Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.023%

Price spread now: Deribit against Phemex−0.043%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$570.571% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.128%−$13 on $10k

Price spread, last 4 days (all we have)+0.037%+$4 · spread now −0.043%, 7d avg +0.002%

Together, before fees−0.092%−$9 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 0.045% cheaper against Phemex than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2112	0.0100	pay 0.0050% / 4h	1h 29m	$1.9M	$8.9M	50x
Short	Deribit ENA_USDC-PERPETUAL	0.2111	0	get 0.0000% / 1h	29m 28s	$79K	$1.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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 PhemexbpFee DeribitbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$21
Price spread: −0.043% → +0.002%: −$4.5
Slippage, 4 orders: −$38.1
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$82.6
Costs to cover: 0.571%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Deribit: live order book, 4 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 Phemex live order book, 4 min ago	7.08 bp	19.0 bp −$19	84.4 bp −$844	doesn't fit	doesn't fit
Sell Deribit live order book, 4 min ago	5.66 bp	9.2 bp −$9	16.0 bp −$160	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	−0.0009%	4h	0.2109	−0.123%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2111	−0.043%	$79K	$1.3M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2110	−0.095%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2111	−0.047%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.540%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0085%	1h	0.2110	−0.083%	$139K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	−0.095%	$55K	$497K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2109	−0.137%	$681K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2113	+0.028%	$113.5M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2112	0.000%	$1.5M	$3.0M	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	0.2112	−0.023%	$412K	$506K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2111	−0.062%	$129.5M	$420.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2110	−0.071%	$86.5M	$175.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2111	−0.047%	$20.8M	$102.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	−0.213%	$19K	$364K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2111	−0.047%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	+0.142%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2110	−0.099%	$11.1M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2110	−0.080%	$45.4M	$41.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2112	0.000%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2109	−0.156%	$48.1M	$57.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2110	−0.104%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2112	−0.019%	$374K	$363K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2113	+0.024%	$3.4M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2118	+0.264%	$244K	$7.4M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2113	+0.050%	$357K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2113	+0.047%	$22K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	−0.052%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2061	−2.410%	$923	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2111	−0.047%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.237%	$277K	$781K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2112	long leg	$1.9M	$8.9M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	−0.065%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2110	−0.095%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	−0.047%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2116	+0.170%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2110	−0.103%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2113	+0.047%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	+0.128%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0384%	1h	0.2114	+0.085%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	−0.096%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2118	+0.265%	$833K	$1.5M	50x	as long as short