Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0083%/8h= −9.0% APRpaid last 24h +0.694%

Price spread now: dYdX against Bitget−0.287%7-day average +0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$153as in the Price arb table

costs, in and out, $10k−$1191.190% of the position

Long on Bitget Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.057%+$106 on $10k

Price spread, last 4 days (all we have)+0.436%+$44 · spread now −0.287%, 7d avg +0.058%

Together, before fees+1.493%+$149 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and dYdX is 0.345% cheaper against Bitget than usual: you would sell low and buy high (−$34 if the spread goes back to its 7-day average of +0.058%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.057%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ENAUSDT	0.2151	0.0100	pay 0.0050% / 4h	2h 30m	$48.9M	$61.1M	75x
Short	dYdX ENA-USD	0.2145	0.0017	get 0.0002% / 1h	30m 00s	$142K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bitget. 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 BitgetbpFee dYdXbpOrdersPrice spread, now −0.287%Rate

Funding earned: −$17.33
Price spread: −0.287% → +0.058%: −$34.46
Slippage, 4 orders: −$96.99
Fee Bitget: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$170.77
Costs to cover: 1.190%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; dYdX: live order book, 39 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 Bitget live order book, 4 min ago	0.47 bp	8.5 bp −$8	15.7 bp −$157	doesn't fit	doesn't fit
Sell dYdX live order book, 39 min ago	39.28 bp	51.6 bp −$52	361.5 bp −$3,615	916.4 bp −$91.6K	1749.7 bp −$874.9K

ENA on 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2147	−0.181%	$80K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2148	−0.132%	$92K	—	150x	as long as short
dYdX ENA-USDshort	+0.0017%	1h	0.2145	−0.287%	$142K	$15K	5x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.297%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0042%	4h	0.2147	−0.186%	$45K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0064%	1h	0.2151	+0.005%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2151	−0.014%	$56K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2150	−0.053%	$700K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2150	−0.082%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2147	−0.202%	$420K	$548K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2152	+0.050%	$133.4M	$444.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2152	+0.033%	$88.3M	$186.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2152	+0.037%	$21.2M	$109.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2128	−1.088%	$19K	$411K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2150	−0.060%	$117K	$251K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2105	−2.140%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2150	−0.051%	$11.1M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2153	+0.065%	$46.0M	$44.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2152	+0.009%	$24.9M	$16.4M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2151	long leg	$48.9M	$61.1M	75x
BingX ENA-USDC	+0.0100%	4h	0.2150	−0.046%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2152	+0.019%	$372K	$376K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2140	−0.538%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2115	−1.676%	$242K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2127	−1.108%	$353K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	−1.269%	$32K	$667K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2150	−0.042%	$182K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2100	−2.375%	$1K	$850K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2148	−0.153%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2158	+0.311%	$279K	$990K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2148	−0.153%	$1.9M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2145	−0.314%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2147	−0.212%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2138	−0.609%	$7K	$351K	10x	as long as short
Extended ENA-USD	+0.0248%	1h	0.2152	+0.038%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0248%	1h	0.2150	−0.070%	$2.7M	$4.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0252% / S −0.0206%	1h	0.2148	−0.152%	$51K	—	100x	as long as short
Lighter ENA	+0.0376%	1h	0.2151	−0.009%	$5.6M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2149	−0.104%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0537%	1h	0.2153	+0.065%	$116.4M	$73.1M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2111	−1.883%	$827K	$1.7M	50x	as long as short