Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.026%

Price spread now: gTrade (Gains Network) against Bybit−0.180%7-day average +0.066% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$366as in the Price arb table

costs, in and out, $10k−$3413.413% of the position

Long on Bybit Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.089%−$9 on $10k

Price spread, last 3 days (all we have)+0.298%+$30 · spread now −0.180%, 7d avg +0.066%

Together, before fees+0.209%+$21 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 gTrade (Gains Network) is 0.246% cheaper against Bybit than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of +0.066%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2136	0.0100	pay 0.0050% / 4h	2h 25m	$87.7M	$187.3M	50x
Short	gTrade (Gains Network) ENA/USD	0.2132	L +0.0004% / S −0.0004%	get 0.0001% / 1h	25m 01s	$92K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.180%Rate

Funding earned: −$20.11
Price spread: −0.180% → +0.066%: −$24.6
Slippage, 4 orders: −$320.3
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$386.01
Costs to cover: 3.413%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; gTrade (Gains Network): virtual book (oracle venue), 14 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, 4 min ago	0.23 bp	10.6 bp −$11	19.6 bp −$196	65.0 bp −$6,503	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 14 min ago	130.03 bp	135.0 bp −$135	748.2 bp −$7,482	doesn't fit	doesn't fit

ENA on 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2136	+0.019%	$80K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USDshort	L +0.0004% / S −0.0004%	1h	0.2132	−0.180%	$92K	—	150x
dYdX ENA-USD	+0.0015%	1h	0.2132	−0.207%	$141K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.590%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0038%	4h	0.2131	−0.225%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0088%	1h	0.2133	−0.150%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2131	−0.234%	$55K	$521K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2131	−0.241%	$687K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2136	−0.007%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2131	−0.231%	$417K	$544K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2137	+0.041%	$132.2M	$445.0M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2136	long leg	$87.7M	$187.3M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2136	+0.009%	$21.0M	$109.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2138	+0.080%	$19K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2132	−0.187%	$116K	$251K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2135	−0.070%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2137	+0.028%	$11.1M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2136	+0.009%	$45.5M	$44.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2138	+0.112%	$24.8M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2134	−0.075%	$48.6M	$61.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2136	+0.005%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2138	+0.098%	$382K	$393K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2134	−0.112%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2145	+0.400%	$247K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2147	+0.508%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2144	+0.375%	$32K	$656K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2131	−0.215%	$184K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2082	−2.547%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2135	−0.047%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	−0.056%	$275K	$875K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2134	−0.094%	$1.9M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2131	−0.245%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2132	−0.203%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2147	+0.529%	$8K	$351K	10x	as long as short
Extended ENA-USD	+0.0240%	1h	0.2135	−0.053%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2137	+0.031%	$2.7M	$4.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2132	−0.175%	$51K	—	100x	as long as short
Lighter ENA	+0.0368%	1h	0.2138	+0.112%	$5.6M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2131	−0.224%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0519%	1h	0.2139	+0.139%	$115.8M	$73.3M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2142	+0.262%	$839K	$1.8M	50x	as long as short