d avg +0.069%

Together, before fees+0.802%+$80 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.031% dearer against BingX than usual: you sell high and buy low (spread +0.100% now, against its 7-day average of +0.069%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDC	0.2099	0.0100	pay 0.0050% / 4h	2h 52m	—	$6.5M	—
Short	Deribit ENA_USDC-PERPETUAL	0.2101	0	get 0.0000% / 1h	52m 07s	$97K	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BingX. 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 BingXbpFee DeribitbpOrdersPrice spread, now +0.100%Rate

Funding earned: −$21
Price spread: +0.100% → +0.069%: $3.08
Slippage, 4 orders: −$27.94
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$62.86
Costs to cover: 0.449%
Break-even: never at this rate

Slippage from BingX: live order book, 13 min ago; Deribit: live order book, 2 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 BingX live order book, 13 min ago	0.47 bp	14.4 bp −$14	31.9 bp −$319	69.8 bp −$6,976	473.0 bp −$236.5K
Sell Deribit live order book, 2 min ago	5.94 bp	10.8 bp −$11	18.6 bp −$186	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	−0.0480%	1h	0.2100	+0.052%	$361K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0096%	4h	0.2100	+0.048%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0072%	1h	0.2100	+0.029%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0014%	4h	0.2099	+0.005%	$10.4M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2101	+0.100%	$97K	$1.9M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2101	+0.088%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.162%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2103	+0.186%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	0.000%	$59K	$545K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2099	+0.022%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2098	−0.048%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2100	+0.057%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2101	+0.096%	$403K	$604K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2099	+0.007%	$130.1M	$472.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	−0.014%	$88.2M	$194.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	+0.014%	$20.2M	$115.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2103	+0.205%	$19K	$446K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	+0.048%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2108	+0.409%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	+0.005%	$45.3M	$48.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2100	+0.057%	$24.3M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2099	+0.005%	$47.6M	$67.1M	75x	as long as short
BingX ENA-USDClong	+0.0100%	4h	0.2099	long leg	—	$6.5M	—
Variational Omni ENA	+0.0100%	4h	0.2107	+0.373%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2103	+0.184%	$252K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2105	+0.267%	$356K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2105	+0.286%	$32K	$714K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2101	+0.114%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2050	−2.325%	$782	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	+0.048%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2105	+0.295%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2099	0.000%	$1.8M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2102	+0.164%	$2.7M	$5.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2100	+0.038%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	+0.095%	$77K	$11K	3x	as long as short
Lighter ENA	+0.0120%	1h	0.2101	+0.114%	$5.7M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0209%	1h	0.2102	+0.143%	$111.6M	$80.7M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0211% / S −0.0158%	1h	0.2101	+0.076%	$50K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	+0.119%	$5.6M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	+0.002%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2104	+0.219%	$804K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.6980%	1h	0.2101	+0.100%	$139K	$12K	5x	as long as short