Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Ondo Perps against Bybit+0.061%7-day average +0.089% · you sell dearer than you buy

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

Long on Bybit Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 4 days (all we have)−0.105%−$11 · spread now +0.061%, 7d avg +0.089%

Together, before fees−0.041%+ Points / potential airdropOndo Perps: Active · farm board−$4 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: Ondo Perps is 0.028% cheaper against Bybit than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.089%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2117	0.0100	pay 0.0050% / 4h	3h 39m	$89.0M	$187.0M	50x
Short	Ondo Perps ENA-USD.P	0.2119	0.0100	get 0.0013% / 1h	39m 37s	$15K	$399K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now +0.061%Rate

Funding earned: $0
Price spread: +0.061% → +0.089%: −$2.78
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$18.78
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; Ondo Perps: 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	8.4 bp −$8	17.2 bp −$172	60.1 bp −$6,013	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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	−0.0014%	1h	0.2117	+0.009%	$377K	$417K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	−0.047%	$91K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2117	−0.029%	$97K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0022%	4h	0.2116	−0.076%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.293%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0038%	1h	0.2117	−0.006%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	−0.009%	$62K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	−0.017%	$669K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2117	+0.005%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2118	+0.028%	$410K	$552K	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	0.2118	+0.027%	$131.3M	$446.3M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2117	long leg	$89.0M	$187.0M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	+0.009%	$20.7M	$109.1M	50x	as long as short
Ondo Perps ENA-USD.Pshort	+0.0100%	1h	0.2119	+0.061%	$15K	$399K	5x
Arcus ENA-USD	+0.0100%	1h	0.2118	+0.038%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.198%	$89K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2117	−0.019%	$10.8M	$20.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2118	+0.033%	$46.3M	$44.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2118	+0.043%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2116	−0.052%	$48.0M	$61.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2117	+0.014%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2118	+0.039%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2119	+0.098%	$247K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2121	+0.158%	$355K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	−0.009%	$34K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	−0.019%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.347%	$1K	$829K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	−0.057%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2126	+0.416%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	−0.057%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	+0.004%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	−0.118%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2117	−0.009%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0216%	1h	0.2119	+0.080%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0236%	1h	0.2118	+0.041%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2115	−0.083%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0264%	1h	0.2116	−0.049%	$1.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	−0.019%	$5.6M	$3.8M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2116	−0.065%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0592%	1h	0.2121	+0.161%	$5.6M	$12.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2120	+0.123%	$837K	$1.9M	50x	as long as short
Hyperliquid ENA	+0.0677%	1h	0.2122	+0.213%	$114.4M	$75.3M	10x	as long as short