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: MEXC against Deribit−0.019%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 4 days (all we have)−0.196%−$20 · spread now −0.019%, 7d avg −0.042%

Together, before fees−0.084%−$8 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 MEXC is 0.023% dearer against Deribit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2105	0	get 0.0000% / 1h	59m 47s	$54K	$1.1M	50x
Short	MEXC ENA_USDT	0.2104	0.0100	get 0.0050% / 4h	59m 47s	$38.1M	$43.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.019%Rate

Funding earned: $21
Price spread: −0.019% → −0.042%: $2.33
Slippage, 4 orders: −$16.12
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: $0.21
Costs to cover: 0.231%
Break-even: 6.9 days

Slippage from Deribit: live order book, 4 min ago; MEXC: live order book, 4 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, 4 min ago	2.85 bp	6.4 bp −$6	13.8 bp −$138	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.24 bp	2.8 bp −$3	6.7 bp −$67	41.9 bp −$4,188	72.3 bp −$36.2K

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	−0.0100%	4h	0.2103	−0.071%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2105	long leg	$54K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2104	−0.031%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2105	+0.010%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.884%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2104	−0.038%	$55K	$480K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2104	−0.031%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2105	−0.007%	$558K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2105	+0.033%	$113.8M	$75.5M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2105	+0.024%	$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	0.2103	−0.068%	$398K	$542K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2105	−0.010%	$127.5M	$426.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2104	−0.048%	$90.4M	$187.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2106	+0.048%	$21.1M	$107.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2097	−0.371%	$33K	$316K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2105	+0.010%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2103	−0.062%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2104	−0.043%	$12.5M	$26.8M	50x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2104	−0.019%	$38.1M	$43.6M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	−0.005%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2102	−0.124%	$47.6M	$59.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2103	−0.071%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2102	−0.124%	$3.0M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2103	−0.081%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2103	−0.086%	$348K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2108	+0.152%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2105	0.000%	$182K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2054	−2.404%	$1K	$903K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2104	−0.038%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2109	+0.209%	$265K	$826K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	+0.010%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2102	−0.116%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	−0.014%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2112	+0.347%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0128%	1h	0.2106	+0.067%	$5.0M	$13.6M	10x	as long as short
Backpack ENA_USDC_PERP	+0.0141%	1h	0.2105	+0.019%	$388K	$454K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0753%	1h	0.2105	−0.012%	$58K	—	100x	as long as short
dYdX ENA-USD	+0.0331%	1h	0.2105	+0.011%	$139K	$16K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2103	−0.086%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2103	−0.097%	$1K	—	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0448%	1h	0.2105	+0.002%	$2.6M	$4.4M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2106	+0.057%	$869K	$1.8M	50x	as long as short