Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Bybit against Arcus+0.123%7-day average −0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$450.453% of the position

Long on Arcus Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.007%−$1 on $10k

Price spread, last 4 days (all we have)−0.087%−$9 · spread now +0.123%, 7d avg −0.075%

Together, before fees−0.094%−$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.198% dearer against Arcus than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of −0.075%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus ENA-USD	0.2109	0.0100	pay 0.0013% / 1h	43m 05s	$78K	$276K	10x
Short	Bybit ENAUSDT	0.2112	0.0100	get 0.0050% / 4h	2h 43m	$85.4M	$175.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Arcus. 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 ArcusbpFee BybitbpOrdersPrice spread, now +0.123%Rate

Funding earned: $0
Price spread: +0.123% → −0.075%: $19.82
Slippage, 4 orders: −$29.77
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$25.45
Costs to cover: 0.453%
Break-even: never at this rate

Slippage from Arcus: live order book, 5 min ago; Bybit: live order book, 1 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 Arcus live order book, 5 min ago	7.12 bp	14.6 bp −$15	26.1 bp −$261	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.24 bp	9.4 bp −$9	20.1 bp −$201	70.4 bp −$7,038	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	0.2110	+0.052%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2109	−0.005%	$4K	$277	10x	as long as short
Gate ENA_USDT	−0.0014%	4h	0.2111	+0.085%	$11.0M	$23.4M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	+0.095%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2111	+0.073%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.683%	$522	$57K	5.5x	as long as short
ApeX Omni ENAUSDT	+0.0048%	1h	0.2112	+0.142%	$20K	$647K	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2109	0.000%	$56K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2109	+0.010%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2110	+0.055%	$654K	$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
Hyperliquid ENA	+0.0100%	1h	0.2113	+0.199%	$114.6M	$74.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2113	+0.170%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2109	+0.017%	$396K	$522K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2113	+0.167%	$128.1M	$416.4M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2112	+0.123%	$85.4M	$175.1M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2113	+0.175%	$21.1M	$104.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2106	−0.128%	$22K	$321K	5x	as long as short
Arcus ENA-USDlong	+0.0100%	1h	0.2109	long leg	$78K	$276K	10x
Bulk ENA-USD	+0.0100%	1h	0.2096	−0.593%	$92K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2112	+0.142%	$45.6M	$40.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2112	+0.133%	$24.9M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2110	+0.047%	$48.0M	$57.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2112	+0.138%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2108	−0.044%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.138%	$241K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	+0.048%	$349K	$4.9M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.095%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.371%	$1K	$868K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2112	+0.142%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2112	+0.119%	$275K	$777K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2111	+0.095%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2111	+0.074%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	+0.081%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2109	−0.009%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0163%	1h	0.2112	+0.156%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0216%	1h	0.2113	+0.204%	$5.2M	$13.0M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2110	+0.067%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	+0.038%	$5.5M	$3.0M	75x	as long as short
dYdX ENA-USD	+0.0377%	1h	0.2109	−0.015%	$139K	$15K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	+0.058%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0584%	1h	0.2112	+0.166%	$358K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2100	−0.427%	$860K	$1.7M	50x	as long as short