Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.020%

Price spread now: Bitget against Deribit−0.057%7-day average −0.110% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

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

costs, in and out, $10k−$400.400% of the position

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.122%+$12 on $10k

Price spread, last 4 days (all we have)−0.575%−$58 · spread now −0.057%, 7d avg −0.110%

Together, before fees−0.454%−$45 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 Bitget is 0.053% dearer against Deribit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.110%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2111	0	get 0.0000% / 1h	54m 17s	$73K	$1.1M	50x
Short	Bitget ENAUSDT	0.2110	0.0100	get 0.0050% / 4h	3h 54m	$47.9M	$57.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.057%Rate

Funding earned: $21
Price spread: −0.057% → −0.110%: $5.27
Slippage, 4 orders: −$21.02
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$13.75
Costs to cover: 0.400%
Break-even: 11.6 days

Slippage from Deribit: live order book, 5 min ago; Bitget: live order book, 5 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, 5 min ago	2.60 bp	7.0 bp −$7	15.0 bp −$150	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	0.47 bp	13.8 bp −$14	23.5 bp −$235	50.9 bp −$5,092	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	−0.0308%	1h	0.2117	+0.294%	$362K	$401K	5x	as long as short
Phemex ENAUSDT	−0.0214%	4h	0.2111	0.000%	$1.8M	$8.9M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0084%	4h	0.2111	0.000%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2111	long leg	$73K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	+0.098%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.587%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0042%	4h	0.2113	+0.104%	$11.1M	$22.0M	50x	as long as short
01 Exchange ENAUSD	+0.0072%	1h	0.2117	+0.265%	$4K	$302	10x	as long as short
Phoenix ENA	+0.0076%	1h	0.2109	−0.085%	$8K	$274K	10x	as long as short
dYdX ENA-USD	+0.0076%	1h	0.2114	+0.162%	$140K	$15K	5x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ENAUSDT	+0.0096%	1h	0.2114	+0.142%	$56K	$464K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	+0.241%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2112	+0.059%	$656K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2117	+0.300%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2116	+0.224%	$404K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2113	+0.113%	$128.5M	$415.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2111	−0.019%	$85.1M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2111	0.000%	$21.0M	$103.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	+0.005%	$20K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	+0.332%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	+0.206%	$93K	$4K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2114	+0.137%	$46.1M	$40.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	+0.180%	$25.0M	$15.6M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2110	−0.057%	$47.9M	$57.7M	75x
BingX ENA-USDC	+0.0100%	4h	0.2113	+0.099%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2108	−0.152%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2111	+0.010%	$244K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2111	−0.012%	$352K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2110	−0.047%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2115	+0.204%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.326%	$1K	$852K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	−0.047%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	+0.384%	$274K	$793K	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2109	−0.075%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	+0.004%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0112%	1h	0.2112	+0.057%	$5.2M	$13.2M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0173%	1h	0.2112	+0.037%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2113	+0.090%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2113	+0.114%	$5.6M	$3.0M	75x	as long as short
Hyperliquid ENA	+0.0395%	1h	0.2116	+0.240%	$115.3M	$74.0M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2112	+0.043%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2120	+0.422%	$866K	$1.7M	50x	as long as short