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: Paradex against Deribit−0.029%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.029% cheaper against Deribit than usual: you would sell low and buy high (spread −0.029% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 23 hours 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	0.2097	0	get 0.0000% / 1h	44m 28s	$93K	$1.8M	50x
Short	Paradex ENA-USD-PERP	0.2096	0.0100	get 0.0100% / 8h	1h 44m	$47K	$221	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.029%Rate

Funding earned: $21
Price spread: −0.029% → 0.000%: −$2.89
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: $7.11
Costs to cover: 0.110%
Break-even: 4.6 days

Slippage unknown: Deribit: live order book, 5 min ago; Paradex: 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, 5 min ago	4.30 bp	7.8 bp −$8	15.1 bp −$151	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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_USDC	−0.0071%	4h	0.2095	−0.062%	$40K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0049%	1h	0.2098	+0.057%	$362K	$482K	5x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2097	long leg	$93K	$1.8M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2099	+0.102%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.278%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2097	+0.009%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0080%	1h	0.2099	+0.138%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	+0.114%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2096	−0.029%	$47K	$221	10x
Nado ENA-PERP	+0.0100%	1h	0.2098	+0.072%	$658K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2097	+0.009%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2098	+0.059%	$406K	$582K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2099	+0.114%	$129.3M	$461.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2098	+0.081%	$87.3M	$192.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	+0.119%	$20.3M	$112.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.377%	$21K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	+0.162%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2090	−0.311%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2098	+0.067%	$10.5M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	+0.114%	$45.1M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.138%	$24.0M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	+0.029%	$47.5M	$65.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2098	+0.086%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.365%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2090	−0.321%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2088	−0.411%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2089	−0.362%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	+0.129%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.452%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	−0.029%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2098	+0.067%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2094	−0.124%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2096	−0.029%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2092	−0.219%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0223% / S −0.0369%	1h	0.2096	−0.025%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0264%	1h	0.2098	+0.053%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2096	−0.014%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2098	+0.065%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0488%	1h	0.2100	+0.143%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0550%	1h	0.2102	+0.265%	$110.9M	$79.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	+0.010%	$801K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1890%	1h	0.2096	−0.024%	$138K	$15K	5x	as long as short