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 +0.032%

Price spread now: edgeX against Deribit+0.101%75s7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.402% of the position

Long on Deribit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.136%+$14 on $10k

Price spread, last 4 days (all we have)−0.693%−$69 · spread now +0.101%, 7d avg −0.019%

Together, before fees−0.556%+ Points / potential airdropedgeX: Active · farm board−$56 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 edgeX is 0.120% dearer against Deribit than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.019%. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2100	0	get 0.0000% / 1h	24m 00s	$73K	$1.1M	50x
Short	edgeX ENAUSDC	0.2102	0.0100	get 0.0050% / 4h	3h 24m	$241K	$6.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.101%Rate

Funding earned: $21
Price spread: +0.101% → −0.019%: $11.99
Slippage, 4 orders: −$24.2
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$7.21
Costs to cover: 0.402%
Break-even: 9.4 days

Slippage from Deribit: live order book, 5 min ago; edgeX: 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	3.32 bp	6.8 bp −$7	13.7 bp −$137	doesn't fit	doesn't fit
Sell edgeX live order book, 5 min ago	7.12 bp	11.6 bp −$12	13.1 bp −$131	44.5 bp −$4,445	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	−0.0114%	1h	0.2100	−0.014%	$358K	$402K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0111%	4h	0.2099	−0.038%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2100	long leg	$73K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2101	+0.020%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2101	+0.057%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.105%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2101	+0.038%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	+0.009%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2101	+0.048%	$653K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2100	−0.004%	$1.4M	$3.2M	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	0.2101	+0.050%	$400K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2101	+0.052%	$127.4M	$413.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2101	+0.029%	$85.0M	$174.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2100	+0.005%	$20.9M	$103.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2109	+0.395%	$22K	$334K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2102	+0.086%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.105%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2098	−0.090%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2100	−0.029%	$45.5M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2101	+0.033%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2100	−0.029%	$47.7M	$57.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2098	−0.105%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2100	−0.021%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2102	+0.101%	$241K	$6.8M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2107	+0.316%	$349K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	+0.086%	$20K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2101	+0.052%	$191K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2050	−2.390%	$943	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	−0.010%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2105	+0.248%	$272K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2100	−0.010%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2099	−0.063%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2100	−0.029%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2102	+0.110%	$8K	$274K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2101	+0.042%	$2.6M	$4.3M	50x	as long as short
Hyperliquid ENA	+0.0188%	1h	0.2100	+0.005%	$114.1M	$74.0M	10x	as long as short
Lighter ENA	+0.0200%	1h	0.2102	+0.110%	$5.2M	$13.3M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2101	+0.025%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	+0.076%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2100	−0.012%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2107	+0.329%	$862K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1103%	1h	0.2101	+0.029%	$139K	$15K	5x	as long as short