Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.666%

Price spread now: GRVT against dYdX+0.570%50s7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$239as 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−$1341.342% of the position

Long on dYdX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−1.045%−$104 on $10k

Price spread, last 4 days (all we have)−0.140%−$14 · spread now +0.570%, 7d avg +0.052%

Together, before fees−1.185%+ Points / potential airdropGRVT: Active · farm board−$119 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and GRVT is 0.517% dearer against dYdX than usual: you sell high and buy low: +$52 more if the spread goes back to its 7-day average of +0.052%. Mind the row above: over the last 7 days funding on this pair cost −1.045%, so the current rate has only just turned in your favour. The two prices were read 50 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	0.2092	0.0068	pay 0.0008% / 1h	50m 28s	$138K	$15K	5x
Short	GRVT ENA_USDT_Perp	0.2104	0.0100	get 0.0050% / 4h	50m 28s	$353K	$4.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.570%Rate

Funding earned: $6.79
Price spread: +0.570% → +0.052%: $51.73
Slippage, 4 orders: −$115.23
Fee dYdX: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$75.7
Costs to cover: 1.342%
Break-even: 85.0 days

Slippage from dYdX: live order book, 8 min ago; GRVT: live order book, 4 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, 8 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 GRVT live order book, 4 min ago	2.37 bp	20.1 bp −$20	115.4 bp −$1,154	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
Backpack ENA_USDC_PERP	−0.0230%	1h	0.2097	+0.225%	$370K	$372K	5x	as long as short
01 Exchange ENAUSD	−0.0096%	1h	0.2091	−0.091%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0056%	4h	0.2092	−0.019%	$43K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2096	+0.187%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2092	−0.007%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.477%	$522	$57K	5.5x	as long as short
dYdX ENA-USDlong	+0.0068%	1h	0.2092	long leg	$138K	$15K	5x
Phoenix ENA	+0.0076%	1h	0.2108	+0.751%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2094	+0.082%	$5.2M	$13.3M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2091	−0.071%	$55K	$501K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2094	+0.088%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2090	−0.116%	$656K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2093	+0.034%	$111.7M	$72.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2093	+0.019%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2094	+0.049%	$408K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2092	−0.028%	$127.8M	$415.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2093	+0.015%	$85.1M	$176.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2093	+0.024%	$20.6M	$101.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2106	+0.645%	$19K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2092	−0.024%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.693%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2092	−0.028%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2093	+0.010%	$45.2M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2092	−0.005%	$24.4M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2089	−0.143%	$47.5M	$57.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2092	−0.019%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	+0.205%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	+0.583%	$242K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perpshort	+0.0100%	4h	0.2104	+0.570%	$353K	$4.9M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2104	+0.550%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2092	−0.038%	$181K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.107%	$934	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	+0.168%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2101	+0.411%	$272K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2095	+0.120%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2090	−0.100%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	+0.191%	$73K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0245%	1h	0.2098	+0.251%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2092	−0.006%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2098	+0.249%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2091	−0.090%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2112	+0.923%	$860K	$1.5M	50x	as long as short