Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.021%

Price spread now: Bitget against Deribit−0.010%7-day average −0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$330.332% of the position

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.146%+$15 on $10k

Price spread, last 3 days (all we have)−0.396%−$40 · spread now −0.010%, 7d avg −0.114%

Together, before fees−0.250%−$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bitget is 0.105% dearer against Deribit than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.114%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2091	0	get 0.0000% / 1h	25m 49s	$92K	$1.8M	50x
Short	Bitget ENAUSDT	0.2091	0.0100	get 0.0050% / 4h	1h 25m	$47.3M	$65.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Deribit. 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 DeribitbpFee BitgetbpOrdersPrice spread, now −0.010%Rate

Funding earned: $21
Price spread: −0.010% → −0.114%: $10.45
Slippage, 4 orders: −$14.19
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$1.74
Costs to cover: 0.332%
Break-even: 7.6 days

Slippage from Deribit: live order book, 3 min ago; Bitget: live order book, 3 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 Deribit live order book, 3 min ago	2.39 bp	5.9 bp −$6	13.5 bp −$135	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	0.48 bp	11.7 bp −$12	19.9 bp −$199	41.1 bp −$4,115	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
Backpack ENA_USDC_PERP	−0.0087%	1h	0.2090	−0.019%	$361K	$454K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0057%	4h	0.2090	−0.043%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2091	long leg	$92K	$1.8M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2091	−0.008%	$100K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.559%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2091	+0.009%	$2.6M	$5.6M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2089	−0.086%	$61K	$537K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2089	−0.079%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2089	−0.067%	$657K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2091	+0.004%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2090	−0.027%	$404K	$578K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2092	+0.074%	$129.0M	$457.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2091	+0.029%	$87.0M	$191.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	+0.062%	$20.1M	$111.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2092	+0.038%	$15K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2090	−0.038%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2088	−0.110%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2091	+0.029%	$10.4M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2092	+0.057%	$45.3M	$46.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2092	+0.077%	$23.8M	$16.5M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2091	−0.010%	$47.3M	$65.2M	75x
BingX ENA-USDT	+0.0100%	4h	0.2092	+0.053%	—	$32.9M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2090	−0.053%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	+0.021%	$248K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2092	+0.057%	$360K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2092	+0.057%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2091	+0.010%	$182K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2040	−2.420%	$1K	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2090	−0.038%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2092	+0.062%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2089	−0.086%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2091	−0.014%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2091	−0.010%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0120%	1h	0.2091	−0.005%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0235% / S −0.0398%	1h	0.2090	−0.017%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0304%	1h	0.2091	+0.009%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2090	−0.033%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−0.039%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0520%	1h	0.2092	+0.072%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0575%	1h	0.2095	+0.215%	$110.6M	$79.7M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2092	+0.057%	$804K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1938%	1h	0.2090	−0.026%	$138K	$15K	5x	as long as short