Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.6824%/8h= −747.3% APRpaid last 24h −0.581%

Price spread now: BloFin against dYdX+0.099%92s7-day average +0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$844as 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−$7937.927% of the position

Long on dYdX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.514%−$51 on $10k

Price spread, last 3 days (all we have)+0.560%+$56 · spread now +0.099%, 7d avg +0.111%

Together, before fees+0.046%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.111%, so right now this pair is about funding alone: −$205 a day on $10k at the current rate. The two prices were read 92 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.514% in total (about -26.8% 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	0.2109	0.7164	pay 0.0896% / 1h	25m 35s	$139K	$15K	5x
Short	BloFin ENA-USDT	0.2111	0.0340	get 0.0170% / 4h	2h 25m	$5.5M	$8.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.099%Rate

Funding earned: −$1,433.14
Price spread: +0.099% → +0.111%: −$1.25
Slippage, 4 orders: −$770.67
Fee dYdX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$2,227.05
Costs to cover: 7.927%
Break-even: never at this rate

Slippage from dYdX: live order book, 63 min ago; BloFin: live order book, 3 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, 63 min ago	34.14 bp	322.3 bp −$322	471.3 bp −$4,713	705.6 bp −$70.6K	1425.2 bp −$712.6K
Sell BloFin live order book, 3 min ago	0.47 bp	10.2 bp −$10	20.1 bp −$201	75.6 bp −$7,559	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
Backpack ENA_USDC_PERP	−0.0255%	1h	0.2111	+0.080%	$363K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2109	+0.013%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2108	−0.039%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	+0.070%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2111	+0.068%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.672%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0034%	4h	0.2108	−0.043%	$10.5M	$21.6M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2104	−0.266%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2108	−0.058%	$60K	$540K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2108	−0.070%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2109	+0.004%	$662K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2110	+0.035%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2109	−0.029%	$407K	$595K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2108	−0.052%	$130.0M	$467.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2108	−0.053%	$88.0M	$193.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	−0.034%	$20.3M	$114.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2113	+0.170%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2109	−0.010%	$82K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	−0.058%	$45.8M	$49.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	+0.013%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	−0.115%	$47.7M	$66.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2108	−0.039%	—	$32.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	−0.491%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2109	−0.028%	$251K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	+0.041%	$360K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2110	+0.037%	$33K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.066%	$184K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2061	−2.295%	$964	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	+0.037%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.094%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2109	−0.010%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.417%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0103%	1h	0.2111	+0.082%	$2.7M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2108	−0.072%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2110	+0.042%	$78K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0162%	1h	0.2110	+0.051%	$50K	—	100x	as long as short
Lighter ENA	+0.0312%	1h	0.2111	+0.080%	$5.7M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0338%	1h	0.2111	+0.089%	$111.4M	$80.9M	10x	as long as short
BloFin ENA-USDTshort	+0.0340%	4h	0.2111	+0.099%	$5.5M	$8.2M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2109	−0.023%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2113	+0.179%	$807K	$2.2M	50x	as long as short
dYdX ENA-USDlong	+0.7164%	1h	0.2109	long leg	$139K	$15K	5x