Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0159%/8h= +17.4% APRpaid last 24h +0.647%

Price spread now: dYdX against Bybit−0.185%7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$415as in the Funding arb table

Net, price: spread back to 7d avg − costs−$549as in the Price arb table

costs, in and out, $10k−$5275.272% of the position

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.125%+$113 on $10k

Price spread, last 4 days (all we have)+0.285%+$29 · spread now −0.185%, 7d avg +0.035%

Together, before fees+1.411%+$141 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.219% cheaper against Bybit than usual: you would sell low and buy high (spread −0.185% now, against its 7-day average of +0.035%). If the spread goes back, that is −$22 on $10k: about 4.6 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+1.125% in total) that is about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2163	0.0100	pay 0.0050% / 4h	2h 19m	$87.3M	$176.5M	50x
Short	dYdX ENA-USD	0.2160	0.0259	get 0.0032% / 1h	19m 12s	$143K	$16K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bybit. 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 BybitbpFee dYdXbpOrdersPrice spread, now −0.185%Rate

Funding earned: $33.3
Price spread: −0.185% → +0.035%: −$21.94
Slippage, 4 orders: −$506.23
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$515.87
Costs to cover: 5.272%
Break-even: 115.4 days

Slippage from Bybit: live order book, 5 min ago; dYdX: live order book, 30 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 Bybit live order book, 5 min ago	0.24 bp	11.1 bp −$11	18.8 bp −$188	64.5 bp −$6,452	doesn't fit
Sell dYdX live order book, 30 min ago	145.57 bp	322.7 bp −$323	626.1 bp −$6,261	1159.1 bp −$115.9K	1803.7 bp −$901.9K

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	−0.0138%	4h	0.2164	+0.018%	$45K	$26K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2163	−0.024%	$84K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.853%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0056%	1h	0.2164	+0.014%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0074%	1h	0.2164	+0.014%	$70K	$1.1M	50x	as long as short
Gate ENA_USDT	+0.0076%	4h	0.2164	+0.018%	$11.4M	$24.2M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2161	−0.116%	$60K	$468K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2162	−0.081%	$669K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2165	+0.079%	$117.6M	$74.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2163	−0.035%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2162	−0.086%	$406K	$528K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2163	−0.032%	$131.1M	$421.0M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2163	long leg	$87.3M	$176.5M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2163	0.000%	$21.6M	$107.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2149	−0.666%	$21K	$326K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2163	−0.023%	$80K	$280K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2164	+0.009%	$47.7M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2163	−0.018%	$25.2M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2165	+0.065%	$49.3M	$58.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2163	−0.009%	—	$31.2M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2139	−1.110%	$3.1M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2142	−0.992%	$246K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2126	−1.733%	$356K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2127	−1.687%	$19K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2162	−0.051%	$192K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2112	−2.394%	$1K	$879K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2163	−0.023%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2165	+0.046%	$273K	$798K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2163	−0.023%	$1.8M	$8.9M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2132	−1.479%	$94K	−$0	10x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2161	−0.125%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2162	−0.050%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2161	−0.107%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2155	−0.370%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0159%	1h	0.2163	−0.003%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USDshort	+0.0259%	1h	0.2160	−0.185%	$143K	$16K	5x
Lighter ENA	+0.0264%	1h	0.2166	+0.116%	$5.4M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0309% / S −0.0753%	1h	0.2163	−0.007%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2165	+0.060%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2162	−0.072%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0641%	1h	0.2165	+0.055%	$364K	$401K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2163	−0.009%	$886K	$1.8M	50x	as long as short