Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1792%/8h= −196.3% APRpaid last 24h −0.689%

Price spread now: BingX against dYdX+0.011%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$863as in the Funding arb table

Net, price: spread back to 7d avg − costs−$760as in the Price arb table

costs, in and out, $10k−$7637.626% of the position

Long on dYdX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.000%−$100 on $10k

Price spread, last 4 days (all we have)−0.130%−$13 · spread now +0.011%, 7d avg −0.011%

Together, before fees−1.130%−$113 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.022% dearer against dYdX than usual: you sell high and buy low (spread +0.011% now, against its 7-day average of −0.011%): +$2 on $10k if it goes back. Holding the pair costs −$54 a day in funding at the current rate, which eats that in about under an hour. At the pace of the last 7 days (−1.000% in total) that is about 4 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.000% in total (about -52.2% 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	dYdX ENA-USD	0.2098	0.1892	pay 0.0237% / 1h	42m 10s	$139K	$15K	5x
Short	BingX ENA-USDT	0.2098	0.0100	get 0.0050% / 4h	1h 42m	—	$32.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against dYdX. 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 dYdXbpFee BingXbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$376.38
Price spread: +0.011% → −0.011%: $2.24
Slippage, 4 orders: −$742.58
Fee dYdX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$1,136.73
Costs to cover: 7.626%
Break-even: never at this rate

Slippage from dYdX: live order book, 42 min ago; BingX: live order book, 12 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 dYdX live order book, 42 min ago	74.05 bp	249.8 bp −$250	475.0 bp −$4,750	648.8 bp −$64.9K	1405.5 bp −$702.8K
Sell BingX live order book, 12 min ago	0.96 bp	6.0 bp −$6	7.6 bp −$76	15.2 bp −$1,525	32.1 bp −$16.1K

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	−0.0069%	4h	0.2098	+0.025%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0037%	1h	0.2098	+0.040%	$362K	$481K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2099	+0.068%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2100	+0.100%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.231%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2099	+0.052%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0088%	1h	0.2101	+0.154%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	+0.068%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2099	+0.074%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2099	+0.080%	$660K	$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	0.2100	+0.135%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	+0.087%	$406K	$582K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2098	+0.014%	$129.2M	$460.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2097	−0.032%	$87.2M	$192.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2098	+0.001%	$20.3M	$112.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.423%	$21K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	+0.116%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2090	−0.357%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	−0.003%	$10.5M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	+0.001%	$45.0M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.059%	$24.0M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	−0.065%	$47.5M	$65.3M	75x	as long as short
BingX ENA-USDTshort	+0.0100%	4h	0.2098	+0.011%	—	$32.9M	—
Variational Omni ENA	+0.0100%	4h	0.2089	−0.411%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2094	−0.185%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.117%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.075%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2100	+0.116%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.344%	$895	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2097	−0.027%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2101	+0.168%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	−0.075%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2098	+0.028%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2097	−0.008%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0225% / S −0.0374%	1h	0.2099	+0.082%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2098	+0.003%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2099	+0.054%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	+0.060%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0488%	1h	0.2100	+0.130%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0566%	1h	0.2101	+0.149%	$110.9M	$79.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2102	+0.197%	$803K	$2.1M	50x	as long as short
dYdX ENA-USDlong	+0.1892%	1h	0.2098	long leg	$139K	$15K	5x