Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0030%/8h= −3.2% APRpaid last 24h +0.032%

Price spread now: MEXC against Deribit−0.005%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$130.127% of the position

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 3 days (all we have)−0.322%−$32 · spread now −0.005%, 7d avg −0.051%

Together, before fees−0.198%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.046% dearer against Deribit than usual: you sell high and buy low (spread −0.005% now, against its 7-day average of −0.051%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.2 days. Mind the row above: over the last 7 days funding on this pair paid +0.123%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2108	0.0130	pay 0.0016% / 1h	9m 12s	$92K	$1.8M	50x
Short	MEXC ENA_USDT	0.2108	0.0100	get 0.0050% / 4h	1h 09m	$46.8M	$47.0M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$6.22
Price spread: −0.005% → −0.051%: $4.6
Slippage, 4 orders: −$5.72
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$14.34
Costs to cover: 0.127%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; MEXC: 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	1.91 bp	5.4 bp −$5	13.3 bp −$133	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.24 bp	0.6 bp −$1	4.6 bp −$46	29.8 bp −$2,980	61.1 bp −$30.6K

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	−0.0041%	4h	0.2107	−0.071%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0018%	1h	0.2110	+0.071%	$372K	$447K	5x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2105	−0.133%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.721%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2109	+0.024%	$2.7M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2104	−0.199%	$62K	$530K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2102	−0.281%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2104	−0.183%	$662K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2107	−0.072%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2103	−0.247%	$407K	$575K	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	0.2108	−0.012%	$130.1M	$455.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.043%	$87.8M	$190.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	+0.009%	$20.4M	$111.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2099	−0.455%	$15K	$397K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	−0.199%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	−0.424%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2104	−0.180%	$10.5M	$21.4M	50x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2108	−0.005%	$46.8M	$47.0M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2108	−0.014%	$24.0M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	−0.066%	$47.6M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2108	−0.019%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.523%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	−0.490%	$249K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−0.592%	$350K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.579%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	−0.123%	$177K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2053	−2.604%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2108	−0.009%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2104	−0.190%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2107	−0.057%	$2.0M	$9.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	−0.033%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2098	−0.465%	$5K	$356K	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	+0.0130%	1h	0.2108	long leg	$92K	$1.8M	50x
01 Exchange ENAUSD	+0.0144%	1h	0.2105	−0.147%	$4K	$312	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0246% / S −0.0424%	1h	0.2105	−0.147%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2103	−0.251%	$5.5M	$8.0M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2107	−0.051%	$1.6M	$4.1M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2105	−0.154%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0552%	1h	0.2111	+0.114%	$5.7M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2100	−0.384%	$827K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0590%	1h	0.2111	+0.133%	$111.5M	$78.5M	10x	as long as short
dYdX ENA-USD	+0.1983%	1h	0.2102	−0.272%	$139K	$15K	5x	as long as short