ArbiLayer

ENA arbitrage

live

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

Best net spread+0.19%Bybit → HTX · Perp–Perp
Best perp–perp spread+0.35%Bybit → HTX
Markets tracked1811 venues · 11 perp · 7 spot · 0 DEX
Price range0.53%$0.2378 – $0.239

Spreads between exchanges

Long (buy)Short (sell)SpreadNetSpread+FDepth $Funding 24hFunding 30DD/WChart
Gate logoGatespot$0.2379Bybit logoBybitspot$0.238 +0.02%-0.18% +0.02%— 0.000%— LS Chart →
Gate logoGatespot$0.2379Bitget logoBitgetspot$0.2379 +0.01%-0.19% +0.01%— 0.000%— LS Chart →
OKX logoOKXspot$0.238Bybit logoBybitspot$0.238 0.00%-0.20% 0.00%— 0.000%— LS Chart →
Gate logoGatespot$0.2379MEXC logoMEXCspot$0.2379 0.00%-0.20% 0.00%— 0.000%— LS Chart →
Bitget logoBitgetspot$0.238Bybit logoBybitspot$0.238 0.00%-0.20% 0.00%— 0.000%— LS Chart →
OKX logoOKXspot$0.238Bitget logoBitgetspot$0.2379 -0.00%-0.20% -0.00%— 0.000%— LS Chart →
Gate logoGatespot$0.2379Binance logoBinancespot$0.2379 -0.00%-0.20% -0.00%— 0.000%— LS Chart →
Gate logoGatespot$0.2379KuCoin logoKuCoinspot$0.2379 -0.00%-0.20% -0.00%— 0.000%— LS Chart →
Gate logoGatespot$0.2379OKX logoOKXspot$0.2379 -0.01%-0.21% -0.01%— 0.000%— LS Chart →
Bybit logoBybitspot$0.238Bitget logoBitgetspot$0.2379 -0.02%-0.22% -0.02%— 0.000%— LS Chart →
OKX logoOKXspot$0.238MEXC logoMEXCspot$0.2379 -0.02%-0.22% -0.02%— 0.000%— LS Chart →
Bitget logoBitgetspot$0.238MEXC logoMEXCspot$0.2379 -0.02%-0.22% -0.02%— 0.000%— LS Chart →
Binance logoBinancespot$0.238Bybit logoBybitspot$0.238 -0.02%-0.22% -0.02%— 0.000%— LS Chart →
KuCoin logoKuCoinspot$0.238Bybit logoBybitspot$0.238 -0.02%-0.22% -0.02%— 0.000%— LS Chart →
OKX logoOKXspot$0.238Binance logoBinancespot$0.2379 -0.02%-0.22% -0.02%— 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 $0.2378$0.2378$0.2378-0.06% +0.030%$115.80M
OKX logoOKXPerpetual · ENA-USDT-SWAPPerpetual $0.2378$0.2378$0.2378-0.04% +0.030%$73.86M
MEXC logoMEXCPerpetual · ENA_USDTPerpetual $0.2378$0.2378$0.2378-0.04% +0.030%$56.58M
Hyperliquid logoHyperliquidPerpetual · ENAPerpetual $0.2381$0.2382$0.2381+0.09% +0.030%$51.28M
Bybit logoBybitSpot · ENAUSDTSpot $0.238$0.238$0.238+0.01% —$34.57M
Bitget logoBitgetPerpetual · ENAUSDTPerpetual $0.2379$0.2379$0.2379-0.02% +0.030%$32.65M
KuCoin logoKuCoinPerpetual · ENAUSDTMPerpetual $0.2379$0.238$0.2379+0.01% +0.030%$18.47M
KuCoin logoKuCoinSpot · ENA-USDTSpot $0.2379$0.238$0.238+0.01% —$10.23M
Gate logoGateSpot · ENA_USDTSpot $0.2379$0.2379$0.2379-0.02% —$9.03M
OKX logoOKXSpot · ENA-USDTSpot $0.2379$0.238$0.2379-0.01% —$8.52M
Gate logoGatePerpetual · ENA_USDTPerpetual $0.2378$0.2378$0.2378-0.05% -0.001%$5.57M
Variational logoVariationalPerpetual · ENAPerpetual $0.2377$0.238$0.2379-0.03% +0.030%$4.80M
Bitget logoBitgetSpot · ENAUSDTSpot $0.2379$0.238$0.2379+0.01% —$2.24M
HTX logoHTXPerpetual · ENA-USDTPerpetual $0.2386$0.2395$0.239+0.47% +0.015%$659.2K
Binance logoBinancePerpetual · ENAUSDTPerpetual $0.2378$0.2378$0.2378-0.04% +0.030%—
Aster logoAsterPerpetual · ENAUSDTPerpetual $0.2379$0.238$0.238+0.01% +0.030%—
Binance logoBinanceSpot · ENAUSDTSpot $0.2379$0.238$0.238+0.01% ——
MEXC logoMEXCSpot · ENAUSDTSpot $0.2379$0.238$0.238+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 Bybit perp at $0.2378 and the highest bid on HTX perp at $0.2386.

The widest ENA perpetual spread is between Bybit and HTX: long ENA on Bybit at $0.2378 and short on HTX at $0.2386 for +0.35% gross, or +0.19% 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 -0.015% per day, which the position pays 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: +0.31% gross, +0.11% net, with +0.015% a day of funding on the short leg.

Spot–spot ENA arbitrage (buy on Gate, withdraw, deposit and sell on Bybit) 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 Bybit → sell on HTX (Perp–Perp): +0.35% gross and +0.19% after fees. It is positive after the fee model, but check depth and funding before trading.

Which exchange has the cheapest ENA?

Bybit (perp) has the lowest ENA ask at $0.2378, and HTX (perp) the highest bid at $0.2386. 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 (Bybit 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 +19.77%CRO +19.11%ONE +7.73%ESPORTS +5.97%OPENAI +5.58%CATE +3.90%AI +3.81%H100 +3.65%ANTHROPIC +3.51%SPCX +3.42%EGLD +3.34%OURA +3.27%ZIL +2.93%BEN +2.50%APPSTOCK +2.24%PENGSTOCK +1.90%HOOKED +1.82%PAID +1.69%