Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.032%

Price spread now: Deribit against edgeX−0.178%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$450.447% of the position

Long on edgeX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.136%−$14 on $10k

Price spread, last 4 days (all we have)+0.680%+$68 · spread now −0.178%, 7d avg +0.021%

Together, before fees+0.544%+ Points / potential airdropedgeX: Active · farm board+$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.198% cheaper against edgeX than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.021%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ENAUSDC	0.2109	0.0100	pay 0.0050% / 4h	2h 38m	$242K	$6.8M	20x
Short	Deribit ENA_USDC-PERPETUAL	0.2105	0	get 0.0000% / 1h	38m 46s	$73K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against edgeX. 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 edgeXbpFee DeribitbpOrdersPrice spread, now −0.178%Rate

Funding earned: −$21
Price spread: −0.178% → +0.021%: −$19.84
Slippage, 4 orders: −$28.68
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$85.53
Costs to cover: 0.447%
Break-even: never at this rate

Slippage from edgeX: live order book, 5 min ago; Deribit: live order book, just now.

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 edgeX live order book, 5 min ago	9.49 bp	14.0 bp −$14	15.5 bp −$155	46.6 bp −$4,658	doesn't fit
Sell Deribit live order book, just now	2.37 bp	10.8 bp −$11	17.7 bp −$177	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	−0.0142%	4h	0.2103	−0.282%	$44K	$25K	10x	as long as short
Gate ENA_USDT	−0.0020%	4h	0.2105	−0.154%	$11.1M	$23.5M	50x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2099	−0.457%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2105	−0.178%	$73K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2103	−0.295%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.695%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2098	−0.510%	$56K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	−0.393%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2101	−0.389%	$651K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2108	−0.039%	$114.3M	$74.1M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2107	−0.091%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2101	−0.385%	$394K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2107	−0.091%	$127.6M	$417.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2106	−0.149%	$85.2M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.088%	$21.1M	$103.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	−0.495%	$20K	$320K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	−0.415%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	+0.154%	$93K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	−0.088%	$45.4M	$40.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2106	−0.149%	$24.9M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2105	−0.187%	$47.9M	$58.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2106	−0.135%	—	$31.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2100	−0.405%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDClong	+0.0100%	4h	0.2109	long leg	$242K	$6.8M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2103	−0.254%	$354K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2107	−0.083%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2100	−0.410%	$188K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2052	−2.700%	$918	$868K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2105	−0.178%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2108	−0.026%	$266K	$799K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2103	−0.272%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2105	−0.163%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	−0.249%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2111	+0.093%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0163%	1h	0.2106	−0.148%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0168%	1h	0.2110	+0.074%	$5.2M	$13.0M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2103	−0.287%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.339%	$5.5M	$3.0M	75x	as long as short
dYdX ENA-USD	+0.0395%	1h	0.2101	−0.390%	$139K	$15K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2101	−0.375%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0551%	1h	0.2104	−0.235%	$356K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2102	−0.296%	$860K	$1.7M	50x	as long as short