Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0096%/8h= +10.6% APRpaid last 24h +0.026%

Price spread now: Bybit against gTrade (Gains Network)−0.050%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. Bybit is 0.050% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.050% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 42 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) ENA/USD	0.2098	L +0.0004% / S −0.0004%	pay 0.0000% / 1h	22m 14s	$81K	—	150x
Short	Bybit ENAUSDT	0.2097	0.0100	get 0.0050% / 4h	3h 22m	$84.8M	$174.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BybitbpOrdersPrice spread, now −0.050%Rate

Funding earned: $20.23
Price spread: −0.050% → 0.000%: −$5
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$5.77
Costs to cover: 0.210%
Break-even: 9.0 days

Slippage unknown: gTrade (Gains Network): 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.24 bp	9.9 bp −$10	17.0 bp −$170	63.4 bp −$6,344	doesn't fit

gTrade (Gains Network): 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	−0.0116%	1h	0.2099	+0.036%	$358K	$402K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0115%	4h	0.2097	−0.055%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2098	−0.012%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USDlong	L +0.0004% / S −0.0004%	1h	0.2098	long leg	$81K	—	150x
01 Exchange ENAUSD	+0.0032%	1h	0.2095	−0.155%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.194%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.160%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	−0.153%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2097	−0.043%	$652K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2099	+0.019%	$1.4M	$3.2M	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	0.2096	−0.098%	$399K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2098	−0.036%	$127.2M	$413.4M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2097	−0.050%	$84.8M	$174.5M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	+0.007%	$20.9M	$103.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2102	+0.193%	$22K	$333K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2096	−0.112%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.076%	$92K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2098	−0.026%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	−0.021%	$45.4M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.031%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	−0.083%	$47.6M	$57.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2098	−0.007%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2100	+0.067%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2102	+0.189%	$241K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2102	+0.153%	$348K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	+0.174%	$20K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2098	−0.017%	$190K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.533%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	−0.017%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2101	+0.141%	$272K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2097	−0.064%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2097	−0.073%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	−0.041%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2102	+0.198%	$8K	$274K	10x	as long as short
Hyperliquid ENA	+0.0174%	1h	0.2100	+0.069%	$114.0M	$74.0M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2098	−0.015%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0176%	1h	0.2100	+0.083%	$5.2M	$13.3M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2098	−0.023%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2101	+0.131%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	−0.052%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2107	+0.417%	$862K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1131%	1h	0.2097	−0.074%	$139K	$15K	5x	as long as short