Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.014%

Price spread now: Extended against Bybit−0.055%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$310.312% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 7 days+0.049%+$5 · spread now −0.055%, 7d avg −0.002%

Together, before fees+0.157%+ Points / potential airdropExtended: Active · farm board+$16 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: Extended is 0.053% cheaper against Bybit than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2163	0.0100	pay 0.0050% / 4h	1h 56m	$86.7M	$180.3M	50x
Short	Extended ENA-USD	0.2162	0.0104	get 0.0013% / 1h	56m 02s	$1.6M	$4.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.055%Rate

Funding earned: $0.84
Price spread: −0.055% → −0.002%: −$5.28
Slippage, 4 orders: −$15.22
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$35.66
Costs to cover: 0.312%
Break-even: 304.2 days

Slippage from Bybit: live order book, 3 min ago; Extended: 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 Bybit live order book, 3 min ago	0.23 bp	12.7 bp −$13	21.0 bp −$210	59.5 bp −$5,947	doesn't fit
Sell Extended live order book, 3 min ago	0.23 bp	5.6 bp −$6	10.2 bp −$102	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	−0.0142%	4h	0.2170	+0.310%	$45K	$26K	10x	as long as short
dYdX ENA-USD	0.0000%	1h	0.2174	+0.484%	$144K	$16K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2170	+0.324%	$67K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2171	+0.364%	$84K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2173	+0.448%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.835%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2172	+0.411%	$57K	$484K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2172	+0.405%	$575K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2166	+0.134%	$117.5M	$76.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2165	+0.093%	$1.5M	$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	0.2173	+0.468%	$408K	$532K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2164	+0.028%	$131.0M	$428.1M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2163	long leg	$86.7M	$180.3M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2163	+0.009%	$21.7M	$109.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2183	+0.929%	$21K	$326K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2173	+0.458%	$80K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2172	+0.408%	$95K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2165	+0.083%	$12.4M	$25.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2163	−0.018%	$48.3M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2163	+0.014%	$25.1M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2160	−0.125%	$49.2M	$59.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2167	+0.157%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2168	+0.247%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2172	+0.391%	$256K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2170	+0.304%	$363K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2170	+0.319%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2172	+0.421%	$208K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2117	−2.117%	$976	$895K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2164	+0.042%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2176	+0.587%	$272K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2165	+0.088%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2173	+0.442%	$49K	$110	10x	as long as short
Extended ENA-USDshort	+0.0104%	1h	0.2162	−0.055%	$1.6M	$4.2M	50x
Aevo ENA-PERP	+0.0104%	1h	0.2170	+0.328%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2175	+0.559%	$8K	$259K	10x	as long as short
Lighter ENA	+0.0160%	1h	0.2167	+0.190%	$5.2M	$13.3M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2171	+0.368%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2176	+0.596%	$5.7M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2171	+0.353%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0435%	1h	0.2166	+0.122%	$2.7M	$4.3M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2175	+0.527%	$894K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0717%	1h	0.2166	+0.139%	$396K	$424K	5x	as long as short