Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Arcus against Bybit+0.180%46s7-day average +0.075% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$450.453% of the position

Long on Bybit Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.007%+$1 on $10k

Price spread, last 4 days (all we have)−0.216%−$22 · spread now +0.180%, 7d avg +0.075%

Together, before fees−0.209%−$21 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: Arcus is 0.105% dearer against Bybit than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.075%. The two prices were read 46 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	0.2113	0.0100	pay 0.0050% / 4h	2h 33m	$85.4M	$175.2M	50x
Short	Arcus ENA-USD	0.2117	0.0100	get 0.0013% / 1h	33m 48s	$79K	$276K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now +0.180%Rate

Funding earned: $0
Price spread: +0.180% → +0.075%: $10.49
Slippage, 4 orders: −$29.77
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$34.78
Costs to cover: 0.453%
Break-even: never at this rate

Slippage from Bybit: live order book, 10 min ago; Arcus: live order book, 15 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 Bybit live order book, 10 min ago	0.24 bp	11.1 bp −$11	17.8 bp −$178	62.9 bp −$6,295	doesn't fit
Sell Arcus live order book, 15 min ago	7.12 bp	10.1 bp −$10	22.2 bp −$222	doesn't fit	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	−0.0143%	4h	0.2115	+0.104%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2117	+0.170%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2115	+0.109%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2116	+0.109%	$82K	—	150x	as long as short
Gate ENA_USDT	+0.0006%	4h	0.2112	−0.038%	$11.1M	$23.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.483%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2116	+0.133%	$57K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	+0.158%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.161%	$656K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2115	+0.085%	$114.9M	$74.3M	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	0.2115	+0.076%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	+0.186%	$397K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2113	+0.005%	$128.1M	$417.9M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2113	long leg	$85.4M	$175.2M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2114	+0.019%	$21.1M	$104.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2104	−0.431%	$20K	$321K	5x	as long as short
Arcus ENA-USDshort	+0.0100%	1h	0.2117	+0.180%	$79K	$276K	10x
Bulk ENA-USD	+0.0100%	1h	0.2112	−0.057%	$93K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2112	−0.052%	$46.7M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	+0.033%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2112	−0.038%	$48.0M	$58.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2113	−0.005%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2122	+0.399%	$3.1M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	+0.149%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2118	+0.227%	$353K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	+0.227%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2116	+0.151%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.286%	$1K	$870K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	+0.085%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.440%	$268K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	+0.085%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2112	−0.048%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	+0.109%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2121	+0.360%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0162%	1h	0.2117	+0.161%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0216%	1h	0.2117	+0.180%	$5.2M	$13.0M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0358%	1h	0.2115	+0.102%	$70K	—	100x	as long as short
dYdX ENA-USD	+0.0316%	1h	0.2117	+0.199%	$140K	$16K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.696%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2115	+0.096%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0596%	1h	0.2115	+0.095%	$358K	$403K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2131	+0.833%	$872K	$1.7M	50x	as long as short