Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0128%/8h= −14.0% APRpaid last 24h −0.644%

Price spread now: HTX against dYdX+0.272%7-day average +0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$680as in the Funding arb table

Net, price: spread back to 7d avg − costs−$557as in the Price arb table

costs, in and out, $10k−$5745.742% of the position

Long on dYdX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.059%−$106 on $10k

Price spread, last 4 days (all we have)−0.077%−$8 · spread now +0.272%, 7d avg +0.103%

Together, before fees−1.136%−$114 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.169% dearer against dYdX than usual: you sell high and buy low (spread +0.272% now, against its 7-day average of +0.103%): +$17 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.4 days. At the pace of the last 7 days (−1.059% in total) that is about 27 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2182	0.0228	pay 0.0029% / 1h	12m 15s	$144K	$16K	5x
Short	HTX ENA-USDT	0.2188	0.0100	get 0.0050% / 4h	2h 12m	$274K	$806K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.272%Rate

Funding earned: −$26.9
Price spread: +0.272% → +0.103%: $16.94
Slippage, 4 orders: −$552.19
Fee dYdX: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$584.15
Costs to cover: 5.742%
Break-even: never at this rate

Slippage from dYdX: live order book, 37 min ago; HTX: live order book, 61 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, 37 min ago	145.57 bp	183.1 bp −$183	501.1 bp −$5,011	1057.7 bp −$105.8K	1840.9 bp −$920.4K
Sell HTX live order book, 61 min ago	25.82 bp	36.0 bp −$36	doesn't fit	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
Orderly PERP_ENA_USDC	−0.0136%	4h	0.2182	+0.039%	$45K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2182	+0.020%	$70K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2182	+0.036%	$85K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.670%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0056%	1h	0.2181	−0.016%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2182	+0.016%	$54K	$476K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2181	−0.012%	$565K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2185	+0.144%	$118.5M	$75.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2181	−0.013%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2182	+0.035%	$410K	$528K	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	0.2180	−0.094%	$132.2M	$425.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2180	−0.090%	$88.3M	$178.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2178	−0.186%	$21.8M	$109.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2180	−0.062%	$21K	$336K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2182	+0.016%	$81K	$280K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2182	−0.007%	$96K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2183	+0.052%	$11.6M	$24.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2180	−0.058%	$48.2M	$42.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2180	−0.053%	$25.4M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2176	−0.241%	$49.4M	$58.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2178	−0.158%	—	$31.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2174	−0.361%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2175	−0.300%	$253K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2177	−0.213%	$365K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2178	−0.168%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2183	+0.071%	$194K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2129	−2.400%	$1K	$888K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2181	−0.030%	$4K	$7K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2188	+0.272%	$274K	$806K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2179	−0.122%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2181	−0.044%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2180	−0.063%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2184	+0.087%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2174	−0.342%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0157%	1h	0.2183	+0.049%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USDlong	+0.0228%	1h	0.2182	long leg	$144K	$16K	5x
Lighter ENA	+0.0248%	1h	0.2182	−0.007%	$5.3M	$13.4M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2182	+0.009%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2193	+0.515%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2183	+0.045%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0665%	1h	0.2180	−0.067%	$368K	$401K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2184	+0.117%	$893K	$1.8M	50x	as long as short