Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0452%/8h= +49.5% APRpaid last 24h +0.137%

Price spread now: Coinbase International against Bybit+0.212%54s7-day average +0.208% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$590.586% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.530%+$53 on $10k

Price spread, last 3 days (all we have)−0.039%−$4 · spread now +0.212%, 7d avg +0.208%

Together, before fees+0.491%+$49 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.208%, so right now this pair is about funding alone: +$14 a day on $10k at the current rate. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2127	0.0100	pay 0.0050% / 4h	27m 25s	$89.3M	$189.9M	50x
Short	Coinbase International ENA-PERP-INTX	0.2132	0.0552	get 0.0069% / 1h	27m 25s	$842K	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.212%Rate

Funding earned: $94.92
Price spread: +0.212% → +0.208%: $0.36
Slippage, 4 orders: −$37.57
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $36.71
Costs to cover: 0.586%
Break-even: 4.3 days

Slippage from Bybit: live order book, 2 min ago; Coinbase International: 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 Bybit live order book, 2 min ago	0.24 bp	9.9 bp −$10	15.8 bp −$158	51.8 bp −$5,179	doesn't fit
Sell Coinbase International live order book, 1 min ago	8.22 bp	19.4 bp −$19	27.8 bp −$278	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	−0.0011%	4h	0.2127	0.000%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2128	+0.033%	$93K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2128	+0.019%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.179%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0042%	1h	0.2129	+0.061%	$376K	$445K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	−0.103%	$61K	$521K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2126	−0.047%	$681K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2126	−0.036%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2125	−0.103%	$411K	$562K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2127	+0.005%	$131.6M	$452.8M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDTlong	+0.0100%	4h	0.2127	long leg	$89.3M	$189.9M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2127	+0.014%	$20.6M	$111.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2123	−0.216%	$15K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2125	−0.103%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.503%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	−0.014%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2127	+0.014%	$46.7M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2128	+0.056%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2126	−0.052%	$48.2M	$64.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2127	−0.005%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	−0.380%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.525%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2120	−0.339%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	−0.432%	$32K	$709K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	+0.024%	$179K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.416%	$1K	$825K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2129	+0.085%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.338%	$278K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	−0.009%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2125	−0.109%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2128	+0.027%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2118	−0.432%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2126	−0.038%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0224%	1h	0.2124	−0.141%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2130	+0.152%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2127	0.000%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2118	−0.447%	$5.6M	$6.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2127	−0.024%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0544%	1h	0.2127	+0.005%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0552%	1h	0.2132	+0.212%	$842K	$2.1M	50x
Hyperliquid ENA	+0.0778%	1h	0.2131	+0.169%	$114.7M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1734%	1h	0.2126	−0.068%	$140K	$15K	5x	as long as short