Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.017%

Price spread now: GRVT against Bybit−0.029%7-day average +0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$410.413% of the position

Long on Bybit Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 7 days−0.011%−$1 · spread now −0.029%, 7d avg +0.044%

Together, before fees+0.049%+ Points / potential airdropGRVT: Active · farm board+$5 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: GRVT is 0.074% cheaper against Bybit than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2121	0.0100	pay 0.0050% / 4h	29m 12s	$89.1M	$189.8M	50x
Short	GRVT ENA_USDT_Perp	0.2120	0.0100	get 0.0050% / 4h	29m 12s	$361K	$4.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.029%Rate

Funding earned: $0
Price spread: −0.029% → +0.044%: −$7.36
Slippage, 4 orders: −$21.34
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$48.7
Costs to cover: 0.413%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; GRVT: live order book, 5 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, 5 min ago	0.24 bp	7.9 bp −$8	18.6 bp −$186	64.6 bp −$6,456	doesn't fit
Sell GRVT live order book, 5 min ago	2.36 bp	12.6 bp −$13	34.6 bp −$346	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	−0.0013%	4h	0.2119	−0.080%	$41K	$24K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2118	−0.144%	$106K	—	150x	as long as short
Backpack ENA_USDC_PERP	+0.0027%	1h	0.2122	+0.075%	$375K	$445K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0033%	1h	0.2120	−0.028%	$92K	$1.7M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.132%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2116	−0.217%	$63K	$521K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	−0.179%	$678K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2119	−0.065%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2116	−0.207%	$409K	$562K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2120	−0.030%	$131.2M	$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	0.2121	long leg	$89.1M	$189.8M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	+0.042%	$20.5M	$111.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2116	−0.231%	$15K	$398K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	−0.123%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.193%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2121	0.000%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2121	+0.009%	$46.6M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2120	−0.005%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2120	−0.024%	$48.1M	$64.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2121	+0.019%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	−0.070%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	+0.096%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perpshort	+0.0100%	4h	0.2120	−0.029%	$361K	$4.6M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	+0.160%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	−0.156%	$178K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2066	−2.556%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2120	−0.028%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	−0.071%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	−0.028%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	−0.215%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	−0.069%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2118	−0.123%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2118	−0.141%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0224%	1h	0.2120	−0.035%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2121	+0.039%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2117	−0.155%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2118	−0.137%	$5.6M	$6.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	−0.177%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0544%	1h	0.2123	+0.118%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.523%	$842K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0783%	1h	0.2124	+0.174%	$114.1M	$78.8M	10x	as long as short
dYdX ENA-USD	+0.1727%	1h	0.2115	−0.267%	$140K	$15K	5x	as long as short