Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0782%/8h= −85.6% APRpaid last 24h −0.655%

Price spread now: Orderly against dYdX+0.002%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on dYdX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$23 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2112	0.0600	pay 0.0075% / 1h	57m 36s	$140K	$15K	5x
Short	Orderly PERP_ENA_USDC	0.2112	−0.0182	pay 0.0091% / 4h	1h 57m	$44K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.002%Rate

Funding earned: −$164.21
Price spread: +0.002% → 0.000%: $0.24
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$179.97
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: dYdX: live order book, 54 min ago; Orderly: no order-book sample. Net counts fees only.

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, 54 min ago	48.15 bp	60.3 bp −$60	300.6 bp −$3,006	1338.4 bp −$133.8K	1752.5 bp −$876.3K
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ENA on 42 exchanges

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_USDCshort	−0.0182%	4h	0.2112	+0.002%	$44K	$14K	10x
01 Exchange ENAUSD	−0.0168%	1h	0.2110	−0.092%	$4K	$60	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0132%	1h	0.2113	+0.033%	$2.6M	$4.2M	50x	as long as short
Bitget ENAUSDT	−0.0042%	4h	0.2109	−0.168%	$47.5M	$56.7M	75x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2114	+0.050%	$105K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	+0.041%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+0.447%	$734	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2113	+0.012%	$5.0M	$12.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2111	−0.069%	$57K	$390K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	−0.082%	$47K	—	10x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2112	−0.024%	$587K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2111	−0.069%	$113.9M	$78.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2113	+0.024%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	−0.083%	$389K	$527K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2111	−0.060%	$127.0M	$409.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2111	−0.083%	$86.6M	$185.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2110	−0.097%	$20.9M	$100.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	+0.140%	$27K	$333K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2112	−0.021%	$79K	$236K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2114	+0.097%	$103K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2111	−0.069%	$13.7M	$26.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	−0.059%	$42.4M	$40.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2112	−0.021%	$25.0M	$15.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2111	−0.083%	—	$30.2M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2105	−0.374%	$3.0M	$8.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	−0.373%	$244K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	+0.121%	$362K	$4.4M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.168%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	+0.026%	$167K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.369%	$1K	$920K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2113	+0.026%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.220%	$264K	$782K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2113	+0.026%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2110	−0.132%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	+0.051%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0112%	1h	0.2106	−0.320%	$13K	$277K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0756%	1h	0.2115	+0.133%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2116	+0.163%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2112	−0.027%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0480%	1h	0.2120	+0.362%	$781K	$1.9M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0583%	1h	0.2114	+0.083%	$406K	$474K	5x	as long as short
dYdX ENA-USDlong	+0.0600%	1h	0.2112	long leg	$140K	$15K	5x