Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.032%

Price spread now: edgeX against Deribit−0.308%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$420.417% of the position

Long on Deribit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.134%+$13 on $10k

Price spread, last 4 days (all we have)−0.093%−$9 · spread now −0.308%, 7d avg −0.022%

Together, before fees+0.041%+ Points / potential airdropedgeX: Active · farm board+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.286% cheaper against Deribit than usual: you would sell low and buy high (spread −0.308% now, against its 7-day average of −0.022%). If the spread goes back, that is −$29 on $10k: about 9.5 days 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	0.2146	0	get 0.0000% / 1h	37m 12s	$68K	$1.1M	50x
Short	edgeX ENAUSDC	0.2139	0.0100	get 0.0050% / 4h	1h 37m	$257K	$7.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.308%Rate

Funding earned: $21
Price spread: −0.308% → −0.022%: −$28.64
Slippage, 4 orders: −$25.68
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$49.32
Costs to cover: 0.417%
Break-even: 23.4 days

Slippage from Deribit: live order book, 2 min ago; edgeX: live order book, 2 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, 2 min ago	5.38 bp	8.9 bp −$9	15.7 bp −$157	doesn't fit	doesn't fit
Sell edgeX live order book, 2 min ago	7.01 bp	11.5 bp −$12	13.0 bp −$130	43.7 bp −$4,373	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	−0.0124%	4h	0.2144	−0.065%	$45K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2143	−0.117%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2146	long leg	$68K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2139	−0.318%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.044%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2145	−0.051%	$5.1M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2144	−0.084%	$57K	$481K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2146	+0.005%	$567K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2144	−0.103%	$115.5M	$75.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2145	−0.033%	$1.4M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2144	−0.093%	$405K	$539K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2144	−0.065%	$129.6M	$428.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2142	−0.186%	$85.7M	$181.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2142	−0.163%	$21.4M	$108.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2139	−0.326%	$20K	$322K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2143	−0.130%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2138	−0.364%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2143	−0.112%	$12.5M	$26.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2143	−0.121%	$48.5M	$42.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2145	−0.056%	$24.8M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2141	−0.205%	$48.7M	$59.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2143	−0.144%	—	$31.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2139	−0.318%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2139	−0.308%	$257K	$7.1M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2139	−0.297%	$365K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2140	−0.270%	$19K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2147	+0.037%	$188K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2094	−2.391%	$1K	$899K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2145	−0.037%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2147	+0.056%	$269K	$819K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2144	−0.084%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2143	−0.125%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2144	−0.081%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2145	−0.027%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2142	−0.196%	$8K	$276K	10x	as long as short
dYdX ENA-USD	+0.0123%	1h	0.2144	−0.106%	$142K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0753%	1h	0.2145	−0.036%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2145	−0.042%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2145	−0.058%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0439%	1h	0.2146	+0.018%	$2.7M	$4.3M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2149	+0.163%	$887K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0687%	1h	0.2144	−0.103%	$396K	$433K	5x	as long as short