Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h −0.671%

Price spread now: Gate against dYdX+0.104%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$242as in the Funding arb table

Net, price: spread back to 7d avg − costs−$122as in the Price arb table

costs, in and out, $10k−$1341.342% of the position

Long on dYdX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−1.078%−$108 on $10k

Price spread, last 4 days (all we have)−0.367%−$37 · spread now +0.104%, 7d avg −0.013%

Together, before fees−1.445%−$145 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.118% dearer against dYdX than usual: you sell high and buy low (spread +0.104% now, against its 7-day average of −0.013%): +$12 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.6 days. At the pace of the last 7 days (−1.078% in total) that is about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2112	0.0159	pay 0.0020% / 1h	3m 37s	$140K	$15K	5x
Short	Gate ENA_USDT	0.2114	0.0100	get 0.0050% / 4h	3m 37s	$11.1M	$22.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.104%Rate

Funding earned: −$12.49
Price spread: +0.104% → −0.013%: $11.76
Slippage, 4 orders: −$109.19
Fee dYdX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$134.92
Costs to cover: 1.342%
Break-even: never at this rate

Slippage from dYdX: live order book, 55 min ago; Gate: 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, 55 min ago	42.15 bp	51.5 bp −$52	298.7 bp −$2,987	1417.9 bp −$141.8K	1832.1 bp −$916.1K
Sell Gate live order book, 5 min ago	5.94 bp	15.8 bp −$16	33.0 bp −$330	59.4 bp −$5,940	95.9 bp −$47.9K

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
Backpack ENA_USDC_PERP	−0.0135%	1h	0.2110	−0.085%	$361K	$401K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2109	−0.147%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2115	+0.142%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2109	−0.156%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2109	−0.141%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.526%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2110	−0.109%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2114	+0.081%	$56K	$475K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2113	+0.045%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2114	+0.104%	$659K	$1.7M	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	0.2113	+0.020%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	+0.074%	$403K	$521K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2115	+0.142%	$128.6M	$415.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2116	+0.156%	$85.4M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	+0.185%	$21.1M	$103.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2105	−0.331%	$20K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2115	+0.128%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.275%	$92K	$4K	10x	as long as short
Gate ENA_USDTshort	+0.0100%	4h	0.2114	+0.104%	$11.1M	$22.3M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2114	+0.076%	$46.1M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	+0.076%	$25.0M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2113	+0.033%	$48.0M	$57.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2114	+0.066%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2105	−0.356%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2107	−0.259%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	−0.195%	$358K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2108	−0.204%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	−0.109%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−2.613%	$1K	$850K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2109	−0.156%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	−0.057%	$273K	$796K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2110	−0.109%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2113	+0.028%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2109	−0.158%	$74K	$4K	3x	as long as short
dYdX ENA-USDlong	+0.0159%	1h	0.2112	long leg	$140K	$15K	5x
Lighter ENA	+0.0168%	1h	0.2116	+0.166%	$5.2M	$13.5M	10x	as long as short
Hyperliquid ENA	+0.0202%	1h	0.2117	+0.213%	$115.3M	$74.8M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0243%	1h	0.2111	−0.079%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2110	−0.121%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2107	−0.246%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2108	−0.182%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2128	+0.748%	$870K	$1.7M	50x	as long as short