Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.032%

Price spread now: Deribit against HTX−0.191%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$840.839% of the position

Long on HTX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.168%−$17 on $10k

Price spread, last 3 days (all we have)+0.279%+$28 · spread now −0.191%, 7d avg −0.036%

Together, before fees+0.111%+$11 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 0.155% cheaper against HTX than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.036%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ENA-USDT	0.2099	0.0100	pay 0.0050% / 4h	2h 48m	$272K	$1.6M	50x
Short	Deribit ENA_USDC-PERPETUAL	0.2095	0	get 0.0000% / 1h	48m 14s	$97K	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against HTX. 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 HTXbpFee DeribitbpOrdersPrice spread, now −0.191%Rate

Funding earned: −$21
Price spread: −0.191% → −0.036%: −$15.49
Slippage, 4 orders: −$64.92
Fee HTX: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$120.41
Costs to cover: 0.839%
Break-even: never at this rate

Slippage from HTX: 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 HTX live order book, 1 min ago	19.73 bp	26.2 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 1 min ago	3.58 bp	12.5 bp −$13	doesn't fit	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
Backpack ENA_USDC_PERP	−0.0425%	1h	0.2097	−0.086%	$361K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0094%	4h	0.2094	−0.248%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0072%	1h	0.2095	−0.195%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0034%	4h	0.2094	−0.272%	$10.4M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2095	−0.191%	$97K	$1.9M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2095	−0.205%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.148%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2103	+0.171%	$5K	$394K	10x	as long as short
ApeX Omni ENAUSDT	+0.0086%	1h	0.2097	−0.110%	$32K	$711K	50x	as long as short
Lighter ENA	+0.0096%	1h	0.2097	−0.100%	$5.7M	$13.1M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ENAUSDT	+0.0096%	1h	0.2094	−0.252%	$59K	$545K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2094	−0.239%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2094	−0.267%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2095	−0.193%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	−0.186%	$402K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	−0.215%	$129.3M	$471.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2094	−0.243%	$87.7M	$194.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	−0.205%	$20.1M	$115.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2096	−0.162%	$19K	$444K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2095	−0.205%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.033%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2095	−0.210%	$45.0M	$48.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	−0.176%	$24.2M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2093	−0.295%	$47.4M	$66.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2094	−0.248%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2095	−0.216%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2102	+0.114%	$252K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2097	−0.129%	$356K	$4.6M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	−0.124%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.591%	$838	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2094	−0.252%	$4K	$14K	10x	as long as short
HTX ENA-USDTlong	+0.0100%	4h	0.2099	long leg	$272K	$1.6M	50x
Phemex ENAUSDT	+0.0100%	4h	0.2095	−0.205%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2094	−0.260%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	−0.205%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2097	−0.113%	$2.7M	$5.8M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0211% / S −0.0159%	1h	0.2095	−0.204%	$50K	—	100x	as long as short
Hyperliquid ENA	+0.0214%	1h	0.2098	−0.076%	$111.5M	$80.8M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2097	−0.129%	$5.6M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2094	−0.240%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.071%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.7979%	1h	0.2097	−0.106%	$139K	$12K	5x	as long as short