Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.029%

Price spread now: Bybit against Deribit−0.229%7-day average −0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 4 days (all we have)−0.060%−$6 · spread now −0.229%, 7d avg −0.086%

Together, before fees+0.009%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.143% cheaper against Deribit than usual: you would sell low and buy high (spread −0.229% now, against its 7-day average of −0.086%). If the spread goes back, that is −$14 on $10k: about 4.8 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.069% in total) that is about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2182	0	get 0.0000% / 1h	11m 50s	$70K	$1.1M	50x
Short	Bybit ENAUSDT	0.2177	0.0100	get 0.0050% / 4h	2h 11m	$88.2M	$178.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.229%Rate

Funding earned: $21
Price spread: −0.229% → −0.086%: −$14.3
Slippage, 4 orders: −$19.62
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$30.92
Costs to cover: 0.376%
Break-even: 17.3 days

Slippage from Deribit: live order book, 2 min ago; Bybit: 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 Deribit live order book, 2 min ago	2.75 bp	6.2 bp −$6	15.6 bp −$156	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.23 bp	11.2 bp −$11	19.2 bp −$192	53.4 bp −$5,336	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	−0.0136%	4h	0.2182	+0.018%	$45K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2182	long leg	$70K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2182	+0.016%	$85K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.690%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0056%	1h	0.2181	−0.037%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2182	−0.005%	$54K	$476K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2181	−0.032%	$565K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2178	−0.165%	$118.2M	$75.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2179	−0.124%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2182	+0.015%	$410K	$528K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2178	−0.174%	$132.1M	$425.6M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2177	−0.229%	$88.2M	$178.7M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2177	−0.234%	$21.7M	$109.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2180	−0.082%	$21K	$336K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2182	−0.005%	$81K	$280K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2182	−0.027%	$96K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2178	−0.183%	$11.5M	$24.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2178	−0.165%	$48.1M	$42.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2181	−0.060%	$25.4M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2175	−0.312%	$49.3M	$59.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2178	−0.179%	—	$31.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2174	−0.381%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2175	−0.320%	$253K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2177	−0.234%	$365K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2178	−0.188%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2183	+0.050%	$194K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2129	−2.420%	$1K	$888K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2181	−0.050%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2188	+0.252%	$274K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2179	−0.142%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2181	−0.064%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2179	−0.147%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2184	+0.066%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2174	−0.362%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0157%	1h	0.2183	+0.028%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USD	+0.0228%	1h	0.2182	−0.020%	$144K	$16K	5x	as long as short
Lighter ENA	+0.0248%	1h	0.2182	−0.027%	$5.3M	$13.4M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2182	−0.011%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2193	+0.495%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2183	+0.025%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0665%	1h	0.2180	−0.087%	$368K	$401K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2184	+0.096%	$893K	$1.8M	50x	as long as short