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 +0.025%

Price spread now: Phemex against Deribit−0.029%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$410.411% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.150%+$15 on $10k

Price spread, last 3 days (all we have)+0.068%+$7 · spread now −0.029%, 7d avg −0.001%

Together, before fees+0.218%+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.028% cheaper against Deribit than usual: you would sell low and buy high (spread −0.029% now, against its 7-day average of −0.001%). If the spread goes back, that is −$3 on $10k: about 22 hours of funding at the current rate (+$3 a day).

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	10m 00s	$91K	$1.8M	50x
Short	Phemex ENAUSDT	0.2097	0.0100	get 0.0050% / 4h	1h 10m	$1.9M	$9.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.029%Rate

Funding earned: $21
Price spread: −0.029% → −0.001%: −$2.76
Slippage, 4 orders: −$22.09
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$22.84
Costs to cover: 0.411%
Break-even: 14.6 days

Slippage from Deribit: live order book, 4 min ago; Phemex: 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 Phemex live order book, 4 min ago	4.77 bp	18.2 bp −$18	75.0 bp −$750	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	0.2096	−0.076%	$61K	$530K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2096	−0.062%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2098	+0.021%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2100	+0.105%	$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	0.2098	+0.027%	$406K	$576K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2103	+0.235%	$129.7M	$454.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2102	+0.224%	$87.4M	$190.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2103	+0.243%	$20.3M	$111.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2095	−0.110%	$15K	$396K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2098	+0.019%	$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	0.2097	−0.005%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	+0.033%	$46.6M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2098	+0.005%	$23.9M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	−0.038%	$47.4M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2099	+0.043%	—	$6.5M	—	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	0.2096	−0.095%	$249K	$7.6M	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	0.2097	−0.033%	$176K	$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 ENAUSDTshort	+0.0100%	4h	0.2097	−0.029%	$1.9M	$9.1M	50x
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	0.2097	−0.005%	$4K	$332	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	0.2097	−0.049%	$1.6M	$4.1M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2096	−0.088%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0528%	1h	0.2101	+0.148%	$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	+0.0585%	1h	0.2102	+0.219%	$111.0M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1981%	1h	0.2098	+0.008%	$139K	$15K	5x	as long as short