Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.032%

Price spread now: Deribit against Binance−0.006%7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$310.307% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.110%−$11 on $10k

Price spread, last 4 days (all we have)+0.200%+$20 · spread now −0.006%, 7d avg +0.038%

Together, before fees+0.091%+$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 0.044% cheaper against Binance than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2098	0.0100	pay 0.0050% / 4h	21m 52s	$127.7M	$425.3M	75x
Short	Deribit ENA_USDC-PERPETUAL	0.2098	0	get 0.0000% / 1h	21m 52s	$54K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now −0.006%Rate

Funding earned: −$21
Price spread: −0.006% → +0.038%: −$4.37
Slippage, 4 orders: −$13.66
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$56.03
Costs to cover: 0.307%
Break-even: never at this rate

Slippage from Binance: live order book, 7 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 Binance live order book, 7 min ago	0.24 bp	6.7 bp −$7	11.7 bp −$117	49.0 bp −$4,904	doesn't fit
Sell Deribit live order book, 2 min ago	4.06 bp	7.6 bp −$8	15.1 bp −$151	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	−0.0091%	4h	0.2096	−0.087%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2098	−0.006%	$54K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2097	−0.032%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2097	−0.035%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.210%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2099	+0.056%	$5.0M	$13.9M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2097	−0.049%	$52K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2098	0.000%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2097	−0.027%	$560K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2100	+0.094%	$113.9M	$74.7M	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	0.2099	+0.032%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	+0.056%	$405K	$563K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2098	long leg	$127.7M	$425.3M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2097	−0.039%	$90.1M	$187.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	+0.037%	$21.0M	$106.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.239%	$38K	$320K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2098	−0.001%	$78K	$283K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2095	−0.148%	$91K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2098	−0.001%	$12.7M	$27.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	−0.001%	$39.0M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.037%	$24.7M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	−0.044%	$47.6M	$59.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2098	−0.011%	—	$31.4M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2099	+0.027%	$406K	$492K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2093	−0.256%	$3.0M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	−0.146%	$252K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.144%	$351K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2094	−0.192%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	−0.025%	$180K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.427%	$1K	$908K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2097	−0.049%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2102	+0.190%	$265K	$814K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	−0.096%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2097	−0.044%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	−0.066%	$73K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0150%	1h	0.2098	+0.018%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2094	−0.173%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2097	−0.038%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2101	+0.123%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2096	−0.099%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2098	−0.006%	$867K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.1062%	1h	0.2098	+0.018%	$139K	$16K	5x	as long as short