Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.032%

Price spread now: HTX against Deribit+0.407%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$850.849% of the position

Long on Deribit Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.136%+$14 on $10k

Price spread, last 4 days (all we have)−0.526%−$53 · spread now +0.407%, 7d avg +0.045%

Together, before fees−0.390%−$39 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 HTX is 0.362% dearer against Deribit than usual: you sell high and buy low: +$36 more if the spread goes back to its 7-day average of +0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2090	0	get 0.0000% / 1h	1m 59s	$72K	$1.1M	50x
Short	HTX ENA-USDT	0.2099	0.0100	get 0.0050% / 4h	3h 01m	$272K	$773K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.407%Rate

Funding earned: $21
Price spread: +0.407% → +0.045%: $36.17
Slippage, 4 orders: −$65.94
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$27.77
Costs to cover: 0.849%
Break-even: 16.3 days

Slippage from Deribit: live order book, 2 min ago; HTX: live order book, 12 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	4.30 bp	7.8 bp −$8	15.1 bp −$151	doesn't fit	doesn't fit
Sell HTX live order book, 12 min ago	25.82 bp	36.0 bp −$36	doesn't fit	doesn't fit	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	−0.0131%	4h	0.2090	−0.029%	$43K	$25K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2090	−0.010%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2090	long leg	$72K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2091	+0.007%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.579%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0052%	4h	0.2090	−0.033%	$11.0M	$22.7M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2090	−0.019%	$56K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	+0.233%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2090	−0.024%	$647K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2092	+0.062%	$113.4M	$74.0M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2092	+0.062%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	+0.214%	$398K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2091	+0.005%	$126.6M	$411.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2090	−0.014%	$84.3M	$173.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	+0.053%	$20.8M	$102.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2101	+0.502%	$22K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2091	+0.029%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	+0.194%	$92K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2091	+0.014%	$45.2M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2091	+0.029%	$24.7M	$15.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2088	−0.096%	$47.5M	$57.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2091	+0.043%	—	$31.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2091	+0.019%	$356K	$400K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	+0.396%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	+0.383%	$241K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2098	+0.365%	$347K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2101	+0.507%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2092	+0.077%	$190K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2040	−2.406%	$1K	$857K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2090	−0.019%	$3K	$7K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2099	+0.407%	$272K	$773K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2090	−0.019%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2090	−0.025%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2090	−0.019%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2100	+0.459%	$8K	$274K	10x	as long as short
Lighter ENA	+0.0160%	1h	0.2092	+0.086%	$5.2M	$13.3M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0175%	1h	0.2091	+0.052%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2090	+0.004%	$69K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2096	+0.249%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	0.000%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2095	+0.244%	$858K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1186%	1h	0.2094	+0.178%	$138K	$15K	5x	as long as short