Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Bybit against Ondo Perps−0.005%7-day average −0.082% · you buy dearer than you sell

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

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 4 days (all we have)+0.256%+$26 · spread now −0.005%, 7d avg −0.082%

Together, before fees+0.192%+ Points / potential airdropOndo Perps: Active · farm board+$19 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: Bybit is 0.077% dearer against Ondo Perps than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.082%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ENA-USD.P	0.2117	0.0100	pay 0.0013% / 1h	17m 24s	$18K	$317K	5x
Short	Bybit ENAUSDT	0.2117	0.0100	get 0.0050% / 4h	17m 24s	$85.4M	$175.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. 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 Ondo PerpsbpFee BybitbpOrdersPrice spread, now −0.005%Rate

Funding earned: $0
Price spread: −0.005% → −0.082%: $7.75
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$8.25
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Ondo Perps: 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.24 bp	10.4 bp −$10	17.0 bp −$170	59.3 bp −$5,927	doesn't fit

Ondo Perps: 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
Backpack ENA_USDC_PERP	−0.0164%	1h	0.2117	−0.033%	$363K	$398K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0070%	4h	0.2117	−0.005%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0056%	1h	0.2119	+0.047%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2118	+0.019%	$79K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2118	+0.024%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.279%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2119	+0.071%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2118	+0.024%	$56K	$475K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.038%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2118	+0.005%	$657K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2118	+0.029%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	−0.001%	$404K	$517K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2118	+0.034%	$129.0M	$416.3M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2117	−0.005%	$85.4M	$175.2M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2118	+0.043%	$20.8M	$103.7M	50x	as long as short
Ondo Perps ENA-USD.Plong	+0.0100%	1h	0.2117	long leg	$18K	$317K	5x
Arcus ENA-USD	+0.0100%	1h	0.2118	+0.024%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.047%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2118	+0.009%	$11.1M	$22.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2118	+0.033%	$46.1M	$41.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2118	+0.038%	$24.6M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2116	−0.052%	$48.1M	$57.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2118	+0.024%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2118	+0.026%	$3.1M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2117	−0.002%	$245K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	−0.014%	$350K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2119	+0.071%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	+0.043%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.399%	$2K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2118	+0.024%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	0.000%	$274K	$796K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	−0.071%	$1.8M	$8.8M	50x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2121	+0.175%	$115.5M	$75.1M	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2117	−0.005%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2118	+0.024%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0143%	1h	0.2117	−0.018%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0144%	1h	0.2119	+0.066%	$5.2M	$13.5M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2119	+0.086%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2118	+0.017%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2116	−0.066%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	−0.024%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2127	+0.444%	$869K	$1.7M	50x	as long as short