Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.033%

Price spread now: KuCoin against Deribit+0.056%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$620.623% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.090%+$9 on $10k

Price spread, last 3 days (all we have)−0.248%−$25 · spread now +0.056%, 7d avg −0.026%

Together, before fees−0.159%−$16 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 KuCoin is 0.082% dearer against Deribit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2140	0	get 0.0000% / 1h	2m 52s	$80K	$1.6M	50x
Short	KuCoin ENAUSDTM	0.2141	0.0100	get 0.0050% / 4h	3h 02m	$24.7M	$16.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.056%Rate

Funding earned: $21
Price spread: +0.056% → −0.026%: $8.19
Slippage, 4 orders: −$43.31
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$33.12
Costs to cover: 0.623%
Break-even: 18.0 days

Slippage from Deribit: live order book, 1 min ago; KuCoin: live order book, 6 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, 1 min ago	5.37 bp	12.1 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	3.00 bp	14.6 bp −$15	31.2 bp −$312	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
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2140	long leg	$80K	$1.6M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2139	−0.074%	$92K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2139	−0.051%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.780%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2138	−0.098%	$52K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2138	−0.089%	$716K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2138	−0.104%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2139	−0.050%	$421K	$550K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2142	+0.067%	$133.9M	$441.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2141	+0.023%	$87.9M	$186.1M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2141	+0.042%	$21.1M	$109.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2153	+0.612%	$16K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2140	−0.005%	$106K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2167	+1.257%	$95K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2142	+0.065%	$10.9M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2144	+0.164%	$45.3M	$45.4M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2141	+0.056%	$24.7M	$16.4M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2139	−0.047%	$48.5M	$61.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2141	+0.056%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2139	−0.065%	$379K	$377K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2153	+0.591%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2166	+1.219%	$252K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2148	+0.370%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2149	+0.416%	$33K	$686K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2138	−0.079%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2087	−2.481%	$830	$834K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2139	−0.051%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2142	+0.079%	$277K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2136	−0.192%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2138	−0.113%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2139	−0.068%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2157	+0.785%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0160%	1h	0.2140	−0.023%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0233%	1h	0.2139	−0.054%	$2.7M	$5.1M	50x	as long as short
dYdX ENA-USD	+0.0243%	1h	0.2139	−0.039%	$141K	$15K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2138	−0.095%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2140	+0.009%	$5.7M	$2.0M	75x	as long as short
Extended ENA-USD	+0.0376%	1h	0.2142	+0.083%	$1.6M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2138	−0.075%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2162	+1.023%	$855K	$1.8M	50x	as long as short
Hyperliquid ENA	+0.0748%	1h	0.2143	+0.136%	$115.6M	$74.5M	10x	as long as short
Lighter ENA	+0.0784%	1h	0.2139	−0.042%	$5.7M	$13.7M	10x	as long as short