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 +0.025%

Price spread now: Gate against Deribit−0.024%7-day average −0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$540.540% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$10 on $10k

Price spread, last 4 days (all we have)−0.943%−$94 · spread now −0.024%, 7d avg −0.068%

Together, before fees−0.838%−$84 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Gate is 0.044% dearer against Deribit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2114	0	get 0.0000% / 1h	43m 37s	$79K	$1.3M	50x
Short	Gate ENA_USDT	0.2113	0.0100	get 0.0050% / 4h	1h 43m	$11.1M	$21.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.024%Rate

Funding earned: $21
Price spread: −0.024% → −0.068%: $4.41
Slippage, 4 orders: −$31.96
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$28.54
Costs to cover: 0.540%
Break-even: 16.5 days

Slippage from Deribit: live order book, just now; Gate: 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, just now	4.26 bp	12.0 bp −$12	17.3 bp −$173	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	4.50 bp	20.3 bp −$20	33.3 bp −$333	56.6 bp −$5,655	93.4 bp −$46.7K

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
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2114	long leg	$79K	$1.3M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2112	−0.058%	$82K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0011%	4h	0.2112	−0.076%	$44K	$27K	10x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2112	−0.057%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.459%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.080%	$54K	$499K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2112	−0.057%	$682K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2114	+0.028%	$113.6M	$71.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2114	−0.006%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	+0.004%	$413K	$516K	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	0.2113	−0.054%	$130.0M	$424.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2112	−0.080%	$86.6M	$176.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2113	−0.038%	$20.8M	$103.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	−0.331%	$19K	$375K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2112	−0.080%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.033%	$93K	$4K	10x	as long as short
Gate ENA_USDTshort	+0.0100%	4h	0.2113	−0.024%	$11.1M	$21.2M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2113	−0.043%	$45.5M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	+0.033%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2113	−0.047%	$48.2M	$58.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2112	−0.057%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2113	−0.038%	$374K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2110	−0.176%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2111	−0.108%	$243K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	−0.239%	$350K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2115	+0.062%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	+0.014%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.403%	$1K	$842K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2112	−0.080%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.156%	$277K	$785K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2112	−0.080%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.078%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2113	−0.042%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0120%	1h	0.2113	−0.040%	$140K	$15K	5x	as long as short
Extended ENA-USD	+0.0128%	1h	0.2111	−0.105%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0150%	1h	0.2109	−0.203%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2112	−0.075%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2113	−0.027%	$2.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	+0.043%	$5.7M	$3.1M	75x	as long as short
Lighter ENA	+0.0360%	1h	0.2115	+0.062%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.012%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2117	+0.170%	$833K	$1.5M	50x	as long as short