Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0030%/8h= +3.2% APRpaid last 24h −0.032%

Price spread now: Deribit against MEXC+0.005%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$130.127% of the position

Long on MEXC Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 3 days (all we have)+0.322%+$32 · spread now +0.005%, 7d avg +0.051%

Together, before fees+0.198%+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.046% cheaper against MEXC than usual: you would sell low and buy high (spread +0.005% now, against its 7-day average of +0.051%). If the spread goes back, that is −$5 on $10k: about 5.2 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.123%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ENA_USDT	0.2108	0.0100	pay 0.0050% / 4h	1h 09m	$46.8M	$47.0M	200x
Short	Deribit ENA_USDC-PERPETUAL	0.2108	0.0130	get 0.0016% / 1h	9m 08s	$92K	$1.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against MEXC. 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 MEXCbpFee DeribitbpOrdersPrice spread, now +0.005%Rate

Funding earned: $6.22
Price spread: +0.005% → +0.051%: −$4.6
Slippage, 4 orders: −$5.72
Fee MEXC: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$11.1
Costs to cover: 0.127%
Break-even: 19.5 days

Slippage from MEXC: live order book, 5 min ago; Deribit: live order book, 5 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 MEXC live order book, 5 min ago	0.24 bp	1.3 bp −$1	5.7 bp −$57	40.5 bp −$4,052	73.1 bp −$36.5K
Sell Deribit live order book, 5 min ago	1.91 bp	5.4 bp −$5	15.7 bp −$157	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	−0.0041%	4h	0.2107	−0.066%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0018%	1h	0.2110	+0.076%	$372K	$447K	5x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2105	−0.128%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.726%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2109	+0.029%	$2.7M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2104	−0.194%	$62K	$530K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2102	−0.276%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2104	−0.178%	$662K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2107	−0.067%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2103	−0.242%	$407K	$575K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2108	−0.007%	$130.1M	$455.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.038%	$87.8M	$190.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	+0.014%	$20.4M	$111.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2099	−0.451%	$15K	$397K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	−0.194%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	−0.419%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2104	−0.176%	$10.5M	$21.4M	50x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2108	long leg	$46.8M	$47.0M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2108	−0.009%	$24.0M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	−0.062%	$47.6M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2108	−0.014%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.519%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	−0.485%	$249K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−0.588%	$350K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.574%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	−0.119%	$177K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2053	−2.599%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2108	−0.005%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2104	−0.185%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2107	−0.052%	$2.0M	$9.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	−0.028%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2098	−0.460%	$5K	$356K	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	+0.0130%	1h	0.2108	+0.005%	$92K	$1.8M	50x
01 Exchange ENAUSD	+0.0144%	1h	0.2105	−0.142%	$4K	$312	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0246% / S −0.0424%	1h	0.2105	−0.142%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2103	−0.247%	$5.5M	$8.0M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2107	−0.047%	$1.6M	$4.1M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2105	−0.149%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0552%	1h	0.2111	+0.119%	$5.7M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2100	−0.379%	$827K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0590%	1h	0.2111	+0.138%	$111.5M	$78.5M	10x	as long as short
dYdX ENA-USD	+0.1983%	1h	0.2102	−0.267%	$139K	$15K	5x	as long as short