ArbiLayer

ENA arbitrage

live

Live Ethena price differences between exchanges: perpetual, spot and DEX spreads after fees, with funding and depth.

Best net spread+0.15%Binance → HTX · Perp–Perp
Best perp–perp spread+0.31%Binance → HTX
Markets tracked1811 venues · 11 perp · 7 spot · 0 DEX
Price range0.38%$0.2274 – $0.2283

Spreads between exchanges

Long (buy)Short (sell)SpreadNetSpread+FDepth $Funding 24hFunding 30DD/WChart
Binance logoBinance$0.2274HTX logoHTX$0.2281 +0.31%+0.15% +0.31%— +0.004%— LS Chart →
Bybit logoBybit$0.2274HTX logoHTX$0.2281 +0.30%+0.14% +0.30%— -0.015%— LS Chart →
OKX logoOKX$0.2275HTX logoHTX$0.2281 +0.29%+0.13% +0.29%— -0.011%— LS Chart →
MEXC logoMEXC$0.2275HTX logoHTX$0.2281 +0.29%+0.13% +0.29%— +0.004%— LS Chart →
KuCoin logoKuCoin$0.2275HTX logoHTX$0.2281 +0.28%+0.12% +0.28%— -0.015%— LS Chart →
Gate logoGate$0.2275HTX logoHTX$0.2281 +0.26%+0.10% +0.27%— +0.044%— LS Chart →
Bitget logoBitget$0.2276HTX logoHTX$0.2281 +0.24%+0.08% +0.24%— -0.015%— LS Chart →
Aster logoAster$0.2276HTX logoHTX$0.2281 +0.23%+0.07% +0.23%— -0.015%— LS Chart →
Variational logoVariational$0.2276HTX logoHTX$0.2281 +0.22%+0.06% +0.22%— -0.015%— LS Chart →
Hyperliquid logoHyperliquid$0.2277HTX logoHTX$0.2281 +0.19%+0.03% +0.20%— -0.015%— LS Chart →
Binance logoBinance$0.2274Hyperliquid logoHyperliquid$0.2277 +0.11%-0.05% +0.11%— +0.019%— LS Chart →
Bybit logoBybit$0.2274Hyperliquid logoHyperliquid$0.2277 +0.11%-0.05% +0.10%— 0.000%— LS Chart →
OKX logoOKX$0.2275Hyperliquid logoHyperliquid$0.2277 +0.09%-0.07% +0.09%— +0.004%— LS Chart →
MEXC logoMEXC$0.2275Hyperliquid logoHyperliquid$0.2277 +0.09%-0.07% +0.09%— +0.019%— LS Chart →
KuCoin logoKuCoin$0.2275Hyperliquid logoHyperliquid$0.2277 +0.08%-0.08% +0.08%— 0.000%— LS Chart →
Long = where you buy, Short = where you sell. Net subtracts a two-leg taker fee model; Spread+F adds the next funding payment.Updates every 15 seconds. Not investment advice.

ENA price on every exchange

ExchangeMarketBidAskPricevs medianFunding 24hVolume 24h
Bybit logoBybitPerpetual · ENAUSDTPerpetual $0.2274$0.2274$0.2274-0.06% +0.030%$107.30M
OKX logoOKXPerpetual · ENA-USDT-SWAPPerpetual $0.2274$0.2275$0.2274-0.05% +0.026%$65.23M
MEXC logoMEXCPerpetual · ENA_USDTPerpetual $0.2275$0.2275$0.2275-0.04% +0.011%$55.06M
Hyperliquid logoHyperliquidPerpetual · ENAPerpetual $0.2277$0.2277$0.2277+0.05% +0.030%$50.17M
Bybit logoBybitSpot · ENAUSDTSpot $0.2276$0.2276$0.2276+0.02% —$32.79M
Bitget logoBitgetPerpetual · ENAUSDTPerpetual $0.2275$0.2276$0.2276+0.00% +0.030%$31.84M
KuCoin logoKuCoinPerpetual · ENAUSDTMPerpetual $0.2275$0.2275$0.2275-0.03% +0.030%$18.20M
KuCoin logoKuCoinSpot · ENA-USDTSpot $0.2275$0.2276$0.2276+0.00% —$9.27M
Gate logoGateSpot · ENA_USDTSpot $0.2276$0.2277$0.2276+0.04% —$9.20M
OKX logoOKXSpot · ENA-USDTSpot $0.2275$0.2276$0.2275-0.01% —$7.76M
Variational logoVariationalPerpetual · ENAPerpetual $0.2274$0.2276$0.2275-0.02% +0.030%$5.42M
Gate logoGatePerpetual · ENA_USDTPerpetual $0.2275$0.2275$0.2275-0.02% -0.029%$5.15M
Bitget logoBitgetSpot · ENAUSDTSpot $0.2277$0.2277$0.2277+0.06% —$1.92M
HTX logoHTXPerpetual · ENA-USDTPerpetual $0.2281$0.2285$0.2283+0.32% +0.015%$588.5K
Binance logoBinancePerpetual · ENAUSDTPerpetual $0.2274$0.2274$0.2274-0.06% +0.011%—
Aster logoAsterPerpetual · ENAUSDTPerpetual $0.2275$0.2276$0.2275-0.00% +0.030%—
Binance logoBinanceSpot · ENAUSDTSpot $0.2275$0.2276$0.2276+0.00% ——
MEXC logoMEXCSpot · ENAUSDTSpot $0.2275$0.2277$0.2276+0.01% ——
Price is the bid/ask midpoint. "vs median" compares each market with the median of all centralized venues.

ENA arbitrage explained

Right now Ethena (ENA) trades on 11 venues we scan: 11 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Binance perp at $0.2274 and the highest bid on HTX perp at $0.2281.

The widest ENA perpetual spread is between Binance and HTX: long ENA on Binance at $0.2274 and short on HTX at $0.2281 for +0.31% gross, or +0.15% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is +0.004% per day, which the position collects while it is open.

For a spot–perpetual (cash-and-carry) trade, the best ENA route is to buy spot on OKX and short the perpetual on HTX: +0.24% gross, +0.04% net, with +0.015% a day of funding on the short leg.

Spot–spot ENA arbitrage (buy on OKX, withdraw, deposit and sell on Bitget) shows +0.04% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.

Small ENA gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.

Related: ENA funding rates · ENA spread charts · Ethena price · arbitrage scanner for all coins.

Is there a ENA arbitrage opportunity right now?

The best ENA route right now is to buy on Binance → sell on HTX (Perp–Perp): +0.31% gross and +0.15% after fees. It is positive after the fee model, but check depth and funding before trading.

Which exchange has the cheapest ENA?

Binance (perp) has the lowest ENA ask at $0.2274, and HTX (perp) the highest bid at $0.2281. Prices update every 15 seconds on this page.

How many exchanges list ENA?

ArbiLayer tracks 18 ENA markets on 11 venues: 11 perpetual, 7 spot and 0 DEX pools.

How do I arbitrage ENA without transferring coins?

Use two perpetual contracts: go long ENA on the cheaper exchange (Binance now) and short it on the more expensive one (HTX), then close both legs when the spread converges. The coins never move between exchanges.

Arbitrage for other coins

BLAST +18.77%CRO +18.44%BDX +7.33%UPC +7.25%ESPORTS +6.71%ONE +6.61%OPENAI +5.06%SPCX +3.72%AI +3.64%CATE +3.62%ANTHROPIC +3.50%H100 +3.47%EGLD +3.17%ZIL +3.12%OURA +2.90%APPSTOCK +2.23%BONER +2.19%ARK +1.90%