Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.036%

Price spread now: 01 Exchange against Bybit−0.207%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and 01 Exchange is 0.207% cheaper against Bybit than usual: you would sell low and buy high (−$21 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2123	0.0100	pay 0.0050% / 4h	1h 53m	$86.9M	$177.7M	50x
Short	01 Exchange ENAUSD	0.2119	0.0032	get 0.0004% / 1h	53m 02s	$4K	$302	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.207%Rate

Funding earned: −$14.28
Price spread: −0.207% → 0.000%: −$20.73
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$53.01
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 min ago; 01 Exchange: no order-book sample. 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 Bybit live order book, 1 min ago	0.24 bp	10.0 bp −$10	17.3 bp −$173	64.3 bp −$6,428	doesn't fit
Sell 01 Exchange no order-book sample	—	—	—	—	—

01 Exchange: 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 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	0.2123	+0.014%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2121	−0.071%	$87K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0024%	4h	0.2122	−0.033%	$44K	$27K	10x	as long as short
01 Exchange ENAUSDshort	+0.0032%	1h	0.2119	−0.207%	$4K	$302	10x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.019%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0049%	1h	0.2118	−0.245%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	−0.283%	$54K	$500K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	−0.297%	$683K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2122	−0.047%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	−0.283%	$414K	$519K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2124	+0.044%	$130.7M	$426.6M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2123	long leg	$86.9M	$177.7M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2123	+0.019%	$20.9M	$104.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2121	−0.113%	$19K	$383K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	−0.236%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.283%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2123	+0.009%	$11.1M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2123	−0.009%	$45.6M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2124	+0.052%	$24.7M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2121	−0.075%	$48.3M	$58.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2124	+0.047%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2128	+0.235%	$3.8M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2119	−0.205%	$247K	$7.4M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	−0.416%	$360K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2115	−0.377%	$32K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	−0.240%	$182K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2066	−2.675%	$926	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2122	−0.047%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2127	+0.170%	$277K	$786K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2122	−0.047%	$1.9M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.260%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	−0.047%	$74K	$4K	3x	as long as short
Hyperliquid ENA	+0.0114%	1h	0.2126	+0.141%	$114.3M	$71.1M	10x	as long as short
Extended ENA-USD	+0.0136%	1h	0.2123	−0.013%	$1.6M	$4.1M	50x	as long as short
Lighter ENA	+0.0144%	1h	0.2125	+0.094%	$5.5M	$13.6M	10x	as long as short
Phoenix ENA	+0.0150%	1h	0.2119	−0.207%	$8K	$298K	10x	as long as short
Backpack ENA_USDC_PERP	+0.0229%	1h	0.2123	+0.019%	$376K	$362K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2122	−0.067%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2123	+0.020%	$2.7M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2118	−0.258%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2131	+0.391%	$838K	$1.6M	50x	as long as short