Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.032%

Price spread now: Deribit against Binance−0.010%7-day average +0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$350.349% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.112%−$11 on $10k

Price spread, last 4 days (all we have)+1.060%+$106 · spread now −0.010%, 7d avg +0.034%

Together, before fees+0.948%+$95 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 0.045% cheaper against Binance than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.034%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2117	0.0100	pay 0.0050% / 4h	3h 27m	$127.7M	$431.6M	75x
Short	Deribit ENA_USDC-PERPETUAL	0.2117	0	get 0.0000% / 1h	27m 24s	$75K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$21
Price spread: −0.010% → +0.034%: −$4.45
Slippage, 4 orders: −$17.85
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$60.3
Costs to cover: 0.349%
Break-even: never at this rate

Slippage from Binance: live order book, 1 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 Binance live order book, 1 min ago	0.24 bp	9.5 bp −$10	17.2 bp −$172	61.8 bp −$6,181	doesn't fit
Sell Deribit live order book, 2 min ago	4.96 bp	9.4 bp −$9	doesn't fit	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
01 Exchange ENAUSD	−0.0112%	1h	0.2115	−0.119%	$4K	$169	10x	as long as short
Orderly PERP_ENA_USDC	−0.0101%	4h	0.2116	−0.076%	$44K	$16K	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2117	−0.010%	$75K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2116	−0.057%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.264%	$734	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0052%	4h	0.2117	−0.001%	$13.2M	$27.8M	50x	as long as short
Bitget ENAUSDT	+0.0090%	4h	0.2114	−0.133%	$47.9M	$61.1M	75x	as long as short
Lighter ENA	+0.0096%	1h	0.2120	+0.141%	$4.9M	$13.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2114	−0.152%	$54K	$499K	50x	as long as short
Paradex ENA-USD-PERP	+0.0099%	8h	0.2116	−0.069%	$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	0.2115	−0.083%	$559K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2116	−0.043%	$115.1M	$76.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2119	+0.063%	$1.4M	$3.4M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	+0.062%	$407K	$562K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2117	long leg	$127.7M	$431.6M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2116	−0.057%	$88.1M	$194.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	−0.038%	$20.9M	$108.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	−0.147%	$28K	$326K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2116	−0.057%	$77K	$283K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.221%	$92K	$511	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	−0.057%	$40.9M	$43.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2116	−0.053%	$24.9M	$16.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2117	+0.009%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2119	+0.099%	$410K	$480K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	−0.147%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2118	+0.048%	$246K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2116	−0.062%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	−0.010%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2116	−0.057%	$174K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2068	−2.310%	$1K	$931K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	−0.010%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2120	+0.141%	$264K	$843K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	+0.132%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2115	−0.093%	$1.6M	$4.7M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2118	+0.020%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0115%	1h	0.2120	+0.110%	$140K	$16K	5x	as long as short
Phoenix ENA	+0.0150%	1h	0.2118	+0.028%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0197%	1h	0.2117	−0.002%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0756%	1h	0.2118	+0.031%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2118	+0.023%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2115	−0.107%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2117	−0.019%	$784K	$2.0M	50x	as long as short