Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.692%

Price spread now: MEXC against dYdX+0.059%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$814as in the Funding arb table

Net, price: spread back to 7d avg − costs−$702as in the Price arb table

costs, in and out, $10k−$7077.073% of the position

Long on dYdX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−1.063%−$106 on $10k

Price spread, last 4 days (all we have)−0.181%−$18 · spread now +0.059%, 7d avg +0.005%

Together, before fees−1.244%−$124 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and MEXC is 0.053% dearer against dYdX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.005%. Mind the row above: over the last 7 days funding on this pair cost −1.063%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2124	0	get 0.0000% / 1h	57m 48s	$140K	$15K	5x
Short	MEXC ENA_USDT	0.2125	0.0100	get 0.0050% / 4h	3h 57m	$46.4M	$44.0M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.059%Rate

Funding earned: $21
Price spread: +0.059% → +0.005%: $5.34
Slippage, 4 orders: −$697.3
Fee dYdX: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$680.96
Costs to cover: 7.073%
Break-even: 234.0 days

Slippage from dYdX: live order book, 16 min ago; MEXC: live order book, 1 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, 16 min ago	195.88 bp	350.9 bp −$351	593.8 bp −$5,938	695.8 bp −$69.6K	1393.6 bp −$696.8K
Sell MEXC live order book, 1 min ago	0.23 bp	1.6 bp −$2	6.8 bp −$68	41.0 bp −$4,103	71.2 bp −$35.6K

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	−0.0164%	1h	0.2124	+0.021%	$378K	$445K	5x	as long as short
Gate ENA_USDT	−0.0042%	4h	0.2122	−0.050%	$10.8M	$20.5M	50x	as long as short
dYdX ENA-USDlong	0.0000%	1h	0.2124	long leg	$140K	$15K	5x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2124	+0.021%	$94K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2124	+0.032%	$105K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0013%	4h	0.2122	−0.059%	$41K	$24K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.007%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	+0.068%	$63K	$525K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2123	−0.008%	$682K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2124	+0.033%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2125	+0.060%	$412K	$560K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2125	+0.068%	$131.9M	$448.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2125	+0.059%	$89.4M	$188.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2126	+0.106%	$20.7M	$110.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	+0.139%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	+0.115%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+0.115%	$90K	−$0	10x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2125	+0.059%	$46.4M	$44.0M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2126	+0.115%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2122	−0.078%	$48.2M	$63.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2122	−0.059%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	+0.038%	$3.9M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2126	+0.105%	$246K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2126	+0.118%	$361K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2127	+0.162%	$34K	$714K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2124	+0.021%	$177K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2074	−2.333%	$1K	$829K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2123	−0.026%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.252%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2124	+0.021%	$2.0M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2125	+0.069%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2125	+0.086%	$78K	$2K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.247%	$7K	$341K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0235%	1h	0.2126	+0.108%	$2.7M	$5.2M	50x	as long as short
Extended ENA-USD	+0.0240%	1h	0.2122	−0.066%	$1.6M	$4.2M	50x	as long as short
01 Exchange ENAUSD	+0.0248%	1h	0.2127	+0.186%	$4K	$302	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2124	+0.026%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2126	+0.106%	$5.6M	$4.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2123	−0.028%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0600%	1h	0.2127	+0.186%	$5.6M	$12.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2127	+0.181%	$840K	$1.9M	50x	as long as short
Hyperliquid ENA	+0.0790%	1h	0.2127	+0.148%	$114.7M	$78.4M	10x	as long as short