Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.031%

Price spread now: Gate against Deribit−0.169%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$540.536% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.114%+$11 on $10k

Price spread, last 3 days (all we have)−0.008%−$1 · spread now −0.169%, 7d avg −0.071%

Together, before fees+0.106%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.098% cheaper against Deribit than usual: you would sell low and buy high (spread −0.169% now, against its 7-day average of −0.071%). If the spread goes back, that is −$10 on $10k: about 3.3 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	0.2130	0	get 0.0000% / 1h	0m 34s	$79K	$1.3M	50x
Short	Gate ENA_USDT	0.2127	0.0100	get 0.0050% / 4h	2h 00m	$11.1M	$22.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.169%Rate

Funding earned: $21
Price spread: −0.169% → −0.071%: −$9.85
Slippage, 4 orders: −$31.55
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$42.4
Costs to cover: 0.536%
Break-even: 21.1 days

Slippage from Deribit: live order book, 3 min ago; Gate: 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	5.89 bp	10.3 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	5.88 bp	16.6 bp −$17	32.0 bp −$320	61.7 bp −$6,170	102.6 bp −$51.3K

ENA on 41 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
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2130	long leg	$79K	$1.3M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2130	−0.032%	$87K	—	150x	as long as short
dYdX ENA-USD	+0.0011%	1h	0.2127	−0.151%	$141K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2129	−0.070%	$44K	$27K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.319%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2126	−0.197%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	−0.291%	$54K	$506K	50x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2128	−0.101%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	−0.165%	$415K	$530K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2123	−0.322%	$130.6M	$430.1M	75x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2122	−0.399%	$86.8M	$179.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	−0.399%	$20.9M	$104.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	−0.155%	$19K	$384K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	−0.197%	$79K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.972%	$93K	$4K	10x	as long as short
Gate ENA_USDTshort	+0.0100%	4h	0.2127	−0.169%	$11.1M	$22.0M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2126	−0.188%	$45.6M	$44.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2128	−0.113%	$24.7M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	−0.268%	$48.4M	$58.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2126	−0.188%	—	$32.4M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2131	+0.019%	$384K	$369K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	−0.076%	$3.8M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	−0.345%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.282%	$361K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	−0.244%	$32K	$650K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.471%	$681K	$1.7M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2129	−0.070%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2078	−2.450%	$1K	$843K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2130	−0.009%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2132	+0.075%	$278K	$803K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2130	−0.009%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	−0.214%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	+0.020%	$75K	$4K	3x	as long as short
Extended ENA-USD	+0.0152%	1h	0.2125	−0.249%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2116	−0.648%	$7K	$351K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2131	+0.023%	$2.7M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2130	−0.026%	$51K	—	100x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2128	−0.106%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0440%	1h	0.2129	−0.047%	$5.5M	$13.8M	10x	as long as short
Hyperliquid ENA	+0.0460%	1h	0.2129	−0.056%	$114.5M	$71.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2132	+0.099%	$838K	$1.6M	50x	as long as short