Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.025%

Price spread now: Orderly against Deribit−0.056%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Orderly is 0.056% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2140	0	get 0.0000% / 1h	39m 08s	$76K	$1.1M	50x
Short	Orderly PERP_ENA_USDC	0.2139	−0.0092	pay 0.0046% / 4h	3h 39m	$44K	$16K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.056%Rate

Funding earned: −$19.4
Price spread: −0.056% → 0.000%: −$5.61
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$38.01
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 5 min ago; Orderly: no order-book sample. Net counts fees only.

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	4.41 bp	8.8 bp −$9	16.9 bp −$169	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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_USDCshort	−0.0092%	4h	0.2139	−0.056%	$44K	$16K	10x
01 Exchange ENAUSD	−0.0088%	1h	0.2140	+0.014%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2140	long leg	$76K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2140	+0.009%	$83K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.780%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0079%	1h	0.2141	+0.062%	$142K	$16K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2139	−0.051%	$5.0M	$13.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2140	−0.005%	$52K	$493K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2139	−0.043%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2140	−0.002%	$566K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2139	−0.070%	$116.5M	$76.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2138	−0.098%	$1.4M	$3.4M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2142	+0.065%	$410K	$569K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2137	−0.150%	$129.9M	$432.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2136	−0.182%	$88.8M	$194.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2137	−0.145%	$21.1M	$110.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2148	+0.355%	$28K	$320K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2141	+0.042%	$79K	$282K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2157	+0.810%	$94K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2137	−0.168%	$13.3M	$27.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2137	−0.168%	$40.9M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2139	−0.033%	$25.2M	$16.0M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2134	−0.266%	$48.3M	$61.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2137	−0.168%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2139	−0.056%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2142	+0.079%	$255K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2152	+0.539%	$359K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2140	−0.005%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2142	+0.079%	$176K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2087	−2.467%	$1K	$928K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2137	−0.145%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2142	+0.089%	$265K	$837K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2138	−0.098%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2137	−0.134%	$1.7M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2139	−0.038%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2146	+0.280%	$14K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0195%	1h	0.2138	−0.094%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0299%	1h	0.2138	−0.103%	$416K	$478K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0754%	1h	0.2140	+0.005%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2137	−0.150%	$5.6M	$3.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2139	−0.067%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2140	0.000%	$795K	$2.0M	50x	as long as short