ArbiLayer

ENA arbitrage

live

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

Best net spread+0.18%OKX → HTX · Perp–Perp
Best perp–perp spread+0.34%OKX → HTX
Markets tracked1811 venues · 11 perp · 7 spot · 0 DEX
Price range0.45%$0.2268 – $0.2278

Spreads between exchanges

Long (buy)Short (sell)SpreadNetSpread+FDepth $Funding 24hFunding 30DD/WChart
Gate logoGatespot$0.227HTX logoHTX$0.2275 +0.25%+0.05% +0.26%— +0.022%— LS Chart →
MEXC logoMEXCspot$0.227HTX logoHTX$0.2275 +0.24%+0.04% +0.25%— +0.022%— LS Chart →
OKX logoOKXspot$0.227HTX logoHTX$0.2275 +0.24%+0.04% +0.25%— +0.022%— LS Chart →
Binance logoBinancespot$0.227HTX logoHTX$0.2275 +0.23%+0.03% +0.24%— +0.022%— LS Chart →
KuCoin logoKuCoinspot$0.227HTX logoHTX$0.2275 +0.23%+0.03% +0.24%— +0.022%— LS Chart →
Bybit logoBybitspot$0.227HTX logoHTX$0.2275 +0.22%+0.02% +0.23%— +0.022%— LS Chart →
Bitget logoBitgetspot$0.2271HTX logoHTX$0.2275 +0.21%+0.01% +0.21%— +0.022%— LS Chart →
Gate logoGatespot$0.227Bitget logoBitget$0.2269 -0.01%-0.21% -0.00%— +0.030%— LS Chart →
Gate logoGatespot$0.227Hyperliquid logoHyperliquid$0.2269 -0.01%-0.21% -0.01%— +0.030%— LS Chart →
MEXC logoMEXCspot$0.227Bitget logoBitget$0.2269 -0.02%-0.22% -0.01%— +0.030%— LS Chart →
MEXC logoMEXCspot$0.227Hyperliquid logoHyperliquid$0.2269 -0.02%-0.22% -0.02%— +0.030%— LS Chart →
OKX logoOKXspot$0.227Bitget logoBitget$0.2269 -0.02%-0.22% -0.02%— +0.030%— LS Chart →
Gate logoGatespot$0.227Aster logoAster$0.2269 -0.02%-0.22% -0.02%— +0.030%— LS Chart →
OKX logoOKXspot$0.227Hyperliquid logoHyperliquid$0.2269 -0.03%-0.23% -0.02%— +0.030%— LS Chart →
Binance logoBinancespot$0.227Bitget logoBitget$0.2269 -0.03%-0.23% -0.03%— +0.030%— 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 $0.2268$0.2268$0.2268-0.07% -0.011%$117.10M
OKX logoOKXPerpetual · ENA-USDT-SWAPPerpetual $0.2268$0.2268$0.2268-0.08% +0.003%$67.68M
Hyperliquid logoHyperliquidPerpetual · ENAPerpetual $0.2269$0.227$0.227+0.01% +0.030%$64.80M
MEXC logoMEXCPerpetual · ENA_USDTPerpetual $0.2268$0.2268$0.2268-0.04% +0.030%$54.22M
Bitget logoBitgetPerpetual · ENAUSDTPerpetual $0.2269$0.2269$0.2269+0.00% +0.030%$33.84M
Bybit logoBybitSpot · ENAUSDTSpot $0.227$0.227$0.227+0.03% —$32.95M
KuCoin logoKuCoinPerpetual · ENAUSDTMPerpetual $0.2269$0.2269$0.2269-0.01% +0.030%$16.35M
KuCoin logoKuCoinSpot · ENA-USDTSpot $0.2269$0.227$0.2269+0.01% —$11.25M
OKX logoOKXSpot · ENA-USDTSpot $0.2269$0.227$0.2269+0.00% —$10.14M
Gate logoGateSpot · ENA_USDTSpot $0.2269$0.227$0.2269-0.00% —$9.07M
Variational logoVariationalPerpetual · ENAPerpetual $0.2267$0.227$0.2269-0.04% +0.030%$7.63M
Gate logoGatePerpetual · ENA_USDTPerpetual $0.2268$0.2268$0.2268-0.06% +0.005%$6.09M
Bitget logoBitgetSpot · ENAUSDTSpot $0.227$0.2271$0.227+0.04% —$2.65M
HTX logoHTXPerpetual · ENA-USDTPerpetual $0.2275$0.228$0.2278+0.37% +0.022%$694.9K
Binance logoBinancePerpetual · ENAUSDTPerpetual $0.2268$0.2268$0.2268-0.04% +0.030%—
Aster logoAsterPerpetual · ENAUSDTPerpetual $0.2269$0.227$0.2269+0.01% +0.030%—
Binance logoBinanceSpot · ENAUSDTSpot $0.2269$0.227$0.2269+0.01% ——
MEXC logoMEXCSpot · ENAUSDTSpot $0.2268$0.227$0.2269-0.02% ——
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 OKX perp at $0.2268 and the highest bid on HTX perp at $0.2275.

The widest ENA perpetual spread is between OKX and HTX: long ENA on OKX at $0.2268 and short on HTX at $0.2275 for +0.34% gross, or +0.18% 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 +0.019% 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 Gate and short the perpetual on HTX: +0.25% gross, +0.05% net, with +0.022% a day of funding on the short leg.

Spot–spot ENA arbitrage (buy on Gate, withdraw, deposit and sell on Bitget) shows +0.02% 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 OKX → sell on HTX (Perp–Perp): +0.34% gross and +0.18% after fees. It is positive after the fee model, but check depth and funding before trading.

Which exchange has the cheapest ENA?

OKX (perp) has the lowest ENA ask at $0.2268, and HTX (perp) the highest bid at $0.2275. 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 (OKX 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

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