Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.002%

Price spread now: Bybit against Popdex+0.032%52s7-day average −0.039% · 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—prices read too far apart to compare

costs, in and out, $10k−$450.454% of the position

Long on Popdex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.033%+$3 · spread now +0.032%, 7d avg −0.039%

Together, before fees+0.031%+$3 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 0.072% dearer against Popdex than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.039%. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2158	0.0096	pay 0.0012% / 1h	15m 46s	$63K	$518K	50x
Short	Bybit ENAUSDT	0.2159	0.0100	get 0.0050% / 4h	3h 15m	$89.1M	$187.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Popdex. 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 PopdexbpFee BybitbpOrdersPrice spread, now +0.032%Rate

Funding earned: $0.84
Price spread: +0.032% → −0.039%: $7.19
Slippage, 4 orders: −$28.02
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$37.39
Costs to cover: 0.454%
Break-even: 318.6 days

Slippage from Popdex: live order book, 58 min ago; Bybit: live order book, 3 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 Popdex live order book, 58 min ago	4.94 bp	11.2 bp −$11	58.8 bp −$588	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.23 bp	9.1 bp −$9	17.5 bp −$175	57.1 bp −$5,707	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	0.2158	+0.019%	$81K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2157	−0.046%	$104K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0032%	4h	0.2157	−0.060%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.603%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0068%	1h	0.2159	+0.054%	$143K	$15K	5x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2158	long leg	$63K	$518K	50x
Nado ENA-PERP	+0.0100%	1h	0.2159	+0.035%	$715K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2160	+0.079%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2160	+0.079%	$425K	$553K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2159	+0.054%	$134.6M	$442.7M	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	0.2159	+0.032%	$89.1M	$187.2M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2158	+0.019%	$21.2M	$110.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2156	−0.107%	$16K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2160	+0.093%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2150	−0.367%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2159	+0.032%	$11.0M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2159	+0.060%	$46.2M	$44.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2160	+0.088%	$24.8M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2157	−0.042%	$48.9M	$61.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2159	+0.032%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2160	+0.097%	$384K	$405K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2157	−0.036%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2144	−0.631%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2145	−0.618%	$357K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2146	−0.556%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2158	−0.014%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2107	−2.340%	$1K	$833K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2158	0.000%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2160	+0.088%	$280K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2160	+0.093%	$2.0M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2159	+0.040%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2158	−0.015%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2153	−0.246%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0184%	1h	0.2158	+0.014%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0231%	1h	0.2160	+0.079%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0312%	1h	0.2158	−0.015%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0334% / S −0.0430%	1h	0.2157	−0.057%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2156	−0.088%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2157	−0.057%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2159	+0.056%	$855K	$1.8M	50x	as long as short
Lighter ENA	+0.0704%	1h	0.2162	+0.209%	$5.7M	$12.7M	10x	as long as short
Hyperliquid ENA	+0.0767%	1h	0.2163	+0.222%	$117.5M	$74.7M	10x	as long as short