Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.024%

Price spread now: Injective against Bybit+1.477%108s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.246%+$25 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 1.477% dearer against Bybit than usual: you sell high and buy low (spread +1.477% now, against zero (this spread has no 7-day history yet)): +$148 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2 months. Mind the row above: over the last 7 days funding on this pair paid +0.246%, so the current rate has only just turned against you. The two prices were read 108 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	0.2092	0.0100	pay 0.0050% / 4h	2h 45m	$87.6M	$194.2M	50x
Short	Injective ENA/USDC PERP	0.2123	0.0033	get 0.0004% / 1h	45m 29s	$522	$57K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +1.477%Rate

Funding earned: −$14
Price spread: +1.477% → 0.000%: $147.67
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $122.65
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 4 min ago; Injective: no order-book sample. Net counts fees only.

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	0.24 bp	8.0 bp −$8	18.9 bp −$189	61.5 bp −$6,149	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Backpack ENA_USDC_PERP	−0.0405%	1h	0.2094	+0.067%	$360K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0092%	4h	0.2094	+0.076%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0056%	1h	0.2093	+0.029%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0044%	4h	0.2092	−0.038%	$10.3M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	+0.134%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2096	+0.161%	$96K	—	150x	as long as short
Injective ENA/USDC PERPshort	+0.0033%	1h	0.2123	+1.477%	$522	$57K	5.5x
Phoenix ENA	+0.0076%	1h	0.2096	+0.172%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2092	−0.024%	$59K	$542K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2093	+0.010%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2092	−0.012%	$653K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2094	+0.050%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2093	+0.041%	$402K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2093	+0.014%	$129.2M	$470.1M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2092	long leg	$87.6M	$194.2M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2094	+0.053%	$20.1M	$114.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2096	+0.162%	$19K	$444K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2094	+0.072%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.358%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2093	+0.014%	$45.0M	$48.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2093	+0.043%	$24.2M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2092	−0.043%	$47.4M	$66.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2092	0.000%	—	$32.0M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2094	+0.075%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	+0.102%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	+0.121%	$356K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	+0.119%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2095	+0.110%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.289%	$684	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2093	+0.024%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.325%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2092	−0.024%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2092	−0.031%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	+0.104%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2095	+0.121%	$2.7M	$5.8M	50x	as long as short
Lighter ENA	+0.0112%	1h	0.2096	+0.148%	$5.6M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0211% / S −0.0159%	1h	0.2095	+0.137%	$50K	—	100x	as long as short
Hyperliquid ENA	+0.0238%	1h	0.2096	+0.156%	$111.3M	$80.8M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	+0.100%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2093	+0.005%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.397%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.8714%	1h	0.2095	+0.136%	$138K	$12K	5x	as long as short