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 −0.032%

Price spread now: Deribit against MEXC−0.009%7-day average +0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$270.271% of the position

Long on MEXC Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.113%−$11 on $10k

Price spread, last 4 days (all we have)+0.269%+$27 · spread now −0.009%, 7d avg +0.043%

Together, before fees+0.156%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.053% cheaper against MEXC than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.043%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ENA_USDT	0.2180	0.0100	pay 0.0050% / 4h	2h 06m	$48.6M	$42.1M	200x
Short	Deribit ENA_USDC-PERPETUAL	0.2180	0	get 0.0000% / 1h	6m 53s	$70K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against MEXC. 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 MEXCbpFee DeribitbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$21
Price spread: −0.009% → +0.043%: −$5.25
Slippage, 4 orders: −$20.05
Fee MEXC: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$53.31
Costs to cover: 0.271%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Deribit: 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 MEXC live order book, 2 min ago	0.23 bp	3.5 bp −$3	4.8 bp −$48	41.4 bp −$4,137	68.2 bp −$34.1K
Sell Deribit live order book, 2 min ago	7.11 bp	10.6 bp −$11	doesn't fit	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
Orderly PERP_ENA_USDC	−0.0139%	4h	0.2180	−0.032%	$45K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2180	−0.009%	$70K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2178	−0.101%	$84K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.605%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0048%	1h	0.2180	−0.014%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2178	−0.101%	$54K	$477K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2179	−0.073%	$578K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2181	+0.031%	$118.2M	$75.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2181	+0.056%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2177	−0.145%	$409K	$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	0.2181	+0.056%	$132.1M	$426.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2181	+0.041%	$88.2M	$178.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2181	+0.041%	$21.8M	$109.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2175	−0.216%	$21K	$334K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2180	−0.009%	$81K	$280K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2182	+0.060%	$96K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2181	+0.018%	$11.6M	$24.8M	50x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2180	long leg	$48.6M	$42.1M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2180	+0.014%	$25.4M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2179	−0.046%	$49.5M	$59.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2182	+0.060%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2175	−0.222%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2178	−0.115%	$254K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2177	−0.165%	$364K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2176	−0.193%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2180	−0.023%	$193K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2127	−2.454%	$943	$892K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2179	−0.055%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2178	−0.105%	$273K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2179	−0.055%	$1.8M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2177	−0.131%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2179	−0.047%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2180	−0.032%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2177	−0.124%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0158%	1h	0.2180	+0.002%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USD	+0.0206%	1h	0.2178	−0.120%	$144K	$16K	5x	as long as short
Lighter ENA	+0.0232%	1h	0.2181	+0.050%	$5.2M	$13.4M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2178	−0.116%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2178	−0.105%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2178	−0.094%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0581%	1h	0.2180	−0.009%	$395K	$421K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2181	+0.032%	$895K	$1.8M	50x	as long as short