Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0055%/8h= −6.0% APRpaid last 24h −0.667%

Price spread now: OKX against dYdX−0.045%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$236as in the Funding arb table

Net, price: spread back to 7d avg − costs−$128as in the Price arb table

costs, in and out, $10k−$1241.241% of the position

Long on dYdX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.118%−$112 on $10k

Price spread, last 4 days (all we have)−0.191%−$19 · spread now −0.045%, 7d avg −0.003%

Together, before fees−1.309%−$131 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and OKX is 0.043% cheaper against dYdX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.003%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2096	0.0155	pay 0.0019% / 1h	45m 14s	$138K	$15K	5x
Short	OKX ENA-USDT-SWAP	0.2095	0.0100	get 0.0050% / 4h	45m 14s	$20.7M	$102.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$11.49
Price spread: −0.045% → −0.003%: −$4.27
Slippage, 4 orders: −$104.11
Fee dYdX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$139.87
Costs to cover: 1.241%
Break-even: never at this rate

Slippage from dYdX: live order book, 14 min ago; OKX: 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, 14 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 OKX live order book, 4 min ago	0.24 bp	14.4 bp −$14	24.9 bp −$249	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	−0.0300%	1h	0.2097	+0.040%	$366K	$388K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2096	+0.012%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0060%	4h	0.2094	−0.065%	$43K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2094	−0.098%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2095	−0.023%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.319%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2097	+0.036%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2095	−0.041%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.036%	$55K	$500K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2094	−0.076%	$47K	$110	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	0.2096	+0.009%	$657K	$1.6M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2097	+0.074%	$111.6M	$73.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2096	+0.013%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	−0.050%	$408K	$500K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2093	−0.150%	$127.7M	$415.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2093	−0.146%	$84.9M	$175.8M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2095	−0.045%	$20.7M	$102.0M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.322%	$20K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2092	−0.179%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.537%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2095	−0.050%	$11.0M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2095	−0.031%	$45.4M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	+0.021%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2092	−0.198%	$47.7M	$57.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2095	−0.026%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	+0.079%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.115%	$241K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2088	−0.370%	$346K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2094	−0.084%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	−0.002%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.412%	$897	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2092	−0.179%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2097	+0.064%	$271K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2093	−0.131%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2091	−0.213%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2094	−0.094%	$73K	$4K	3x	as long as short
dYdX ENA-USDlong	+0.0155%	1h	0.2096	long leg	$138K	$15K	5x
Kraken Futures PF_ENAUSD	+0.0245%	1h	0.2094	−0.084%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2095	−0.032%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	−0.031%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	−0.046%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2090	−0.270%	$851K	$1.5M	50x	as long as short