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 −0.025%

Price spread now: Deribit against Phemex−0.037%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$740.737% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.121%−$12 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now −0.037%, 7d avg +0.002%

Together, before fees−0.100%−$10 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 0.039% cheaper against Phemex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2150	0.0100	pay 0.0050% / 4h	1h 50m	$1.8M	$8.9M	50x
Short	Deribit ENA_USDC-PERPETUAL	0.2149	0	get 0.0000% / 1h	50m 38s	$67K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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 PhemexbpFee DeribitbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$21
Price spread: −0.037% → +0.002%: −$3.93
Slippage, 4 orders: −$54.73
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$98.66
Costs to cover: 0.737%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Deribit: 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 Phemex live order book, 3 min ago	11.64 bp	27.8 bp −$28	86.5 bp −$865	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	5.35 bp	8.9 bp −$9	14.8 bp −$148	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	−0.0140%	4h	0.2148	−0.112%	$45K	$26K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2147	−0.163%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2149	−0.037%	$67K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2148	−0.072%	$83K	—	150x	as long as short
dYdX ENA-USD	+0.0009%	1h	0.2148	−0.092%	$142K	$16K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.237%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2147	−0.140%	$57K	$481K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2145	−0.240%	$568K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2150	−0.014%	$116.0M	$76.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2148	−0.076%	$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	0.2148	−0.099%	$403K	$532K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2148	−0.088%	$130.0M	$428.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2147	−0.163%	$85.9M	$181.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2147	−0.153%	$21.5M	$109.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2142	−0.349%	$20K	$320K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2146	−0.186%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2148	−0.081%	$94K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2146	−0.186%	$12.3M	$25.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2147	−0.130%	$48.1M	$41.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2149	−0.047%	$24.8M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2144	−0.260%	$48.8M	$60.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2146	−0.177%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2149	−0.033%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2149	−0.035%	$255K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2149	−0.062%	$357K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2149	−0.047%	$19K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2147	−0.126%	$188K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2096	−2.526%	$1K	$897K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2148	−0.093%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2151	+0.051%	$271K	$819K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2150	long leg	$1.8M	$8.9M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2146	−0.187%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2145	−0.236%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2148	−0.093%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2161	+0.507%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0152%	1h	0.2149	−0.051%	$5.1M	$13.3M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0753%	1h	0.2148	−0.080%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2147	−0.121%	$5.7M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2148	−0.097%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0439%	1h	0.2150	+0.004%	$2.7M	$4.3M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2146	−0.181%	$876K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0620%	1h	0.2151	+0.051%	$392K	$430K	5x	as long as short