Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.032%

Price spread now: Deribit against MEXC0.000%7-day average +0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$230.234% of the position

Long on MEXC Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.109%−$11 on $10k

Price spread, last 4 days (all we have)+0.192%+$19 · spread now 0.000%, 7d avg +0.041%

Together, before fees+0.083%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.041% cheaper against MEXC than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.041%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ENA_USDT	0.2112	0.0100	pay 0.0050% / 4h	14m 05s	$39.4M	$43.1M	200x
Short	Deribit ENA_USDC-PERPETUAL	0.2112	0	get 0.0000% / 1h	14m 05s	$54K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against MEXC. 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 MEXCbpFee DeribitbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$21
Price spread: 0.000% → +0.041%: −$4.09
Slippage, 4 orders: −$16.37
Fee MEXC: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$48.46
Costs to cover: 0.234%
Break-even: never at this rate

Slippage from MEXC: live order book, 5 min ago; Deribit: 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 MEXC live order book, 5 min ago	0.24 bp	2.2 bp −$2	7.1 bp −$71	34.2 bp −$3,418	58.4 bp −$29.2K
Sell Deribit live order book, 5 min ago	3.56 bp	10.9 bp −$11	18.2 bp −$182	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	−0.0086%	4h	0.2111	−0.052%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2112	0.000%	$54K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2111	−0.062%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2109	−0.142%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.545%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2109	−0.137%	$53K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	−0.047%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	−0.173%	$564K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2115	+0.152%	$114.7M	$74.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2111	−0.025%	$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	0.2110	−0.074%	$407K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2111	−0.049%	$128.5M	$425.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2111	−0.052%	$90.5M	$187.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2113	+0.062%	$21.1M	$107.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2109	−0.142%	$33K	$312K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2109	−0.137%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2105	−0.327%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2112	+0.024%	$13.0M	$27.3M	50x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2112	long leg	$39.4M	$43.1M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2112	−0.005%	$24.9M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2111	−0.033%	$47.9M	$59.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2112	+0.024%	—	$31.4M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2113	+0.043%	$409K	$486K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2105	−0.307%	$3.0M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.288%	$254K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2105	−0.322%	$355K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	−0.279%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	−0.071%	$182K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2060	−2.462%	$1K	$909K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2111	−0.043%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2112	0.000%	$266K	$808K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2109	−0.137%	$1.8M	$8.9M	50x	as long as short
Lighter ENA	+0.0104%	1h	0.2113	+0.062%	$5.0M	$13.9M	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2110	−0.102%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	−0.056%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0149%	1h	0.2112	+0.011%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2109	−0.123%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2108	−0.178%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2108	−0.204%	$5.5M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.272%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2098	−0.663%	$867K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0897%	1h	0.2109	−0.117%	$139K	$16K	5x	as long as short