Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1098%/8h= −120.3% APRpaid last 24h −0.649%

Price spread now: Paradex against dYdX−0.042%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and Paradex is 0.042% cheaper against dYdX than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2096	0.1198	pay 0.0150% / 1h	0m 23s	$138K	$15K	5x
Short	Paradex ENA-USD-PERP	0.2095	0.0100	get 0.0100% / 8h	3h 00m	$47K	$110	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$230.62
Price spread: −0.042% → 0.000%: −$4.24
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$248.85
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: dYdX: live order book, 54 min ago; Paradex: 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	50.64 bp	55.6 bp −$56	314.7 bp −$3,147	692.6 bp −$69.3K	1581.0 bp −$790.5K
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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 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	−0.0131%	4h	0.2096	+0.028%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2097	+0.085%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	+0.080%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2096	+0.023%	$81K	—	150x	as long as short
Gate ENA_USDT	+0.0016%	4h	0.2095	−0.025%	$10.9M	$23.4M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.330%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2096	+0.023%	$57K	$465K	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2095	−0.042%	$47K	$110	10x
Nado ENA-PERP	+0.0100%	1h	0.2096	+0.004%	$649K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2098	+0.099%	$113.7M	$74.1M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2097	+0.060%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	−0.041%	$398K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2097	+0.054%	$126.9M	$411.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2096	+0.013%	$84.5M	$174.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2097	+0.051%	$20.8M	$102.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2090	−0.283%	$22K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2096	+0.023%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	−0.051%	$92K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2096	+0.042%	$45.4M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2097	+0.094%	$24.7M	$15.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2095	−0.030%	$47.6M	$57.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2096	+0.023%	—	$31.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2092	−0.182%	$357K	$400K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.288%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	+0.015%	$240K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2098	+0.120%	$347K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	+0.023%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	+0.070%	$187K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2046	−2.368%	$1K	$857K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2097	+0.070%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.161%	$272K	$773K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	+0.023%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2096	+0.008%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	+0.076%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2100	+0.214%	$8K	$274K	10x	as long as short
Lighter ENA	+0.0168%	1h	0.2097	+0.047%	$5.2M	$13.3M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2098	+0.113%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2097	+0.049%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2091	−0.211%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2096	+0.014%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2095	−0.001%	$858K	$1.7M	50x	as long as short
dYdX ENA-USDlong	+0.1198%	1h	0.2096	long leg	$138K	$15K	5x