Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0100%/8h= −11.0% APRpaid last 24h −0.021%

Price spread now: Orderly against Deribit−0.043%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Orderly is 0.043% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2105	0	get 0.0000% / 1h	2m 02s	$54K	$1.1M	50x
Short	Orderly PERP_ENA_USDC	0.2105	−0.0100	pay 0.0050% / 4h	1h 02m	$44K	$26K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.043%Rate

Funding earned: −$21.02
Price spread: −0.043% → 0.000%: −$4.27
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$38.29
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 2 min ago; Orderly: no order-book sample. Net counts fees only.

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	2.85 bp	6.4 bp −$6	13.8 bp −$138	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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_USDCshort	−0.0100%	4h	0.2105	−0.043%	$44K	$26K	10x
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2105	long leg	$54K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2105	−0.005%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2106	+0.019%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.850%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	+0.024%	$55K	$480K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2104	−0.055%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2104	−0.047%	$557K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2106	+0.019%	$113.8M	$75.5M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2105	−0.024%	$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	0.2104	−0.056%	$399K	$542K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2104	−0.059%	$127.4M	$426.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2103	−0.133%	$90.3M	$187.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2105	−0.024%	$21.1M	$107.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2097	−0.404%	$33K	$316K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2105	−0.024%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	+0.780%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2105	−0.043%	$12.5M	$26.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2104	−0.052%	$38.0M	$43.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	0.000%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2102	−0.142%	$47.6M	$59.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2104	−0.052%	—	$31.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2113	+0.351%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2109	+0.160%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	+0.119%	$361K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2108	+0.119%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	+0.043%	$182K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2055	−2.379%	$1K	$903K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2105	−0.024%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2110	+0.223%	$265K	$826K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2106	+0.024%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2103	−0.108%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2105	−0.021%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2112	+0.313%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0136%	1h	0.2107	+0.066%	$5.0M	$13.8M	10x	as long as short
Backpack ENA_USDC_PERP	+0.0172%	1h	0.2106	+0.005%	$388K	$456K	5x	as long as short
dYdX ENA-USD	+0.0289%	1h	0.2105	−0.022%	$139K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0753%	1h	0.2106	+0.002%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.176%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2104	−0.057%	$1K	—	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0448%	1h	0.2106	+0.002%	$2.6M	$4.4M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2105	−0.014%	$868K	$1.8M	50x	as long as short