Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.032%

Price spread now: KuCoin against Deribit+0.043%7-day average −0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$420.419% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.085%+$9 on $10k

Price spread, last 3 days (all we have)−0.353%−$35 · spread now +0.043%, 7d avg −0.030%

Together, before fees−0.268%−$27 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 KuCoin is 0.073% dearer against Deribit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2094	0	get 0.0000% / 1h	24m 13s	$93K	$1.8M	50x
Short	KuCoin ENAUSDTM	0.2094	0.0100	get 0.0050% / 4h	1h 24m	$23.8M	$16.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.043%Rate

Funding earned: $21
Price spread: +0.043% → −0.030%: $7.27
Slippage, 4 orders: −$22.91
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$13.64
Costs to cover: 0.419%
Break-even: 11.5 days

Slippage from Deribit: live order book, 5 min ago; KuCoin: live order book, 5 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, 5 min ago	2.39 bp	5.9 bp −$6	13.5 bp −$135	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	0.95 bp	15.3 bp −$15	36.4 bp −$364	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
Backpack ENA_USDC_PERP	−0.0072%	1h	0.2094	+0.033%	$361K	$447K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0055%	4h	0.2093	−0.029%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2094	long leg	$93K	$1.8M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2095	+0.057%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.428%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2095	+0.081%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2094	+0.024%	$61K	$537K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	+0.091%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2095	+0.072%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2094	+0.006%	$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	0.2096	+0.128%	$405K	$578K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2094	+0.009%	$129.0M	$456.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2093	−0.019%	$87.1M	$191.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2093	−0.019%	$20.2M	$111.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2092	−0.091%	$15K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2096	+0.119%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2088	−0.239%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2095	+0.062%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2093	−0.010%	$45.3M	$46.8M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2094	+0.043%	$23.8M	$16.5M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2092	−0.081%	$47.3M	$65.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2095	+0.072%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.201%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	−0.108%	$248K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2092	−0.072%	$360K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2092	−0.072%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2095	+0.091%	$182K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2044	−2.355%	$723	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2094	+0.024%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2098	+0.229%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2093	−0.024%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2093	−0.001%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2091	−0.100%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0120%	1h	0.2096	+0.100%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0236% / S −0.0401%	1h	0.2094	+0.038%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0312%	1h	0.2093	−0.026%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	+0.081%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2094	+0.035%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0528%	1h	0.2097	+0.143%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2092	−0.072%	$804K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0580%	1h	0.2098	+0.196%	$110.7M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1945%	1h	0.2096	+0.130%	$138K	$15K	5x	as long as short