Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.025%

Price spread now: Deribit against Phemex+0.019%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$520.518% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 4 days (all we have)−0.015%−$2 · spread now +0.019%, 7d avg +0.001%

Together, before fees−0.134%−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.001%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2110	0.0100	pay 0.0050% / 4h	41m 44s	$1.8M	$8.8M	50x
Short	Deribit ENA_USDC-PERPETUAL	0.2110	0	get 0.0000% / 1h	41m 44s	$54K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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 PhemexbpFee DeribitbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$21
Price spread: +0.019% → +0.001%: $1.79
Slippage, 4 orders: −$32.81
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$71.02
Costs to cover: 0.518%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Deribit: live order book, 2 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 Phemex live order book, 2 min ago	7.09 bp	16.2 bp −$16	69.3 bp −$693	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	4.48 bp	8.0 bp −$8	17.9 bp −$179	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	−0.0098%	4h	0.2109	−0.038%	$44K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2109	−0.024%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2110	+0.019%	$54K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2110	+0.003%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.635%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2109	−0.028%	$5.0M	$13.8M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2109	−0.047%	$55K	$478K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2109	−0.066%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	−0.102%	$561K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2109	−0.033%	$114.3M	$75.1M	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	0.2108	−0.114%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2109	−0.057%	$405K	$560K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2107	−0.133%	$128.1M	$425.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.166%	$90.4M	$187.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	−0.085%	$21.2M	$107.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2102	−0.403%	$33K	$317K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	−0.095%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	+0.136%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2108	−0.100%	$12.8M	$26.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	−0.104%	$39.0M	$42.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	−0.028%	$24.9M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2105	−0.218%	$47.8M	$59.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2107	−0.123%	—	$31.4M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2110	−0.009%	$412K	$490K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2121	+0.533%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	+0.606%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	+0.242%	$365K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	+0.332%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	+0.019%	$195K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.403%	$990	$903K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	0.000%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2109	−0.028%	$265K	$817K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2110	long leg	$1.8M	$8.8M	50x
Extended ENA-USD	+0.0104%	1h	0.2106	−0.183%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2109	−0.036%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0149%	1h	0.2111	+0.059%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2119	+0.441%	$8K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2110	−0.005%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2097	−0.592%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2109	−0.027%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2116	+0.280%	$874K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0773%	1h	0.2107	−0.127%	$139K	$16K	5x	as long as short