Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.031%

Price spread now: Deribit against KuCoin−0.119%7-day average +0.027% · 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−$63as in the Price arb table

costs, in and out, $10k−$480.483% of the position

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)+0.626%+$63 · spread now −0.119%, 7d avg +0.027%

Together, before fees+0.552%+$55 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 0.146% cheaper against KuCoin than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.027%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2096	0.0100	pay 0.0050% / 4h	44m 29s	$24.5M	$15.6M	75x
Short	Deribit ENA_USDC-PERPETUAL	0.2094	0	get 0.0000% / 1h	44m 29s	$78K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against KuCoin. 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 KuCoinbpFee DeribitbpOrdersPrice spread, now −0.119%Rate

Funding earned: −$21
Price spread: −0.119% → +0.027%: −$14.59
Slippage, 4 orders: −$29.27
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$83.86
Costs to cover: 0.483%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 min ago; Deribit: 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 KuCoin live order book, 4 min ago	2.15 bp	15.6 bp −$16	36.6 bp −$366	doesn't fit	doesn't fit
Sell Deribit live order book, 4 min ago	3.34 bp	11.6 bp −$12	18.0 bp −$180	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	−0.0318%	1h	0.2094	−0.105%	$366K	$388K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2100	+0.186%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0060%	4h	0.2094	−0.086%	$43K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2094	−0.119%	$78K	$1.2M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2095	−0.044%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.298%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2097	+0.014%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2101	+0.219%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2100	+0.181%	$55K	$500K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2097	+0.051%	$47K	$110	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2101	+0.211%	$661K	$1.6M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2097	+0.014%	$111.6M	$73.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2097	+0.025%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	+0.148%	$409K	$500K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2101	+0.224%	$128.2M	$415.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2100	+0.200%	$85.2M	$175.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2101	+0.243%	$20.8M	$102.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.157%	$20K	$311K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2093	−0.153%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.076%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2099	+0.138%	$11.0M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2100	+0.172%	$45.5M	$41.2M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2096	long leg	$24.5M	$15.6M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2100	+0.177%	$47.9M	$57.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2099	+0.157%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	+0.058%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.136%	$241K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2088	−0.391%	$346K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2094	−0.105%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2101	+0.229%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.433%	$897	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2092	−0.200%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2097	+0.043%	$271K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2093	−0.153%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2099	+0.148%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2094	−0.115%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0144%	1h	0.2098	+0.064%	$139K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0245%	1h	0.2094	−0.105%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2095	−0.053%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	−0.052%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2101	+0.225%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2090	−0.291%	$851K	$1.5M	50x	as long as short