Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −11.0% APRpaid last 24h −0.033%

Price spread now: Deribit against Paradex+0.198%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Deribit is 0.198% dearer against Paradex than usual: you sell high and buy low (spread +0.198% now, against zero (this spread has no 7-day history yet)): +$20 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ENA-USD-PERP	0.2122	0.0100	pay 0.0100% / 8h	19m 09s	$47K	$221	10x
Short	Deribit ENA_USDC-PERPETUAL	0.2126	0	get 0.0000% / 1h	19m 09s	$93K	$1.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Paradex. 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 ParadexbpFee DeribitbpOrdersPrice spread, now +0.198%Rate

Funding earned: −$21.01
Price spread: +0.198% → 0.000%: $19.76
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$12.25
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Deribit: live order book, 5 min ago. Net counts fees only.

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 Paradex no order-book sample	—	—	—	—	—
Sell Deribit live order book, 5 min ago	7.56 bp	17.2 bp −$17	doesn't fit	doesn't fit	doesn't fit

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0005%	4h	0.2125	+0.165%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2126	+0.198%	$93K	$1.7M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2125	+0.142%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.075%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0044%	1h	0.2126	+0.212%	$377K	$446K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	+0.103%	$61K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	+0.117%	$681K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2124	+0.117%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2123	+0.034%	$410K	$561K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2125	+0.146%	$131.3M	$451.1M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2125	+0.136%	$89.3M	$189.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2125	+0.165%	$20.6M	$111.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2119	−0.142%	$15K	$399K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2124	+0.103%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2121	−0.038%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2125	+0.141%	$10.9M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2125	+0.146%	$46.5M	$45.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2126	+0.198%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	+0.094%	$48.2M	$63.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2125	+0.155%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2120	−0.073%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.288%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	−0.215%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	−0.227%	$34K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2125	+0.169%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2074	−2.258%	$1K	$826K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2125	+0.150%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2127	+0.240%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2125	+0.150%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2122	long leg	$47K	$221	10x
Aevo ENA-PERP	+0.0104%	1h	0.2126	+0.183%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2118	−0.175%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2125	+0.169%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0208%	1h	0.2124	+0.115%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2126	+0.179%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2125	+0.149%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2125	+0.146%	$5.6M	$6.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	+0.117%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0528%	1h	0.2128	+0.278%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2120	−0.099%	$837K	$2.0M	50x	as long as short
Hyperliquid ENA	+0.0759%	1h	0.2129	+0.322%	$114.6M	$78.3M	10x	as long as short
dYdX ENA-USD	+0.1536%	1h	0.2121	−0.037%	$140K	$15K	5x	as long as short