Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.026%

Price spread now: Bybit against gTrade (Gains Network)−0.126%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)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 0.126% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.126% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 4.3 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) ENA/USD	0.2109	L +0.0004% / S −0.0004%	pay 0.0000% / 1h	11m 56s	$81K	—	150x
Short	Bybit ENAUSDT	0.2106	0.0100	get 0.0050% / 4h	11m 56s	$90.3M	$187.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BybitbpOrdersPrice spread, now −0.126%Rate

Funding earned: $20.23
Price spread: −0.126% → 0.000%: −$12.57
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$13.33
Costs to cover: 0.210%
Break-even: 11.6 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Bybit: live order book, 2 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.24 bp	11.0 bp −$11	18.7 bp −$187	58.8 bp −$5,880	doesn't fit

gTrade (Gains Network): 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	−0.0085%	4h	0.2108	−0.036%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2109	−0.002%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USDlong	L +0.0004% / S −0.0004%	1h	0.2109	long leg	$81K	—	150x
01 Exchange ENAUSD	+0.0032%	1h	0.2109	+0.007%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.685%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2108	−0.045%	$53K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2108	−0.045%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	−0.036%	$564K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2110	+0.050%	$114.4M	$74.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2109	+0.006%	$1.4M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2109	+0.025%	$407K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2108	−0.040%	$128.3M	$425.0M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2106	−0.126%	$90.3M	$187.4M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	−0.040%	$21.1M	$106.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2109	−0.002%	$33K	$312K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2109	+0.002%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2105	−0.187%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2109	−0.017%	$13.0M	$27.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	−0.050%	$39.5M	$43.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	+0.012%	$24.8M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	−0.116%	$47.8M	$59.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2108	−0.045%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2109	+0.017%	$408K	$483K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2105	−0.167%	$3.0M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2108	−0.066%	$254K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	−0.048%	$356K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2109	+0.002%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2109	+0.021%	$181K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2058	−2.421%	$1K	$908K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2109	+0.002%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2113	+0.192%	$266K	$808K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2108	−0.045%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2107	−0.096%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2109	−0.017%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0112%	1h	0.2111	+0.078%	$5.0M	$13.9M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0149%	1h	0.2110	+0.048%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2111	+0.107%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2109	−0.018%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	+0.040%	$5.5M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2108	−0.026%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2098	−0.524%	$867K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0870%	1h	0.2109	−0.008%	$139K	$16K	5x	as long as short