Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0066%/8h= +7.2% APRpaid last 24h +0.034%

Price spread now: Bybit against Deribit−0.085%7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$370.374% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.077%+$8 on $10k

Price spread, last 3 days (all we have)−0.137%−$14 · spread now −0.085%, 7d avg −0.096%

Together, before fees−0.060%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.096%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2112	0.0034	pay 0.0004% / 1h	7m 59s	$79K	$1.3M	50x
Short	Bybit ENAUSDT	0.2110	0.0100	get 0.0050% / 4h	2h 07m	$86.4M	$181.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.085%Rate

Funding earned: $13.82
Price spread: −0.085% → −0.096%: $1.11
Slippage, 4 orders: −$19.36
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$22.43
Costs to cover: 0.374%
Break-even: 18.4 days

Slippage from Deribit: live order book, 1 min ago; Bybit: live order book, 1 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, 1 min ago	4.99 bp	8.5 bp −$8	15.9 bp −$159	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.24 bp	9.6 bp −$10	17.7 bp −$177	63.6 bp −$6,362	doesn't fit

ENA on 41 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
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2111	−0.043%	$87K	—	150x	as long as short
dYdX ENA-USD	+0.0012%	1h	0.2107	−0.247%	$139K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.549%	$522	$57K	5.5x	as long as short
Deribit ENA_USDC-PERPETUALlong	+0.0034%	1h	0.2112	long leg	$79K	$1.3M	50x
Orderly PERP_ENA_USDC	+0.0035%	4h	0.2110	−0.066%	$44K	$27K	10x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2106	−0.265%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	−0.275%	$54K	$507K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2110	−0.066%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2111	−0.034%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2106	−0.273%	$411K	$530K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2111	−0.020%	$130.2M	$439.5M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2110	−0.085%	$86.4M	$181.0M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2110	−0.062%	$20.8M	$104.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	+0.033%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2106	−0.275%	$78K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+0.675%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2111	−0.038%	$11.0M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	−0.043%	$44.7M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2112	+0.005%	$24.5M	$16.2M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2109	−0.147%	$48.0M	$59.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2111	−0.019%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2112	+0.033%	$381K	$370K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	+0.094%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2117	+0.249%	$247K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2116	+0.199%	$358K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.199%	$32K	$654K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	−0.099%	$182K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.372%	$1K	$853K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2111	−0.038%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.227%	$275K	$814K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2110	−0.085%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2105	−0.317%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	−0.054%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0184%	1h	0.2109	−0.118%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2118	+0.275%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2111	−0.027%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0253%	1h	0.2111	−0.023%	$2.6M	$4.4M	50x	as long as short
Lighter ENA	+0.0384%	1h	0.2112	+0.028%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	−0.065%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0479%	1h	0.2114	+0.099%	$113.6M	$71.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2115	+0.166%	$830K	$1.6M	50x	as long as short