Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.022%

Price spread now: Bitget against Deribit−0.137%7-day average −0.111% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$370.373% of the position

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.141%+$14 on $10k

Price spread, last 3 days (all we have)−0.199%−$20 · spread now −0.137%, 7d avg −0.111%

Together, before fees−0.058%−$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.025% cheaper against Deribit than usual: you would sell low and buy high (spread −0.137% now, against its 7-day average of −0.111%). If the spread goes back, that is −$3 on $10k: about 20 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	0.2124	0	get 0.0000% / 1h	33m 55s	$92K	$1.7M	50x
Short	Bitget ENAUSDT	0.2121	0.0100	get 0.0050% / 4h	33m 55s	$48.1M	$64.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.137%Rate

Funding earned: $21
Price spread: −0.137% → −0.111%: −$2.53
Slippage, 4 orders: −$18.35
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$18.88
Costs to cover: 0.373%
Break-even: 13.3 days

Slippage from Deribit: live order book, 5 min ago; Bitget: live order book, 5 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, 5 min ago	4.94 bp	8.4 bp −$8	14.7 bp −$147	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	0.71 bp	11.1 bp −$11	20.1 bp −$201	40.4 bp −$4,042	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	−0.0019%	4h	0.2123	−0.047%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2124	long leg	$92K	$1.7M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2124	+0.005%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.019%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0059%	1h	0.2124	+0.024%	$375K	$447K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2123	−0.038%	$63K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2125	+0.045%	$681K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2125	+0.044%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2125	+0.055%	$411K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2122	−0.067%	$131.3M	$453.3M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2122	−0.089%	$89.2M	$189.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	−0.075%	$20.5M	$111.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	+0.042%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	+0.104%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2129	+0.245%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2123	−0.028%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2123	−0.028%	$46.9M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2124	+0.024%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2121	−0.137%	$48.1M	$64.1M	75x
BingX ENA-USDC	+0.0100%	4h	0.2122	−0.061%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2126	+0.090%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.076%	$253K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	+0.057%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	+0.057%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2124	+0.014%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2072	−2.420%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2123	−0.038%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	+0.518%	$278K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2123	−0.038%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2124	+0.008%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2124	+0.001%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2128	+0.217%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2125	+0.080%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2125	+0.049%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2123	−0.019%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0264%	1h	0.2123	−0.055%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2122	−0.085%	$5.6M	$7.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2123	−0.020%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0544%	1h	0.2126	+0.104%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.372%	$842K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0813%	1h	0.2126	+0.104%	$114.3M	$78.7M	10x	as long as short
dYdX ENA-USD	+0.1719%	1h	0.2124	+0.015%	$140K	$15K	5x	as long as short