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: Binance against Deribit+0.092%7-day average −0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$330.325% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.124%+$12 on $10k

Price spread, last 3 days (all we have)−0.422%−$42 · spread now +0.092%, 7d avg −0.046%

Together, before fees−0.298%−$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Binance is 0.138% dearer against Deribit than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2093	0	get 0.0000% / 1h	19m 34s	$92K	$1.8M	50x
Short	Binance ENAUSDT	0.2095	0.0100	get 0.0050% / 4h	1h 19m	$129.2M	$455.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.092%Rate

Funding earned: $21
Price spread: +0.092% → −0.046%: $13.78
Slippage, 4 orders: −$15.54
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $2.24
Costs to cover: 0.325%
Break-even: 6.3 days

Slippage from Deribit: live order book, 4 min ago; Binance: live order book, 9 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 Deribit live order book, 4 min ago	1.91 bp	5.4 bp −$5	13.7 bp −$137	doesn't fit	doesn't fit
Sell Binance live order book, 9 min ago	0.24 bp	9.3 bp −$9	15.6 bp −$156	49.2 bp −$4,924	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
Backpack ENA_USDC_PERP	−0.0056%	1h	0.2093	+0.029%	$370K	$451K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0052%	4h	0.2092	−0.029%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2093	long leg	$92K	$1.8M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2094	+0.062%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.467%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2094	+0.071%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	+0.110%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2094	+0.057%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2093	+0.026%	$659K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2095	+0.102%	$1.5M	$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	0.2095	+0.099%	$405K	$576K	10x	as long as short
Binance ENAUSDTshort	+0.0100%	4h	0.2095	+0.092%	$129.2M	$455.8M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2094	+0.067%	$87.1M	$190.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	+0.115%	$20.2M	$111.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	0.000%	$15K	$401K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2095	+0.110%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2095	+0.095%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2094	+0.062%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	+0.076%	$45.7M	$46.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2095	+0.129%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2094	+0.043%	$47.3M	$64.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2094	+0.062%	—	$32.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2094	+0.062%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	+0.139%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	+0.134%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	+0.110%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2095	+0.124%	$177K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2043	−2.361%	$1K	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2092	−0.033%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2100	+0.358%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2092	−0.033%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2093	+0.001%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2095	+0.091%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0128%	1h	0.2096	+0.158%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0238% / S −0.0407%	1h	0.2094	+0.054%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0328%	1h	0.2094	+0.043%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	+0.110%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	+0.090%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0504%	1h	0.2097	+0.225%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2098	+0.248%	$826K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0577%	1h	0.2097	+0.215%	$110.7M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1958%	1h	0.2093	+0.013%	$138K	$15K	5x	as long as short