Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.031%

Price spread now: OKX against Deribit−0.143%7-day average −0.050% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$390.393% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 4 days (all we have)−0.162%−$16 · spread now −0.143%, 7d avg −0.050%

Together, before fees−0.096%−$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.093% cheaper against Deribit than usual: you would sell low and buy high (spread −0.143% now, against its 7-day average of −0.050%). If the spread goes back, that is −$9 on $10k: about 3.1 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.066% in total) that is about 9.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2174	0	get 0.0000% / 1h	1m 58s	$67K	$1.1M	50x
Short	OKX ENA-USDT-SWAP	0.2171	0.0100	get 0.0050% / 4h	2h 01m	$21.7M	$109.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.143%Rate

Funding earned: $21
Price spread: −0.143% → −0.050%: −$9.26
Slippage, 4 orders: −$22.29
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$27.54
Costs to cover: 0.393%
Break-even: 16.2 days

Slippage from Deribit: live order book, 2 min ago; OKX: 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	6.22 bp	9.7 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.23 bp	9.0 bp −$9	15.4 bp −$154	85.2 bp −$8,520	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	−0.0141%	4h	0.2173	−0.046%	$45K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2174	long leg	$67K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2174	−0.008%	$84K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.345%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0040%	1h	0.2176	+0.055%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2175	+0.028%	$55K	$477K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2176	+0.053%	$578K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2175	+0.009%	$118.0M	$75.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2172	−0.091%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2172	−0.089%	$408K	$532K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2171	−0.160%	$131.5M	$426.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2171	−0.166%	$87.7M	$179.2M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2171	−0.143%	$21.7M	$109.6M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2173	−0.064%	$21K	$327K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2175	+0.028%	$80K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2172	−0.113%	$95K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2170	−0.202%	$11.5M	$24.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2171	−0.166%	$48.4M	$42.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2172	−0.115%	$25.3M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2169	−0.262%	$49.3M	$59.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2171	−0.147%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2182	+0.334%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2179	+0.195%	$257K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2179	+0.200%	$364K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2178	+0.166%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2176	+0.064%	$193K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2121	−2.474%	$894	$893K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2173	−0.064%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2186	+0.524%	$274K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2175	+0.028%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2171	−0.140%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2170	−0.197%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2174	−0.015%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2176	+0.087%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0158%	1h	0.2176	+0.079%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USD	+0.0190%	1h	0.2172	−0.117%	$143K	$16K	5x	as long as short
Lighter ENA	+0.0240%	1h	0.2176	+0.074%	$5.2M	$13.4M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2174	−0.019%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2172	−0.101%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2175	+0.027%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0511%	1h	0.2174	0.000%	$398K	$423K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2178	+0.147%	$894K	$1.8M	50x	as long as short