Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0452%/8h= −49.5% APRpaid last 24h −0.137%

Price spread now: Bybit against Coinbase International−0.357%7-day average −0.208% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$500.504% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.530%−$53 on $10k

Price spread, last 3 days (all we have)+0.183%+$18 · spread now −0.357%, 7d avg −0.208%

Together, before fees−0.346%−$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Bybit is 0.149% cheaper against Coinbase International than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.208%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2132	0.0552	pay 0.0069% / 1h	32m 39s	$842K	$2.1M	50x
Short	Bybit ENAUSDT	0.2124	0.0100	get 0.0050% / 4h	32m 39s	$89.2M	$189.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.357%Rate

Funding earned: −$94.92
Price spread: −0.357% → −0.208%: −$14.85
Slippage, 4 orders: −$29.43
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$160.21
Costs to cover: 0.504%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 1 min ago; Bybit: live order book, 1 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 Coinbase International live order book, 1 min ago	7.76 bp	17.8 bp −$18	23.8 bp −$238	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.24 bp	10.3 bp −$10	15.6 bp −$156	48.7 bp −$4,868	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	−0.0019%	4h	0.2122	−0.455%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2123	−0.408%	$92K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2124	−0.377%	$105K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.389%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0056%	1h	0.2124	−0.385%	$375K	$447K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2123	−0.408%	$63K	$522K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2123	−0.408%	$680K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2123	−0.408%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2124	−0.368%	$411K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2124	−0.371%	$131.4M	$452.7M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDTshort	+0.0100%	4h	0.2124	−0.357%	$89.2M	$189.8M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2124	−0.342%	$20.5M	$111.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	−0.352%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2124	−0.361%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2129	−0.127%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2123	−0.418%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2124	−0.371%	$46.9M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2125	−0.310%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2121	−0.511%	$48.1M	$64.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2123	−0.408%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2126	−0.281%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	−0.295%	$253K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	−0.314%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2123	−0.408%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2124	−0.380%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2072	−2.805%	$1K	$823K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2123	−0.408%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.084%	$277K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2123	−0.408%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2123	−0.430%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2124	−0.373%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2124	−0.338%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2124	−0.338%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2124	−0.344%	$2.7M	$5.4M	50x	as long as short
Extended ENA-USD	+0.0248%	1h	0.2121	−0.496%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2123	−0.393%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2122	−0.455%	$5.6M	$7.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2123	−0.425%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0536%	1h	0.2127	−0.244%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0552%	1h	0.2132	long leg	$842K	$2.1M	50x
Hyperliquid ENA	+0.0809%	1h	0.2127	−0.235%	$114.3M	$78.7M	10x	as long as short
dYdX ENA-USD	+0.1717%	1h	0.2124	−0.355%	$140K	$15K	5x	as long as short