Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.024%

Price spread now: Injective against Bybit−0.445%88s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.230%+$23 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.445% cheaper against Bybit than usual: you would sell low and buy high (−$45 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.230%, so the current rate has only just turned against you. The two prices were read 88 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	Bybit ENAUSDT	0.2133	0.0100	pay 0.0050% / 4h	3h 29m	$89.8M	$185.5M	50x
Short	Injective ENA/USDC PERP	0.2123	0.0033	get 0.0004% / 1h	29m 46s	$522	$57K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.445%Rate

Funding earned: −$14
Price spread: −0.445% → 0.000%: −$44.54
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$69.56
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; Injective: no order-book sample. 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 Bybit live order book, 4 min ago	0.24 bp	8.5 bp −$8	16.1 bp −$161	61.8 bp −$6,183	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	−0.277%	$81K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2126	−0.325%	$97K	—	150x	as long as short
Backpack ENA_USDC_PERP	+0.0026%	1h	0.2133	+0.023%	$380K	$415K	5x	as long as short
dYdX ENA-USD	+0.0026%	1h	0.2127	−0.256%	$141K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0029%	4h	0.2126	−0.324%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERPshort	+0.0033%	1h	0.2123	−0.445%	$522	$57K	5.5x
Popdex ENAUSDT	+0.0096%	1h	0.2125	−0.370%	$62K	$520K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2127	−0.295%	$676K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2133	−0.009%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2128	−0.227%	$412K	$552K	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	0.2133	−0.008%	$132.4M	$443.7M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2133	long leg	$89.8M	$185.5M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2133	+0.014%	$20.9M	$109.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	−0.399%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2128	−0.230%	$105K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.769%	$89K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2133	−0.014%	$10.8M	$20.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2133	+0.005%	$46.2M	$44.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2134	+0.038%	$24.5M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2134	+0.033%	$48.4M	$61.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2133	+0.009%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2123	−0.449%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	−0.915%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2113	−0.944%	$356K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	−0.792%	$34K	$687K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2126	−0.309%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2079	−2.541%	$940	$828K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2130	−0.136%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	−0.183%	$276K	$1.2M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2130	−0.136%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2129	−0.161%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2126	−0.309%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2116	−0.802%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0224%	1h	0.2126	−0.328%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0234%	1h	0.2131	−0.075%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2125	−0.354%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2131	−0.101%	$1.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2123	−0.464%	$5.6M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2125	−0.374%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2125	−0.375%	$839K	$1.8M	50x	as long as short
Lighter ENA	+0.0688%	1h	0.2134	+0.047%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0734%	1h	0.2138	+0.225%	$115.3M	$75.4M	10x	as long as short