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 +0.032%

Price spread now: edgeX against Deribit−0.186%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$420.421% of the position

Long on Deribit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.131%+$13 on $10k

Price spread, last 4 days (all we have)−0.150%−$15 · spread now −0.186%, 7d avg −0.021%

Together, before fees−0.018%+ Points / potential airdropedgeX: Active · farm board−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.165% cheaper against Deribit than usual: you would sell low and buy high (spread −0.186% now, against its 7-day average of −0.021%). If the spread goes back, that is −$17 on $10k: about 5.5 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2112	0	get 0.0000% / 1h	12m 31s	$54K	$1.1M	50x
Short	edgeX ENAUSDC	0.2108	0.0100	get 0.0050% / 4h	12m 31s	$254K	$7.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.186%Rate

Funding earned: $21
Price spread: −0.186% → −0.021%: −$16.51
Slippage, 4 orders: −$26.06
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$37.56
Costs to cover: 0.421%
Break-even: 19.5 days

Slippage from Deribit: live order book, 1 min ago; edgeX: 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 Deribit live order book, 1 min ago	4.74 bp	8.2 bp −$8	17.0 bp −$170	doesn't fit	doesn't fit
Sell edgeX live order book, 2 min ago	7.11 bp	11.6 bp −$12	13.1 bp −$131	44.6 bp −$4,456	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	−0.0085%	4h	0.2111	−0.014%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2112	long leg	$54K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2110	−0.049%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2109	−0.114%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.564%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2108	−0.166%	$53K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2108	−0.166%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	−0.156%	$564K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2111	−0.038%	$114.4M	$74.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2110	−0.078%	$1.4M	$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	0.2109	−0.096%	$407K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2109	−0.114%	$128.4M	$425.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.194%	$90.4M	$187.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	−0.095%	$21.1M	$106.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2109	−0.123%	$33K	$312K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2109	−0.118%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2105	−0.308%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2109	−0.123%	$13.0M	$27.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2109	−0.114%	$39.3M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2110	−0.071%	$24.9M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	−0.194%	$47.8M	$59.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2108	−0.147%	—	$31.4M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2112	+0.024%	$409K	$486K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2105	−0.288%	$3.0M	$9.9M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2108	−0.186%	$254K	$7.1M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	−0.169%	$356K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2109	−0.118%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2109	−0.099%	$181K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.359%	$1K	$908K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2111	−0.024%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2115	+0.180%	$266K	$808K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2110	−0.071%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2107	−0.193%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2112	+0.008%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0112%	1h	0.2112	0.000%	$5.0M	$13.9M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0149%	1h	0.2112	+0.039%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2111	−0.014%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2108	−0.159%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	−0.081%	$5.5M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2108	−0.146%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2098	−0.644%	$867K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0870%	1h	0.2109	−0.129%	$139K	$16K	5x	as long as short