Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.037%

Price spread now: BingX against Deribit−0.024%7-day average −0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.149%+$15 on $10k

Price spread, last 3 days (all we have)−0.180%−$18 · spread now −0.024%, 7d avg −0.070%

Together, before fees−0.031%−$3 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 BingX is 0.046% dearer against Deribit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.070%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2123	0	get 0.0000% / 1h	0m 01s	$79K	$1.3M	50x
Short	BingX ENA-USDT	0.2122	0.0100	get 0.0050% / 4h	2h 00m	—	$32.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.024%Rate

Funding earned: $21
Price spread: −0.024% → −0.070%: $4.63
Slippage, 4 orders: −$17.27
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$8.64
Costs to cover: 0.343%
Break-even: 9.9 days

Slippage from Deribit: live order book, 4 min ago; BingX: 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	5.89 bp	10.3 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	0.71 bp	7.3 bp −$7	9.5 bp −$95	13.2 bp −$1,317	16.6 bp −$8,292

ENA on 41 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
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2123	long leg	$79K	$1.3M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2119	−0.147%	$87K	—	150x	as long as short
dYdX ENA-USD	+0.0011%	1h	0.2127	+0.206%	$141K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0031%	4h	0.2122	−0.024%	$44K	$27K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.038%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2126	+0.160%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	+0.066%	$54K	$506K	50x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2124	+0.077%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	+0.193%	$415K	$530K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2125	+0.104%	$130.7M	$430.3M	75x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2125	+0.122%	$87.0M	$179.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2126	+0.141%	$20.9M	$104.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	+0.203%	$19K	$384K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	+0.160%	$79K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.617%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2122	−0.042%	$11.0M	$22.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2122	−0.024%	$45.5M	$44.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2123	+0.019%	$24.6M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	+0.085%	$48.4M	$58.9M	75x	as long as short
BingX ENA-USDTshort	+0.0100%	4h	0.2122	−0.024%	—	$32.4M	—
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2123	+0.009%	$383K	$366K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	+0.282%	$3.8M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	+0.012%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	+0.075%	$361K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	+0.113%	$32K	$650K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.114%	$681K	$1.7M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	−0.005%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2070	−2.497%	$1K	$843K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	−0.075%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.278%	$277K	$792K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	−0.122%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	+0.143%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2121	−0.055%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0144%	1h	0.2126	+0.146%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2116	−0.292%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2119	−0.165%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0251%	1h	0.2123	+0.013%	$2.7M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2119	−0.177%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0432%	1h	0.2125	+0.108%	$5.5M	$13.8M	10x	as long as short
Hyperliquid ENA	+0.0457%	1h	0.2126	+0.155%	$114.3M	$71.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2131	+0.410%	$838K	$1.6M	50x	as long as short