Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: ApeX Omni against Bybit+0.315%7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$620.624% of the position

Long on Bybit Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 4 days (all we have)−0.354%−$35 · spread now +0.315%, 7d avg +0.075%

Together, before fees−0.296%−$30 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: ApeX Omni is 0.240% dearer against Bybit than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of +0.075%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2095	0.0100	pay 0.0050% / 4h	1h 47m	$86.1M	$183.8M	50x
Short	ApeX Omni ENAUSDT	0.2102	0.0100	get 0.0013% / 1h	47m 34s	$19K	$645K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bybit. 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 BybitbpFee ApeX OmnibpOrdersPrice spread, now +0.315%Rate

Funding earned: $0
Price spread: +0.315% → +0.075%: $23.97
Slippage, 4 orders: −$41.36
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$38.39
Costs to cover: 0.624%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; ApeX Omni: live order book, 63 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 Bybit live order book, 5 min ago	0.24 bp	11.2 bp −$11	21.3 bp −$213	74.1 bp −$7,412	doesn't fit
Sell ApeX Omni live order book, 63 min ago	9.53 bp	23.2 bp −$23	146.5 bp −$1,465	doesn't fit	doesn't fit

ENA on 42 exchanges

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	−0.0178%	4h	0.2095	−0.038%	$43K	$14K	10x	as long as short
01 Exchange ENAUSD	−0.0168%	1h	0.2095	−0.019%	$4K	$60	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0133%	1h	0.2096	+0.050%	$2.6M	$3.8M	50x	as long as short
Bitget ENAUSDT	−0.0042%	4h	0.2094	−0.048%	$47.2M	$55.5M	75x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2096	+0.033%	$104K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2096	+0.044%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+1.265%	$734	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2098	+0.110%	$4.9M	$12.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.019%	$55K	$390K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2096	+0.037%	$47K	—	10x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2096	+0.049%	$586K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2097	+0.052%	$113.0M	$77.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2097	+0.055%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2096	+0.037%	$386K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2096	+0.013%	$126.0M	$404.6M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2095	long leg	$86.1M	$183.8M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2097	+0.057%	$20.8M	$98.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	+0.124%	$27K	$330K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	+0.076%	$78K	$235K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	+0.791%	$103K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	+0.062%	$13.7M	$26.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2097	+0.052%	$41.9M	$40.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2097	+0.086%	$24.9M	$15.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2096	+0.033%	—	$29.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2100	+0.215%	$3.0M	$7.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	+0.220%	$242K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	+0.411%	$356K	$4.4M	10x	as long as short
ApeX Omni ENAUSDTshort	+0.0100%	1h	0.2102	+0.315%	$19K	$645K	50x
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	+0.014%	$166K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.329%	$1K	$915K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	+0.029%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2102	+0.315%	$262K	$784K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	+0.029%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2095	−0.005%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	+0.004%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2101	+0.272%	$13K	$278K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0756%	1h	0.2097	+0.072%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2099	+0.148%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2100	+0.228%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0480%	1h	0.2099	+0.196%	$774K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0563%	1h	0.2097	+0.095%	$403K	$473K	5x	as long as short
dYdX ENA-USD	+0.1199%	1h	0.2097	+0.083%	$139K	$15K	5x	as long as short