Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1820%/8h= +199.3% APRpaid last 24h +0.689%

Price spread now: dYdX against Binance+0.107%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$662as in the Funding arb table

Net, price: spread back to 7d avg − costs−$754as in the Price arb table

costs, in and out, $10k−$7667.661% of the position

Long on Binance Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.038%+$104 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now +0.107%, 7d avg −0.013%

Together, before fees+0.965%+$97 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$55 a day on $10k at the current rate, and dYdX is 0.120% dearer against Binance than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.013%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.038% in total (about 54.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2094	0.0100	pay 0.0050% / 4h	1h 37m	$129.0M	$460.1M	75x
Short	dYdX ENA-USD	0.2097	0.1920	get 0.0240% / 1h	37m 07s	$139K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Binance. 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 BinancebpFee dYdXbpOrdersPrice spread, now +0.107%Rate

Funding earned: $382.23
Price spread: +0.107% → −0.013%: $12.01
Slippage, 4 orders: −$746.13
Fee Binance: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$371.9
Costs to cover: 7.661%
Break-even: 13.8 days

Slippage from Binance: live order book, 7 min ago; dYdX: live order book, 47 min ago.

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 Binance live order book, 7 min ago	0.24 bp	8.1 bp −$8	13.1 bp −$131	49.6 bp −$4,956	doesn't fit
Sell dYdX live order book, 47 min ago	74.05 bp	500.5 bp −$500	727.7 bp −$7,277	808.8 bp −$80.9K	1641.0 bp −$820.5K

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
Orderly PERP_ENA_USDC	−0.0065%	4h	0.2094	−0.026%	$40K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0055%	1h	0.2095	+0.027%	$361K	$481K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	+0.008%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2095	+0.011%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.383%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2095	+0.028%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2096	+0.084%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	+0.027%	$59K	$537K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	+0.021%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2095	+0.027%	$658K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2096	+0.089%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2096	+0.068%	$405K	$581K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2094	long leg	$129.0M	$460.1M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2094	−0.026%	$87.0M	$191.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	+0.013%	$20.3M	$112.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	+0.151%	$21K	$422K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	+0.123%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.163%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2094	−0.011%	$10.4M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	−0.006%	$44.9M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2095	+0.041%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2092	−0.092%	$47.4M	$65.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2095	+0.046%	—	$32.9M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2096	+0.085%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2099	+0.228%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2100	+0.266%	$355K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2100	+0.266%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	+0.065%	$187K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2044	−2.389%	$1K	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2094	−0.021%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.232%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2094	−0.021%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	+0.015%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2099	+0.218%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0228% / S −0.0381%	1h	0.2095	+0.031%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0296%	1h	0.2093	−0.050%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	+0.022%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2094	−0.030%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0504%	1h	0.2097	+0.113%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0555%	1h	0.2097	+0.137%	$110.7M	$79.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	+0.113%	$805K	$2.1M	50x	as long as short
dYdX ENA-USDshort	+0.1920%	1h	0.2097	+0.107%	$139K	$15K	5x