Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.031%

Price spread now: OKX against Deribit+0.377%46s7-day average −0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.338% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 3 days (all we have)−0.768%−$77 · spread now +0.377%, 7d avg −0.056%

Together, before fees−0.697%−$70 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 OKX is 0.433% dearer against Deribit than usual: you sell high and buy low: +$43 more if the spread goes back to its 7-day average of −0.056%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2098	0	get 0.0000% / 1h	9m 35s	$91K	$1.8M	50x
Short	OKX ENA-USDT-SWAP	0.2105	0.0100	get 0.0050% / 4h	1h 09m	$20.3M	$111.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.377%Rate

Funding earned: $21
Price spread: +0.377% → −0.056%: $43.31
Slippage, 4 orders: −$16.78
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $30.53
Costs to cover: 0.338%
Break-even: from the start

Slippage from Deribit: live order book, 4 min ago; OKX: live order book, 4 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, 4 min ago	1.91 bp	5.4 bp −$5	13.3 bp −$133	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.24 bp	10.2 bp −$10	18.5 bp −$185	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	−0.0042%	4h	0.2097	−0.038%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0025%	1h	0.2099	+0.081%	$371K	$447K	5x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2098	long leg	$91K	$1.8M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2097	−0.014%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.230%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2099	+0.063%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2104	+0.305%	$62K	$530K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2102	+0.223%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2104	+0.322%	$662K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	+0.290%	$1.5M	$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	0.2103	+0.257%	$407K	$575K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2104	+0.319%	$129.9M	$454.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2105	+0.334%	$87.7M	$190.7M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2105	+0.377%	$20.3M	$111.5M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2099	+0.048%	$15K	$397K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	+0.305%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	+0.079%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2103	+0.257%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2103	+0.257%	$46.7M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2103	+0.257%	$24.0M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	+0.291%	$47.6M	$64.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2104	+0.291%	—	$32.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.021%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	+0.013%	$249K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−0.090%	$350K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.076%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	+0.381%	$177K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.427%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	+0.019%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.091%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2097	−0.029%	$1.9M	$9.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	−0.005%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2098	+0.014%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0144%	1h	0.2105	+0.358%	$4K	$312	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0245% / S −0.0422%	1h	0.2096	−0.064%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2099	+0.048%	$5.5M	$8.0M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2103	+0.280%	$1.6M	$4.1M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2105	+0.351%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0544%	1h	0.2106	+0.381%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2100	+0.119%	$827K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0587%	1h	0.2106	+0.381%	$111.2M	$78.5M	10x	as long as short
dYdX ENA-USD	+0.1983%	1h	0.2102	+0.232%	$139K	$15K	5x	as long as short