Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.002%

Price spread now: Bybit against Popdex−0.188%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$390.388% of the position

Long on Popdex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.254%+$25 · spread now −0.188%, 7d avg −0.039%

Together, before fees+0.251%+$25 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 0.149% cheaper against Popdex than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of −0.039%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2127	0.0096	pay 0.0012% / 1h	56m 05s	$54K	$501K	50x
Short	Bybit ENAUSDT	0.2123	0.0100	get 0.0050% / 4h	1h 56m	$86.9M	$178.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Popdex. 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 PopdexbpFee BybitbpOrdersPrice spread, now −0.188%Rate

Funding earned: $0.84
Price spread: −0.188% → −0.039%: −$14.9
Slippage, 4 orders: −$21.38
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$52.85
Costs to cover: 0.388%
Break-even: 447.4 days

Slippage from Popdex: live order book, 8 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 Popdex live order book, 8 min ago	2.35 bp	12.1 bp −$12	64.8 bp −$648	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.23 bp	8.7 bp −$9	18.4 bp −$184	65.0 bp −$6,503	doesn't fit

ENA on 41 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	+0.019%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2128	+0.025%	$87K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2128	+0.052%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	+0.0028%	4h	0.2126	−0.052%	$44K	$27K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.169%	$522	$57K	5.5x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2127	long leg	$54K	$501K	50x
dYdX ENA-USD	+0.0097%	1h	0.2123	−0.188%	$140K	$15K	5x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2127	+0.005%	$687K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2126	−0.052%	$114.3M	$71.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2128	+0.047%	$1.5M	$3.3M	50x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2125	−0.110%	$415K	$519K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2125	−0.071%	$130.8M	$427.8M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2123	−0.188%	$86.9M	$178.3M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2123	−0.202%	$20.9M	$104.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2121	−0.301%	$19K	$383K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2128	+0.047%	$79K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.823%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2124	−0.150%	$11.1M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2125	−0.080%	$45.6M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2128	+0.038%	$24.7M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2121	−0.277%	$48.3M	$58.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2123	−0.202%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2128	+0.047%	$3.8M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.068%	$249K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.124%	$361K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	−0.094%	$32K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2129	+0.099%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2078	−2.318%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	0.000%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.348%	$278K	$787K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2125	−0.094%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	+0.030%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	+0.001%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0136%	1h	0.2125	−0.079%	$1.6M	$4.1M	50x	as long as short
Lighter ENA	+0.0160%	1h	0.2128	+0.033%	$5.5M	$13.6M	10x	as long as short
Phoenix ENA	+0.0188%	1h	0.2121	−0.287%	$7K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2128	+0.044%	$51K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0283%	1h	0.2128	+0.058%	$2.7M	$4.3M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0342%	1h	0.2126	−0.047%	$382K	$362K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2128	+0.063%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2131	+0.202%	$838K	$1.6M	50x	as long as short