Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0340%/8h= +37.2% APRpaid last 24h +0.099%

Price spread now: BloFin against Deribit+0.014%57s7-day average +0.047% · 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—prices read too far apart to compare

costs, in and out, $10k−$360.362% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.591%+$59 on $10k

Price spread, last 3 days (all we have)+0.107%+$11 · spread now +0.014%, 7d avg +0.047%

Together, before fees+0.698%+$70 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.033% cheaper against Deribit than usual: you would sell low and buy high (spread +0.014% now, against its 7-day average of +0.047%). If the spread goes back, that is −$3 on $10k: about 8 hours of funding at the current rate (+$10 a day). The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2101	0	get 0.0000% / 1h	30m 06s	$93K	$1.9M	50x
Short	BloFin ENA-USDT	0.2101	0.0340	get 0.0170% / 4h	2h 30m	$5.5M	$8.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.014%Rate

Funding earned: $71.4
Price spread: +0.014% → +0.047%: −$3.26
Slippage, 4 orders: −$17.18
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $31.96
Costs to cover: 0.362%
Break-even: 3.9 days

Slippage from Deribit: live order book, 4 min ago; BloFin: 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	3.58 bp	7.1 bp −$7	13.5 bp −$135	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	1.43 bp	9.0 bp −$9	18.4 bp −$184	82.7 bp −$8,272	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	−0.0296%	1h	0.2102	+0.048%	$362K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2100	−0.029%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2099	−0.071%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2101	long leg	$93K	$1.9M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2100	−0.043%	$96K	—	150x	as long as short
Gate ENA_USDT	+0.0008%	4h	0.2101	+0.014%	$10.4M	$21.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.081%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2095	−0.248%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	−0.081%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2099	−0.088%	$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	0.2099	−0.095%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2102	+0.055%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	−0.062%	$403K	$585K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2102	+0.054%	$129.6M	$467.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2103	+0.114%	$87.8M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2104	+0.157%	$20.3M	$114.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	−0.029%	$19K	$435K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	−0.033%	$82K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2100	−0.014%	$45.2M	$48.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2101	+0.019%	$24.3M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2099	−0.076%	$47.5M	$66.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2102	+0.038%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	−0.088%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2097	−0.164%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	−0.339%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2097	−0.176%	$32K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2100	−0.014%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.480%	$1K	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	−0.033%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	+0.109%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2100	−0.033%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.013%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2100	−0.046%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2099	−0.077%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	+0.008%	$77K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0213% / S −0.0161%	1h	0.2100	−0.033%	$50K	—	100x	as long as short
Lighter ENA	+0.0288%	1h	0.2103	+0.105%	$5.7M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0313%	1h	0.2103	+0.128%	$111.0M	$80.9M	10x	as long as short
BloFin ENA-USDTshort	+0.0340%	4h	0.2101	+0.014%	$5.5M	$8.1M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2099	−0.078%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	+0.367%	$805K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.8118%	1h	0.2100	−0.043%	$139K	$15K	5x	as long as short