Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0029%/8h= +3.1% APRpaid last 24h −0.694%

Price spread now: Bitget against dYdX−0.051%53s7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$226as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1211.207% of the position

Long on dYdX Short on Bitget

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)−0.124%−$12 · spread now −0.051%, 7d avg −0.056%

Together, before fees−1.181%−$118 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.056%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −1.057%, so the current rate has only just turned in your favour. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2116	0.0071	pay 0.0009% / 1h	53m 48s	$140K	$15K	5x
Short	Bitget ENAUSDT	0.2115	0.0100	get 0.0050% / 4h	2h 53m	$48.0M	$61.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.051%Rate

Funding earned: $6.01
Price spread: −0.051% → −0.056%: $0.53
Slippage, 4 orders: −$98.66
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$114.13
Costs to cover: 1.207%
Break-even: 140.0 days

Slippage from dYdX: live order book, 15 min ago; Bitget: live order book, 5 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, 15 min ago	39.28 bp	44.3 bp −$44	294.9 bp −$2,949	882.2 bp −$88.2K	1645.9 bp −$823.0K
Sell Bitget live order book, 5 min ago	0.47 bp	15.4 bp −$15	21.7 bp −$217	doesn't fit	doesn't fit

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
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2114	−0.138%	$90K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2113	−0.173%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.327%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0035%	4h	0.2116	−0.022%	$41K	$23K	10x	as long as short
dYdX ENA-USDlong	+0.0071%	1h	0.2116	long leg	$140K	$15K	5x
Backpack ENA_USDC_PERP	+0.0081%	1h	0.2119	+0.143%	$366K	$383K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.211%	$52K	$525K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.147%	$696K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2119	+0.107%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	+0.029%	$416K	$548K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2119	+0.099%	$131.7M	$443.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2118	+0.072%	$86.9M	$186.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2119	+0.101%	$21.0M	$108.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	−0.258%	$17K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2115	−0.069%	$115K	$253K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	+0.514%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2119	+0.096%	$10.7M	$20.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2120	+0.153%	$44.7M	$43.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	+0.110%	$24.4M	$16.4M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2115	−0.051%	$48.0M	$61.3M	75x
BingX ENA-USDC	+0.0100%	4h	0.2118	+0.058%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2113	−0.187%	$3.8M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2124	+0.375%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2122	+0.261%	$359K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2121	+0.214%	$33K	$689K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	−0.117%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.323%	$1K	$842K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2120	+0.167%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2118	+0.053%	$273K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2118	+0.072%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2114	−0.101%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2117	+0.011%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2128	+0.526%	$7K	$351K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0175%	1h	0.2118	+0.068%	$79K	$1.6M	50x	as long as short
Lighter ENA	+0.0240%	1h	0.2121	+0.195%	$5.5M	$13.6M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2113	−0.152%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0252%	1h	0.2120	+0.189%	$2.7M	$5.0M	50x	as long as short
Extended ENA-USD	+0.0328%	1h	0.2119	+0.098%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2111	−0.249%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2114	−0.130%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0497%	1h	0.2119	+0.138%	$114.1M	$74.2M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2115	−0.055%	$831K	$1.7M	50x	as long as short