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 −0.012%

Price spread now: Deribit against GRVT−0.250%7-day average +0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$430.425% of the position

Long on GRVT Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.135%−$13 on $10k

Price spread, last 3 days (all we have)+1.032%+$103 · spread now −0.250%, 7d avg +0.037%

Together, before fees+0.897%+ Points / potential airdropGRVT: Active · farm board+$90 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 0.287% cheaper against GRVT than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of +0.037%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ENA_USDT_Perp	0.2096	0.0100	pay 0.0050% / 4h	1h 52m	$353K	$4.6M	10x
Short	Deribit ENA_USDC-PERPETUAL	0.2091	0	get 0.0000% / 1h	52m 37s	$92K	$1.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against GRVT. 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 GRVTbpFee DeribitbpOrdersPrice spread, now −0.250%Rate

Funding earned: −$21
Price spread: −0.250% → +0.037%: −$28.74
Slippage, 4 orders: −$26.5
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$92.25
Costs to cover: 0.425%
Break-even: never at this rate

Slippage from GRVT: live order book, 1 min ago; Deribit: live order book, 1 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 GRVT live order book, 1 min ago	2.39 bp	14.7 bp −$15	74.6 bp −$746	doesn't fit	doesn't fit
Sell Deribit live order book, 1 min ago	1.91 bp	8.3 bp −$8	17.3 bp −$173	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	−0.0078%	4h	0.2090	−0.283%	$40K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0008%	1h	0.2091	−0.250%	$361K	$484K	5x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2091	−0.250%	$92K	$1.8M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2091	−0.270%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.291%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2091	−0.266%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0072%	1h	0.2093	−0.169%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2092	−0.207%	$60K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2092	−0.204%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2092	−0.221%	$656K	$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
Aster ENAUSDT	+0.0100%	4h	0.2093	−0.137%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2093	−0.171%	$405K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2092	−0.204%	$128.7M	$463.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2091	−0.236%	$87.0M	$193.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	−0.202%	$20.2M	$113.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	+0.094%	$20K	$414K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2093	−0.159%	$82K	$223K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2092	−0.183%	$10.4M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2092	−0.193%	$45.0M	$46.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2092	−0.207%	$23.9M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2091	−0.264%	$47.3M	$65.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2092	−0.193%	—	$32.9M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2093	−0.156%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	−0.011%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perplong	+0.0100%	4h	0.2096	long leg	$353K	$4.6M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2097	+0.032%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2092	−0.231%	$189K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2040	−2.692%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	−0.255%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2094	−0.116%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2089	−0.350%	$1.9M	$9.2M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2083	−0.613%	$88K	$2K	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2091	−0.255%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2092	−0.188%	$5K	$356K	10x	as long as short
Extended ENA-USD	+0.0208%	1h	0.2092	−0.206%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0218% / S −0.0357%	1h	0.2090	−0.292%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2090	−0.317%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−0.322%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0520%	1h	0.2095	−0.064%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0543%	1h	0.2095	−0.073%	$110.3M	$79.7M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2094	−0.097%	$801K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1806%	1h	0.2091	−0.241%	$138K	$15K	5x	as long as short