Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.624%

Price spread now: Phemex against dYdX−0.163%7-day average +0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$247as in the Funding arb table

Net, price: spread back to 7d avg − costs−$159as in the Price arb table

costs, in and out, $10k−$1381.380% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−1.087%−$109 on $10k

Price spread, last 4 days (all we have)+1.009%+$101 · spread now −0.163%, 7d avg +0.047%

Together, before fees−0.079%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.210% cheaper against dYdX than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2140	0.0082	pay 0.0010% / 1h	13m 52s	$142K	$16K	5x
Short	Phemex ENAUSDT	0.2137	0.0078	get 0.0039% / 4h	3h 13m	$1.9M	$9.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.163%Rate

Funding earned: −$0.81
Price spread: −0.163% → +0.047%: −$20.97
Slippage, 4 orders: −$115.96
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$159.74
Costs to cover: 1.380%
Break-even: never at this rate

Slippage from dYdX: live order book, 20 min ago; Phemex: live order book, 5 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, 20 min ago	2.56 bp	16.5 bp −$17	300.7 bp −$3,007	625.3 bp −$62.5K	1371.0 bp −$685.5K
Sell Phemex live order book, 5 min ago	4.66 bp	18.2 bp −$18	61.3 bp −$613	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
01 Exchange ENAUSD	−0.0104%	1h	0.2140	+0.001%	$4K	$169	10x	as long as short
Orderly PERP_ENA_USDC	−0.0099%	4h	0.2137	−0.181%	$44K	$15K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2138	−0.111%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2137	−0.158%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	−0.868%	$734	$57K	5.5x	as long as short
Bitget ENAUSDT	+0.0058%	4h	0.2134	−0.303%	$48.4M	$60.5M	75x	as long as short
Phemex ENAUSDTshort	+0.0078%	4h	0.2137	−0.163%	$1.9M	$9.0M	50x
dYdX ENA-USDlong	+0.0082%	1h	0.2140	long leg	$142K	$16K	5x
Lighter ENA	+0.0096%	1h	0.2138	−0.125%	$5.0M	$13.1M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2139	−0.069%	$55K	$496K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0099%	8h	0.2140	−0.021%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2140	−0.036%	$566K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2139	−0.092%	$116.9M	$76.5M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2138	−0.127%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2141	+0.042%	$410K	$560K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2136	−0.207%	$128.8M	$425.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2136	−0.209%	$88.5M	$191.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2137	−0.186%	$21.2M	$107.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2142	+0.090%	$39K	$331K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2141	+0.024%	$80K	$249K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2147	+0.315%	$105K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2136	−0.195%	$13.4M	$28.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2136	−0.223%	$42.0M	$44.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2136	−0.209%	$25.1M	$15.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2136	−0.209%	—	$31.0M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2138	−0.106%	$413K	$479K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2146	+0.250%	$3.1M	$9.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2143	+0.126%	$253K	$7.2M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2147	+0.315%	$361K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2142	+0.071%	$19K	$643K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2141	+0.043%	$176K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2088	−2.438%	$1K	$924K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2137	−0.163%	$4K	$6K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2146	+0.267%	$266K	$846K	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2135	−0.269%	$1.6M	$4.7M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2137	−0.163%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2147	+0.305%	$14K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0195%	1h	0.2138	−0.139%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0756%	1h	0.2136	−0.186%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2142	+0.048%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2140	−0.012%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2144	+0.141%	$795K	$2.0M	50x	as long as short