Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Nado against Bybit+0.141%7-day average +0.072% · 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−$28as in the Price arb table

costs, in and out, $10k−$350.352% of the position

Long on Bybit Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.020%+$2 on $10k

Price spread, last 3 days (all we have)+0.066%+$7 · spread now +0.141%, 7d avg +0.072%

Together, before fees+0.086%+ Points / potential airdropNado: Active · farm board+$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: Nado is 0.069% dearer against Bybit than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.072%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2130	0.0100	pay 0.0050% / 4h	2h 49m	$87.2M	$186.7M	50x
Short	Nado ENA-PERP	0.2133	0.0100	get 0.0012% / 1h	49m 24s	$703K	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.141%Rate

Funding earned: $0
Price spread: +0.141% → +0.072%: $6.9
Slippage, 4 orders: −$17.24
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$28.33
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Nado: live order book, 4 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	8.8 bp −$9	19.7 bp −$197	67.1 bp −$6,706	doesn't fit
Sell Nado live order book, 4 min ago	1.18 bp	8.2 bp −$8	23.9 bp −$239	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2131	+0.070%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2131	+0.062%	$91K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2133	+0.150%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.300%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0036%	1h	0.2134	+0.174%	$141K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0038%	4h	0.2129	−0.061%	$41K	$23K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2132	+0.103%	$53K	$526K	50x	as long as short
Nado ENA-PERPshort	+0.0100%	1h	0.2133	+0.141%	$703K	$1.8M	10x
Aster ENAUSDT	+0.0100%	4h	0.2136	+0.291%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2135	+0.222%	$418K	$548K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2132	+0.104%	$132.7M	$444.5M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2130	long leg	$87.2M	$186.7M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2130	+0.009%	$21.2M	$109.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	−0.249%	$17K	$408K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2135	+0.244%	$116K	$253K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.115%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2131	+0.075%	$10.8M	$20.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2131	+0.075%	$45.0M	$43.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2134	+0.178%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2131	+0.056%	$48.3M	$61.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2132	+0.089%	—	$32.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2135	+0.225%	$369K	$383K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2125	−0.215%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2121	−0.412%	$244K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.266%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	−0.178%	$32K	$690K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2133	+0.136%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2079	−2.395%	$1K	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2131	+0.056%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2136	+0.277%	$275K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2132	+0.103%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2133	+0.153%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	+0.042%	$75K	$4K	3x	as long as short
Lighter ENA	+0.0128%	1h	0.2135	+0.235%	$5.6M	$13.6M	10x	as long as short
Phoenix ENA	+0.0188%	1h	0.2127	−0.131%	$7K	$351K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2132	+0.119%	$2.7M	$5.0M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2131	+0.037%	$51K	—	100x	as long as short
Extended ENA-USD	+0.0304%	1h	0.2133	+0.152%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	−0.141%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2131	+0.062%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0507%	1h	0.2135	+0.235%	$115.0M	$74.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2131	+0.075%	$837K	$1.8M	50x	as long as short