Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.031%

Price spread now: BingX against Deribit−0.127%7-day average −0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

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

costs, in and out, $10k−$290.287% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.140%+$14 on $10k

Price spread, last 3 days (all we have)−0.076%−$8 · spread now −0.127%, 7d avg −0.070%

Together, before fees+0.063%+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.057% cheaper against Deribit than usual: you would sell low and buy high (spread −0.127% now, against its 7-day average of −0.070%). If the spread goes back, that is −$6 on $10k: about 46 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2125	0	get 0.0000% / 1h	15m 33s	$79K	$1.3M	50x
Short	BingX ENA-USDT	0.2122	0.0100	get 0.0050% / 4h	1h 15m	—	$32.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.127%Rate

Funding earned: $21
Price spread: −0.127% → −0.070%: −$5.72
Slippage, 4 orders: −$11.67
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$13.39
Costs to cover: 0.287%
Break-even: 11.5 days

Slippage from Deribit: live order book, 3 min ago; BingX: 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 Deribit live order book, 3 min ago	2.82 bp	6.3 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 3 min ago	0.94 bp	6.0 bp −$6	7.4 bp −$74	13.7 bp −$1,366	30.6 bp −$15.3K

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	−0.0026%	4h	0.2124	−0.056%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2125	long leg	$79K	$1.3M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2125	+0.025%	$83K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2122	−0.127%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.066%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2121	−0.179%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2121	−0.162%	$666K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2123	−0.094%	$114.3M	$71.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2123	−0.072%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2122	−0.150%	$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	0.2122	−0.122%	$130.0M	$418.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2121	−0.160%	$86.8M	$175.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	−0.108%	$20.9M	$102.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	−0.009%	$19K	$359K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2122	−0.132%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.856%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2122	−0.113%	$11.1M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2122	−0.155%	$45.9M	$42.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	−0.122%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	−0.268%	$48.3M	$57.6M	75x	as long as short
BingX ENA-USDTshort	+0.0100%	4h	0.2122	−0.127%	—	$32.3M	—
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2125	+0.014%	$376K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	−0.055%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.028%	$245K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	+0.029%	$358K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	+0.056%	$22K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	−0.113%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2075	−2.358%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2125	+0.009%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.193%	$278K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2125	+0.009%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2122	−0.118%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2121	−0.165%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2125	+0.003%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2129	+0.198%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2126	+0.052%	$51K	—	100x	as long as short
dYdX ENA-USD	+0.0257%	1h	0.2123	−0.105%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0283%	1h	0.2126	+0.050%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2125	+0.028%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0352%	1h	0.2122	−0.108%	$5.3M	$13.9M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	−0.220%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2122	−0.146%	$836K	$1.5M	50x	as long as short