Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.025%

Price spread now: Deribit against Orderly+0.056%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Deribit is 0.056% dearer against Orderly than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2139	−0.0092	get 0.0046% / 4h	3h 38m	$44K	$16K	10x
Short	Deribit ENA_USDC-PERPETUAL	0.2140	0	get 0.0000% / 1h	38m 57s	$76K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now +0.056%Rate

Funding earned: $19.4
Price spread: +0.056% → 0.000%: $5.61
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $12.01
Costs to cover: 0.130%
Break-even: 2.7 days

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 5 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Deribit live order book, 5 min ago	4.41 bp	7.9 bp −$8	15.8 bp −$158	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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_USDClong	−0.0092%	4h	0.2139	long leg	$44K	$16K	10x
01 Exchange ENAUSD	−0.0088%	1h	0.2140	+0.070%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2140	+0.056%	$76K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2140	+0.065%	$83K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.725%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0079%	1h	0.2141	+0.118%	$142K	$16K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2139	+0.005%	$5.0M	$13.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2140	+0.051%	$52K	$493K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2139	+0.013%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2140	+0.054%	$566K	$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
Hyperliquid ENA	+0.0100%	1h	0.2139	−0.014%	$116.5M	$76.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2138	−0.042%	$1.4M	$3.4M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2142	+0.122%	$410K	$569K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2138	−0.047%	$130.0M	$432.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2137	−0.079%	$88.8M	$194.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2138	−0.047%	$21.1M	$110.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2148	+0.411%	$28K	$320K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2141	+0.098%	$79K	$282K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2157	+0.867%	$94K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2137	−0.070%	$13.3M	$27.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2137	−0.075%	$40.9M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2138	−0.037%	$25.2M	$16.0M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2135	−0.182%	$48.3M	$61.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2137	−0.065%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2139	0.000%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2142	+0.136%	$255K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2152	+0.595%	$359K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2140	+0.051%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2142	+0.136%	$176K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2087	−2.412%	$1K	$928K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2137	−0.089%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2142	+0.145%	$265K	$837K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2138	−0.042%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2136	−0.124%	$1.7M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2139	+0.018%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2146	+0.337%	$14K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0195%	1h	0.2138	−0.038%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0299%	1h	0.2138	−0.047%	$416K	$478K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0754%	1h	0.2140	+0.061%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2137	−0.094%	$5.6M	$3.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2139	−0.011%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2140	+0.056%	$795K	$2.0M	50x	as long as short