Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.032%

Price spread now: HTX against Deribit+0.136%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$810.806% of the position

Long on Deribit Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.134%+$13 on $10k

Price spread, last 4 days (all we have)−0.250%−$25 · spread now +0.136%, 7d avg +0.048%

Together, before fees−0.116%−$12 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 HTX is 0.088% dearer against Deribit than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2127	0	get 0.0000% / 1h	20m 40s	$55K	$1.1M	50x
Short	HTX ENA-USDT	0.2130	0.0100	get 0.0050% / 4h	1h 20m	$267K	$820K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.136%Rate

Funding earned: $21
Price spread: +0.136% → +0.048%: $8.79
Slippage, 4 orders: −$61.63
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$50.84
Costs to cover: 0.806%
Break-even: 23.9 days

Slippage from Deribit: live order book, 3 min ago; HTX: live order book, 48 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, 3 min ago	3.52 bp	7.0 bp −$7	13.6 bp −$136	doesn't fit	doesn't fit
Sell HTX live order book, 48 min ago	20.38 bp	26.8 bp −$27	doesn't fit	doesn't fit	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	−0.0114%	4h	0.2127	−0.005%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2130	+0.132%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2127	long leg	$55K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2127	+0.010%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.165%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2129	+0.099%	$54K	$483K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	+0.074%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2126	−0.024%	$563K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2131	+0.174%	$115.4M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2129	+0.095%	$1.4M	$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	0.2129	+0.092%	$403K	$544K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2128	+0.066%	$128.9M	$428.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2127	+0.028%	$91.3M	$187.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2129	+0.113%	$21.3M	$108.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2126	−0.038%	$33K	$331K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2129	+0.099%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2128	+0.058%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2128	+0.061%	$12.5M	$26.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2128	+0.071%	$37.7M	$42.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2129	+0.080%	$25.0M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2127	+0.005%	$48.2M	$60.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2128	+0.066%	—	$31.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2125	−0.104%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2130	+0.160%	$258K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2131	+0.204%	$356K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2132	+0.240%	$19K	$644K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	+0.056%	$186K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.374%	$1K	$904K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	+0.005%	$4K	$7K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2130	+0.136%	$267K	$820K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2127	+0.005%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2128	+0.037%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	+0.024%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2133	+0.296%	$8K	$276K	10x	as long as short
dYdX ENA-USD	+0.0185%	1h	0.2129	+0.093%	$141K	$16K	5x	as long as short
Lighter ENA	+0.0200%	1h	0.2131	+0.183%	$5.1M	$13.5M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2127	−0.013%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	−0.019%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2125	−0.069%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0443%	1h	0.2128	+0.070%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0478%	1h	0.2128	+0.047%	$395K	$437K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2135	+0.404%	$881K	$1.8M	50x	as long as short