Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0096%/8h= +10.6% APRpaid last 24h +0.026%

Price spread now: Bybit against gTrade (Gains Network)+0.133%7-day average — · you sell dearer than you buy

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

Long on gTrade (Gains Network)Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bybit is 0.133% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$13 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) ENA/USD	0.2172	L +0.0004% / S −0.0004%	pay 0.0000% / 1h	59m 06s	$84K	—	150x
Short	Bybit ENAUSDT	0.2175	0.0100	get 0.0050% / 4h	1h 59m	$87.4M	$179.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BybitbpOrdersPrice spread, now +0.133%Rate

Funding earned: $20.23
Price spread: +0.133% → 0.000%: $13.26
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $12.49
Costs to cover: 0.210%
Break-even: 2.7 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Bybit: live order book, 5 min ago. 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.23 bp	6.0 bp −$6	16.5 bp −$165	49.1 bp −$4,912	doesn't fit

gTrade (Gains Network): 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
Orderly PERP_ENA_USDC	−0.0142%	4h	0.2171	−0.029%	$45K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0048%	1h	0.2173	+0.059%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2172	+0.017%	$67K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USDlong	L +0.0004% / S −0.0004%	1h	0.2172	long leg	$84K	—	150x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.229%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2173	+0.054%	$55K	$477K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2173	+0.054%	$577K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2175	+0.137%	$117.9M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2175	+0.130%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2173	+0.059%	$408K	$532K	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	0.2174	+0.114%	$131.6M	$427.1M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2175	+0.133%	$87.4M	$179.8M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2175	+0.165%	$21.8M	$110.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2173	+0.054%	$21K	$327K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2173	+0.054%	$80K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2172	+0.005%	$95K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2173	+0.050%	$11.4M	$24.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2173	+0.045%	$48.5M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2173	+0.054%	$25.3M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2173	+0.050%	$49.4M	$59.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2174	+0.105%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2168	−0.155%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2170	−0.091%	$255K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2170	−0.099%	$363K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2170	−0.084%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2173	+0.045%	$192K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2119	−2.446%	$948	$893K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2172	+0.008%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2175	+0.169%	$272K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2173	+0.054%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2172	−0.011%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2175	+0.129%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2172	+0.008%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2175	+0.156%	$8K	$259K	10x	as long as short
dYdX ENA-USD	+0.0198%	1h	0.2173	+0.050%	$144K	$16K	5x	as long as short
Lighter ENA	+0.0224%	1h	0.2174	+0.114%	$5.2M	$13.2M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2172	+0.011%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2172	−0.006%	$5.7M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2171	−0.043%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0434%	1h	0.2173	+0.066%	$2.7M	$4.3M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2176	+0.202%	$893K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0846%	1h	0.2174	+0.119%	$398K	$423K	5x	as long as short