Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.031%

Price spread now: Deribit against OKX−0.090%7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$430.430% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 4 days (all we have)+0.482%+$48 · spread now −0.090%, 7d avg +0.053%

Together, before fees+0.415%+$42 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 0.143% cheaper against OKX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.053%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ENA-USDT-SWAP	0.2102	0.0100	pay 0.0050% / 4h	3h 07m	$20.9M	$102.9M	50x
Short	Deribit ENA_USDC-PERPETUAL	0.2100	0	get 0.0000% / 1h	7m 50s	$73K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against OKX. 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 OKXbpFee DeribitbpOrdersPrice spread, now −0.090%Rate

Funding earned: −$21
Price spread: −0.090% → +0.053%: −$14.31
Slippage, 4 orders: −$26.01
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$78.33
Costs to cover: 0.430%
Break-even: never at this rate

Slippage from OKX: 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 OKX live order book, 1 min ago	0.24 bp	11.5 bp −$12	21.4 bp −$214	doesn't fit	doesn't fit
Sell Deribit live order book, 1 min ago	5.00 bp	8.5 bp −$9	17.2 bp −$172	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	−0.0129%	4h	0.2099	−0.128%	$44K	$25K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0053%	1h	0.2101	−0.048%	$358K	$400K	5x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2098	−0.167%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2100	−0.090%	$73K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2099	−0.110%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.028%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2098	−0.181%	$56K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2098	−0.179%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2098	−0.186%	$649K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2103	+0.048%	$114.1M	$73.8M	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	0.2101	−0.018%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2098	−0.169%	$399K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2102	−0.005%	$127.3M	$411.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2101	−0.029%	$84.8M	$173.9M	50x	as long as short
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2102	long leg	$20.9M	$102.9M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2097	−0.205%	$22K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2098	−0.181%	$78K	$276K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2100	−0.067%	$11.2M	$22.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2102	0.000%	$45.5M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2101	−0.029%	$24.8M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2100	−0.090%	$47.7M	$57.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2101	−0.033%	—	$31.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2098	−0.159%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2103	+0.036%	$242K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2103	+0.057%	$348K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2103	+0.057%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2100	−0.095%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.583%	$1K	$855K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	−0.086%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2102	+0.019%	$272K	$771K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2100	−0.086%	$1.7M	$8.9M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2102	+0.014%	$92K	−$0	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2101	−0.055%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2100	−0.103%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2102	+0.010%	$8K	$274K	10x	as long as short
Lighter ENA	+0.0168%	1h	0.2103	+0.076%	$5.2M	$13.3M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2100	−0.070%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2100	−0.095%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2097	−0.252%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	−0.132%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2109	+0.338%	$863K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1134%	1h	0.2097	−0.225%	$139K	$15K	5x	as long as short