Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0564%/8h= −61.8% APRpaid last 24h −0.141%

Price spread now: Bybit against Coinbase International−0.024%7-day average −0.210% · you buy dearer than you sell

Net, funding: paid 7d − costs−$122as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$680.682% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.539%−$54 on $10k

Price spread, last 4 days (all we have)−0.532%−$53 · spread now −0.024%, 7d avg −0.210%

Together, before fees−1.070%−$107 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.186% dearer against Coinbase International than usual: you sell high and buy low (spread −0.024% now, against its 7-day average of −0.210%): +$19 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 26 hours. At the pace of the last 7 days (−0.539% in total) that is about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2116	0.0664	pay 0.0083% / 1h	11m 17s	$833K	$1.5M	50x
Short	Bybit ENAUSDT	0.2115	0.0100	get 0.0050% / 4h	1h 11m	$86.5M	$175.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$118.44
Price spread: −0.024% → −0.210%: $18.6
Slippage, 4 orders: −$47.2
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$168.04
Costs to cover: 0.682%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 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 Coinbase International live order book, 2 min ago	11.54 bp	25.9 bp −$26	40.4 bp −$404	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.24 bp	9.7 bp −$10	16.0 bp −$160	57.8 bp −$5,780	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
Orderly PERP_ENA_USDC	−0.0034%	4h	0.2114	−0.071%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2113	−0.104%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2115	−0.009%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2114	−0.053%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.369%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.170%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.124%	$663K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2115	−0.024%	$113.9M	$71.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2113	−0.140%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	−0.085%	$413K	$506K	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	0.2115	−0.024%	$129.6M	$417.1M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2115	−0.024%	$86.5M	$175.0M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2115	−0.005%	$20.8M	$102.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.194%	$19K	$349K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2113	−0.123%	$78K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2120	+0.208%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2114	−0.071%	$11.1M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2115	−0.005%	$46.0M	$42.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	−0.085%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	−0.076%	$48.1M	$57.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2114	−0.052%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2109	−0.298%	$374K	$362K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	+0.380%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2119	+0.143%	$244K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2119	+0.161%	$357K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2119	+0.161%	$22K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	−0.113%	$188K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.538%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2114	−0.076%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2116	+0.019%	$276K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	+0.019%	$1.9M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.152%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2115	−0.052%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	−0.073%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2119	+0.151%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2115	−0.042%	$51K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2116	+0.024%	$2.7M	$4.3M	50x	as long as short
Lighter ENA	+0.0312%	1h	0.2117	+0.047%	$5.3M	$13.9M	10x	as long as short
dYdX ENA-USD	+0.0331%	1h	0.2113	−0.133%	$140K	$15K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	−0.033%	$5.6M	$3.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.141%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0664%	1h	0.2116	long leg	$833K	$1.5M	50x