Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.031%

Price spread now: KuCoin against Deribit+0.043%7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$480.483% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 4 days (all we have)−0.550%−$55 · spread now +0.043%, 7d avg −0.027%

Together, before fees−0.475%−$48 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 KuCoin is 0.069% dearer against Deribit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2100	0	get 0.0000% / 1h	44m 04s	$78K	$1.2M	50x
Short	KuCoin ENAUSDTM	0.2101	0.0100	get 0.0050% / 4h	44m 04s	$24.6M	$15.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.043%Rate

Funding earned: $21
Price spread: +0.043% → −0.027%: $6.95
Slippage, 4 orders: −$29.27
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$20.32
Costs to cover: 0.483%
Break-even: 13.8 days

Slippage from Deribit: live order book, 5 min ago; KuCoin: 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, 5 min ago	3.34 bp	6.8 bp −$7	14.7 bp −$147	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	2.15 bp	14.2 bp −$14	30.2 bp −$302	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
Backpack ENA_USDC_PERP	−0.0318%	1h	0.2101	+0.057%	$367K	$388K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2100	+0.014%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0061%	4h	0.2100	+0.019%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2100	long leg	$78K	$1.2M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2101	+0.045%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.124%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2097	−0.157%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2102	+0.095%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2100	+0.010%	$55K	$500K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2097	−0.121%	$47K	$110	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	0.2101	+0.039%	$661K	$1.6M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2102	+0.119%	$111.9M	$73.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2101	+0.053%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	−0.024%	$409K	$500K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2099	−0.024%	$128.1M	$415.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2098	−0.067%	$85.2M	$175.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	−0.024%	$20.8M	$102.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.329%	$20K	$311K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2093	−0.324%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.096%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2100	+0.010%	$11.0M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2100	+0.029%	$45.7M	$41.2M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2101	+0.043%	$24.6M	$15.6M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2097	−0.129%	$47.8M	$57.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2100	+0.014%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.114%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.307%	$241K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2088	−0.562%	$346K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2094	−0.276%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2101	+0.057%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2051	−2.334%	$958	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	+0.010%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2100	+0.029%	$272K	$795K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2101	+0.057%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2098	−0.096%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2100	−0.008%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0144%	1h	0.2098	−0.107%	$139K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0244%	1h	0.2101	+0.062%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2101	+0.063%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	−0.224%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2101	+0.053%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2090	−0.462%	$851K	$1.5M	50x	as long as short