Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Bybit against Ondo Perps+0.191%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 Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.080%−$8 on $10k

Price spread, last 4 days (all we have)+0.060%+$6 · spread now +0.191%, 7d avg −0.089%

Together, before fees−0.019%+ Points / potential airdropOndo Perps: Active · farm board−$2 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: Bybit is 0.280% dearer against Ondo Perps than usual: you sell high and buy low, +$28 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	Ondo Perps ENA-USD.P	0.2090	0.0100	pay 0.0013% / 1h	38m 02s	$19K	$433K	5x
Short	Bybit ENAUSDT	0.2094	0.0100	get 0.0050% / 4h	2h 38m	$87.6M	$193.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee BybitbpOrdersPrice spread, now +0.191%Rate

Funding earned: $0
Price spread: +0.191% → −0.089%: $28.01
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $12.01
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; Bybit: live order book, 1 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	0.24 bp	8.9 bp −$9	18.0 bp −$180	60.0 bp −$6,004	doesn't fit

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	−0.0353%	1h	0.2095	+0.230%	$360K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0083%	4h	0.2093	+0.158%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2091	+0.033%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0018%	4h	0.2093	+0.129%	$10.4M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2094	+0.201%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2094	+0.181%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.598%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2097	+0.349%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2090	0.000%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2089	−0.034%	$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	0.2090	0.000%	$656K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2094	+0.181%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2089	−0.043%	$401K	$585K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2094	+0.175%	$129.1M	$468.3M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2094	+0.191%	$87.6M	$193.4M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	+0.230%	$20.2M	$114.2M	50x	as long as short
Ondo Perps ENA-USD.Plong	+0.0100%	1h	0.2090	long leg	$19K	$433K	5x
Arcus ENA-USD	+0.0100%	1h	0.2089	−0.048%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	+0.191%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	+0.172%	$44.7M	$48.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2094	+0.172%	$24.1M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2093	+0.144%	$47.4M	$66.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2094	+0.167%	—	$32.0M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2095	+0.237%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	+0.259%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	+0.275%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	+0.287%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2093	+0.134%	$181K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2043	−2.263%	$1K	$806K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2093	+0.144%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2094	+0.182%	$271K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2093	+0.144%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2094	+0.180%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2094	+0.189%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2095	+0.227%	$2.7M	$5.8M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0212% / S −0.0160%	1h	0.2094	+0.170%	$50K	—	100x	as long as short
Lighter ENA	+0.0224%	1h	0.2096	+0.287%	$5.7M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0321%	1h	0.2096	+0.282%	$110.7M	$80.7M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2088	−0.077%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2092	+0.076%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.517%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.9781%	1h	0.2089	−0.055%	$138K	$12K	5x	as long as short