Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0340%/8h= −37.2% APRpaid last 24h −0.103%

Price spread now: Deribit against BloFin+0.028%7-day average −0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$410.410% of the position

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.576%−$58 on $10k

Price spread, last 4 days (all we have)−0.288%−$29 · spread now +0.028%, 7d avg −0.044%

Together, before fees−0.864%−$86 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.072% dearer against BloFin than usual: you sell high and buy low (spread +0.028% now, against its 7-day average of −0.044%): +$7 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ENA-USDT	0.2120	0.0340	pay 0.0170% / 4h	1h 14m	$5.6M	$3.1M	75x
Short	Deribit ENA_USDC-PERPETUAL	0.2120	0	get 0.0000% / 1h	14m 42s	$79K	$1.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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 BloFinbpFee DeribitbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$71.4
Price spread: +0.028% → −0.044%: $7.19
Slippage, 4 orders: −$22.02
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$105.23
Costs to cover: 0.410%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Deribit: live order book, 4 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 BloFin live order book, 4 min ago	1.41 bp	13.4 bp −$13	20.9 bp −$209	73.4 bp −$7,340	doesn't fit
Sell Deribit live order book, 4 min ago	2.82 bp	9.1 bp −$9	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
Orderly PERP_ENA_USDC	−0.0027%	4h	0.2120	−0.014%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2117	−0.151%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2120	+0.028%	$79K	$1.3M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2121	+0.032%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.165%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	−0.137%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2121	+0.068%	$666K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2119	−0.047%	$114.1M	$71.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	−0.016%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	−0.118%	$414K	$506K	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	0.2118	−0.108%	$129.8M	$418.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2117	−0.127%	$86.6M	$175.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2118	−0.075%	$20.8M	$102.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	+0.222%	$19K	$359K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	−0.090%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2120	+0.005%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2118	−0.108%	$11.1M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	−0.127%	$45.9M	$42.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2118	−0.108%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2116	−0.203%	$48.2M	$57.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2118	−0.108%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2120	+0.014%	$376K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	+0.176%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.259%	$245K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	+0.260%	$358K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	+0.288%	$22K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	+0.118%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2069	−2.415%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2120	+0.005%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.146%	$277K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	+0.005%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.129%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2117	−0.154%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2120	−0.010%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2129	+0.429%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2121	+0.045%	$51K	—	100x	as long as short
dYdX ENA-USD	+0.0270%	1h	0.2119	−0.041%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2121	+0.073%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDTlong	+0.0340%	4h	0.2120	long leg	$5.6M	$3.1M	75x
Lighter ENA	+0.0344%	1h	0.2119	−0.061%	$5.3M	$13.9M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	+0.011%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2125	+0.231%	$836K	$1.5M	50x	as long as short