Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.032%

Price spread now: MEXC against Deribit+0.019%7-day average −0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$210.211% of the position

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 4 days (all we have)−0.234%−$23 · spread now +0.019%, 7d avg −0.042%

Together, before fees−0.122%−$12 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 MEXC is 0.061% dearer against Deribit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2122	0	get 0.0000% / 1h	26m 59s	$55K	$1.1M	50x
Short	MEXC ENA_USDT	0.2122	0.0100	get 0.0050% / 4h	1h 26m	$37.6M	$42.8M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.019%Rate

Funding earned: $21
Price spread: +0.019% → −0.042%: $6.11
Slippage, 4 orders: −$14.06
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: $6.05
Costs to cover: 0.211%
Break-even: 5.0 days

Slippage from Deribit: live order book, 2 min ago; MEXC: 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, 2 min ago	4.25 bp	10.5 bp −$11	17.3 bp −$173	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	0.24 bp	1.8 bp −$2	6.5 bp −$65	33.5 bp −$3,346	68.2 bp −$34.1K

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	−0.0117%	4h	0.2120	−0.061%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2121	−0.009%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2122	long leg	$55K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2116	−0.253%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.090%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2122	+0.024%	$53K	$483K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2120	−0.087%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.071%	$561K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2123	+0.085%	$114.9M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2122	+0.041%	$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	0.2121	−0.027%	$402K	$544K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2122	+0.008%	$128.4M	$429.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2120	−0.090%	$89.4M	$186.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	+0.024%	$21.2M	$108.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2122	+0.014%	$33K	$330K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	−0.071%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.189%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2122	0.000%	$12.4M	$26.4M	50x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2122	+0.019%	$37.6M	$42.8M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	+0.024%	$24.9M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	−0.094%	$48.0M	$60.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2121	−0.014%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	−0.114%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2120	−0.079%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2121	−0.007%	$350K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	−0.165%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	+0.033%	$186K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.385%	$1K	$904K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	−0.024%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.330%	$267K	$820K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2121	−0.024%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2120	−0.052%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	+0.007%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2119	−0.141%	$8K	$276K	10x	as long as short
dYdX ENA-USD	+0.0184%	1h	0.2121	−0.047%	$140K	$16K	5x	as long as short
Lighter ENA	+0.0184%	1h	0.2124	+0.099%	$5.0M	$13.5M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2121	−0.002%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2121	−0.005%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	−0.223%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0444%	1h	0.2122	+0.044%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0547%	1h	0.2122	+0.033%	$394K	$437K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2127	+0.236%	$877K	$1.8M	50x	as long as short