Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.060%

Price spread now: Bybit against 01 Exchange−0.029%7-day average — · you buy dearer than you sell

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

Long on 01 Exchange 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

Funding pays, the price is against you. Bybit is 0.029% cheaper against 01 Exchange than usual: you would sell low and buy high (spread −0.029% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 2.2 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange ENAUSD	0.2097	0.0056	pay 0.0007% / 1h	55m 08s	$4K	$432	10x
Short	Bybit ENAUSDT	0.2097	0.0100	get 0.0050% / 4h	1h 55m	$87.2M	$193.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against 01 Exchange. 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 01 ExchangebpFee BybitbpOrdersPrice spread, now −0.029%Rate

Funding earned: $9.24
Price spread: −0.029% → 0.000%: −$2.86
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$11.62
Costs to cover: 0.180%
Break-even: 15.8 days

Slippage unknown: 01 Exchange: no order-book sample; Bybit: live order book, 4 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	0.24 bp	6.8 bp −$7	15.1 bp −$151	58.4 bp −$5,843	doesn't fit

01 Exchange: 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	−0.0078%	4h	0.2096	−0.038%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	−0.014%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2097	−0.025%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.249%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSDlong	+0.0056%	1h	0.2097	long leg	$4K	$432	10x
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2097	−0.001%	$2.6M	$5.6M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2089	−0.396%	$5K	$356K	10x	as long as short
Backpack ENA_USDC_PERP	+0.0091%	1h	0.2099	+0.072%	$362K	$485K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2096	−0.057%	$60K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	−0.101%	$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	0.2096	−0.079%	$657K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2097	−0.018%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2096	−0.059%	$405K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2097	0.000%	$129.0M	$464.0M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2097	−0.029%	$87.2M	$193.3M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2097	+0.010%	$20.2M	$113.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2085	−0.596%	$20K	$412K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	−0.010%	$82K	$223K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	−0.019%	$10.5M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2097	−0.014%	$45.2M	$46.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2098	+0.024%	$24.0M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	−0.048%	$47.4M	$65.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2097	+0.014%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2093	−0.197%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2084	−0.615%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2088	−0.439%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2089	−0.391%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2098	+0.038%	$190K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2046	−2.418%	$1K	$813K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	−0.057%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.081%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	−0.057%	$1.9M	$9.2M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2083	−0.654%	$88K	$2K	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	−0.010%	$77K	$11K	3x	as long as short
Extended ENA-USD	+0.0208%	1h	0.2096	−0.078%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0217% / S −0.0354%	1h	0.2097	−0.010%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2096	−0.043%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	−0.024%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0560%	1h	0.2100	+0.129%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0563%	1h	0.2101	+0.176%	$110.7M	$80.3M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2094	−0.138%	$801K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1927%	1h	0.2094	−0.138%	$138K	$15K	5x	as long as short