Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.029%

Price spread now: Bybit against Deribit−0.101%7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$300.303% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 on $10k

Price spread, last 3 days (all we have)−0.475%−$47 · spread now −0.101%, 7d avg −0.094%

Together, before fees−0.396%−$40 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.094%, 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	Deribit ENA_USDC-PERPETUAL	0.2082	0	get 0.0000% / 1h	6m 05s	$92K	$1.8M	50x
Short	Bybit ENAUSDT	0.2080	0.0100	get 0.0050% / 4h	2h 06m	$86.4M	$193.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.101%Rate

Funding earned: $21
Price spread: −0.101% → −0.094%: −$0.67
Slippage, 4 orders: −$12.33
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$10
Costs to cover: 0.303%
Break-even: 10.3 days

Slippage from Deribit: live order book, 3 min ago; Bybit: 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	5.02 bp	8.5 bp −$9	16.9 bp −$169	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.24 bp	6.2 bp −$6	16.4 bp −$164	57.2 bp −$5,719	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	−0.0292%	1h	0.2083	+0.053%	$359K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0079%	4h	0.2081	−0.043%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2081	−0.082%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2082	long leg	$92K	$1.8M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2081	−0.073%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.974%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2090	+0.370%	$5K	$394K	10x	as long as short
Gate ENA_USDT	+0.0090%	4h	0.2082	+0.005%	$10.4M	$21.8M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2080	−0.110%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2080	−0.115%	$47K	$221	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	0.2080	−0.098%	$652K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2083	+0.028%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2081	−0.060%	$403K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2082	−0.010%	$128.1M	$465.0M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2080	−0.101%	$86.4M	$193.7M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2081	−0.072%	$20.1M	$112.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2088	+0.269%	$20K	$412K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2081	−0.062%	$81K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	+0.219%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2083	+0.029%	$45.1M	$49.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2084	+0.077%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2081	−0.048%	$47.0M	$65.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2082	−0.010%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2085	+0.154%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	+0.398%	$248K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2091	+0.421%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2090	+0.370%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2081	−0.067%	$191K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2030	−2.492%	$947	$811K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2082	−0.014%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2087	+0.216%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2082	−0.014%	$1.9M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2082	−0.011%	$76K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0105%	1h	0.2083	+0.037%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2081	−0.049%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0164%	1h	0.2080	−0.090%	$50K	—	100x	as long as short
Lighter ENA	+0.0304%	1h	0.2086	+0.158%	$5.6M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0339%	1h	0.2085	+0.134%	$109.9M	$80.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2089	+0.303%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2080	−0.094%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2082	−0.010%	$796K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5075%	1h	0.2081	−0.075%	$137K	$15K	5x	as long as short