ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.9082%/8h= −994.4% APRnext payment −$11.35 per $10,000 · paid last 24h −0.632%

Price spread now: Phoenix against dYdX+0.057%46s7-day average +0.127% · you sell dearer than you buy

Net, funding: paid 7d − costs−$892as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$8078.067% of the position

Long on dYdX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.853%−$85 on $10k

Price spread, last 3 days (all we have)+0.270%+$27 · spread now +0.057%, 7d avg +0.127%

Together, before fees−0.582%−$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$272 a day on $10k at the current rate, and Phoenix is 0.070% cheaper against dYdX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.127%). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.853% in total (about -44.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$11.35 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2094	0.9157	pay 0.1145% / 1h	34m 08s	$138K	$15K	5x
Short	Phoenix ENA	0.2095	0.0076	get 0.0009% / 1h	34m 08s	$5K	$394K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.057%Rate

Funding earned: −$1,907.13
Price spread: +0.057% → +0.127%: −$7.02
Slippage, 4 orders: −$789.67
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$2,720.82
Costs to cover: 8.067%
Break-even: never at this rate

Slippage from dYdX: live order book, 54 min ago; Phoenix: live order book, 52 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, 54 min ago	34.14 bp	322.3 bp −$322	471.3 bp −$4,713	705.6 bp −$70.6K	1425.2 bp −$712.6K
Sell Phoenix live order book, 52 min ago	1.87 bp	16.7 bp −$17	51.7 bp −$517	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	−0.0333%	1h	0.2097	+0.147%	$361K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2096	+0.104%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2096	+0.085%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2096	+0.119%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2096	+0.090%	$96K	—	150x	as long as short
Gate ENA_USDT	+0.0006%	4h	0.2095	+0.061%	$10.4M	$21.5M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.408%	$522	$57K	5.5x	as long as short
Phoenix ENAshort	+0.0076%	1h	0.2095	+0.057%	$5K	$394K	10x
Popdex ENAUSDT	+0.0096%	1h	0.2095	+0.052%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2096	+0.079%	$47K	$221	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	0.2094	−0.016%	$657K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2096	+0.121%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	+0.068%	$402K	$585K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2097	+0.152%	$129.3M	$467.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2097	+0.138%	$87.7M	$193.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2097	+0.171%	$20.2M	$114.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2091	−0.163%	$19K	$433K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2096	+0.100%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	+0.004%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2097	+0.123%	$44.7M	$48.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	+0.119%	$24.3M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2095	+0.071%	$47.5M	$66.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2096	+0.109%	—	$32.0M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2092	−0.093%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	−0.143%	$248K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	−0.029%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2093	−0.044%	$32K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	+0.123%	$181K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.350%	$1K	$806K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2095	+0.052%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2097	+0.142%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	+0.100%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2095	+0.036%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	+0.132%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2097	+0.133%	$2.7M	$5.8M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0212% / S −0.0161%	1h	0.2096	+0.105%	$50K	—	100x	as long as short
Lighter ENA	+0.0272%	1h	0.2098	+0.209%	$5.7M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0298%	1h	0.2099	+0.224%	$110.8M	$80.8M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	+0.047%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	+0.037%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.329%	$802K	$2.2M	50x	as long as short
dYdX ENA-USDlong	+0.9157%	1h	0.2094	long leg	$138K	$15K	5x