Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: OKX against Deribit+0.019%7-day average −0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$360.360% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 4 days (all we have)−0.633%−$63 · spread now +0.019%, 7d avg −0.055%

Together, before fees−0.571%−$57 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 OKX is 0.074% dearer against Deribit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2116	0	get 0.0000% / 1h	15m 47s	$79K	$1.1M	50x
Short	OKX ENA-USDT-SWAP	0.2117	0.0100	get 0.0050% / 4h	15m 47s	$20.9M	$103.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.019%Rate

Funding earned: $21
Price spread: +0.019% → −0.055%: $7.37
Slippage, 4 orders: −$19.05
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$7.68
Costs to cover: 0.360%
Break-even: 9.6 days

Slippage from Deribit: live order book, 3 min ago; OKX: live order book, 3 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	0.95 bp	4.4 bp −$4	12.5 bp −$125	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.24 bp	11.5 bp −$12	20.9 bp −$209	94.9 bp −$9,490	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	−0.0147%	1h	0.2116	−0.014%	$363K	$398K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0071%	4h	0.2115	−0.028%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0056%	1h	0.2116	+0.014%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2116	long leg	$79K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	−0.054%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.345%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2119	+0.137%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2115	−0.052%	$56K	$475K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2114	−0.077%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2115	−0.066%	$658K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2114	−0.080%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2115	−0.035%	$404K	$517K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2115	−0.038%	$128.9M	$416.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	−0.066%	$85.3M	$175.3M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2117	+0.019%	$20.9M	$103.8M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2117	+0.066%	$18K	$317K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2117	+0.043%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	+0.019%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2114	−0.095%	$11.1M	$22.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2113	−0.142%	$46.0M	$41.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	−0.076%	$24.6M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2112	−0.189%	$48.0M	$57.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2114	−0.123%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2115	−0.072%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2117	+0.064%	$245K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	+0.052%	$350K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2119	+0.137%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2116	−0.009%	$180K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.424%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	−0.005%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2118	+0.080%	$274K	$796K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	−0.005%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2112	−0.195%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2117	+0.025%	$74K	$4K	3x	as long as short
Hyperliquid ENA	+0.0117%	1h	0.2118	+0.076%	$115.4M	$75.1M	10x	as long as short
dYdX ENA-USD	+0.0155%	1h	0.2115	−0.038%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0168%	1h	0.2117	+0.047%	$5.2M	$13.5M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2117	+0.044%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2115	−0.029%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	+0.061%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2115	−0.066%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2127	+0.510%	$869K	$1.7M	50x	as long as short