Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.032%

Price spread now: Binance against Deribit+0.013%7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$340.342% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 4 days (all we have)−1.063%−$106 · spread now +0.013%, 7d avg −0.034%

Together, before fees−0.951%−$95 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Binance is 0.048% dearer against Deribit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2139	0	get 0.0000% / 1h	39m 56s	$76K	$1.1M	50x
Short	Binance ENAUSDT	0.2139	0.0100	get 0.0050% / 4h	3h 39m	$130.8M	$432.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now +0.013%Rate

Funding earned: $21
Price spread: +0.013% → −0.034%: $4.77
Slippage, 4 orders: −$17.22
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$8.44
Costs to cover: 0.342%
Break-even: 9.8 days

Slippage from Deribit: live order book, 4 min ago; Binance: 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 Deribit live order book, 4 min ago	4.41 bp	8.8 bp −$9	16.9 bp −$169	doesn't fit	doesn't fit
Sell Binance live order book, 4 min ago	0.23 bp	8.7 bp −$9	15.4 bp −$154	60.8 bp −$6,080	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	−0.0092%	4h	0.2137	−0.079%	$44K	$16K	10x	as long as short
01 Exchange ENAUSD	−0.0088%	1h	0.2137	−0.051%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2139	long leg	$76K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2138	−0.018%	$83K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.711%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0083%	1h	0.2140	+0.080%	$141K	$16K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2141	+0.131%	$4.9M	$12.9M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2138	−0.028%	$52K	$493K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2139	+0.016%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2137	−0.072%	$565K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2141	+0.112%	$116.6M	$76.5M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2139	+0.023%	$1.4M	$3.4M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2139	−0.005%	$413K	$563K	10x	as long as short
Binance ENAUSDTshort	+0.0100%	4h	0.2139	+0.013%	$130.8M	$432.2M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2138	−0.019%	$88.9M	$194.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2139	+0.028%	$21.1M	$110.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2148	+0.426%	$28K	$320K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2139	+0.019%	$79K	$282K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2157	+0.881%	$94K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2139	+0.014%	$13.3M	$27.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2139	+0.019%	$40.9M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2140	+0.047%	$25.2M	$16.0M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2137	−0.075%	$48.4M	$61.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2139	+0.037%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2139	+0.014%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2163	+1.141%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2152	+0.609%	$359K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2161	+1.047%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2139	+0.023%	$176K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2089	−2.315%	$1K	$928K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2139	+0.019%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2141	+0.098%	$265K	$837K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2141	+0.112%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2139	−0.003%	$1.7M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2138	−0.028%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2146	+0.351%	$14K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0195%	1h	0.2140	+0.056%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0309% / S −0.0754%	1h	0.2157	+0.839%	$59K	—	100x	as long as short
Backpack ENA_USDC_PERP	+0.0334%	1h	0.2140	+0.065%	$416K	$478K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2136	−0.108%	$5.6M	$3.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2137	−0.063%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2157	+0.837%	$801K	$2.0M	50x	as long as short