Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h +0.628%

Price spread now: dYdX against edgeX−0.411%51s7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as 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−$1141.139% of the position

Long on edgeX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.061%+$106 on $10k

Price spread, last 4 days (all we have)+0.338%+$34 · spread now −0.411%, 7d avg −0.040%

Together, before fees+1.399%+ Points / potential airdropedgeX: Active · farm board+$140 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.371% cheaper against edgeX than usual: you would sell low and buy high (spread −0.411% now, against its 7-day average of −0.040%). If the spread goes back, that is −$37 on $10k: about 2 months of funding at the current rate (+$1 a day). At the pace of the last 7 days (+1.061% in total) that is about 2.5 days. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ENAUSDC	0.2139	0.0100	pay 0.0050% / 4h	1h 36m	$257K	$7.1M	20x
Short	dYdX ENA-USD	0.2130	0.0117	get 0.0015% / 1h	36m 31s	$141K	$16K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against edgeX. 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 edgeXbpFee dYdXbpOrdersPrice spread, now −0.411%Rate

Funding earned: $3.63
Price spread: −0.411% → −0.040%: −$37.14
Slippage, 4 orders: −$94.85
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$147.36
Costs to cover: 1.139%
Break-even: 290.9 days

Slippage from edgeX: live order book, 3 min ago; dYdX: live order book, 7 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 edgeX live order book, 3 min ago	7.01 bp	11.5 bp −$12	13.0 bp −$130	43.5 bp −$4,352	doesn't fit
Sell dYdX live order book, 7 min ago	37.85 bp	45.6 bp −$46	347.9 bp −$3,479	705.1 bp −$70.5K	1574.9 bp −$787.4K

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	−0.0124%	4h	0.2144	+0.244%	$45K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2129	−0.481%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2146	+0.309%	$68K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2139	−0.010%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.738%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2137	−0.088%	$5.1M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2129	−0.476%	$57K	$481K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2146	+0.314%	$567K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2137	−0.121%	$115.2M	$75.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2131	−0.384%	$1.4M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2135	−0.207%	$403K	$539K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2129	−0.476%	$128.7M	$428.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2128	−0.514%	$86.7M	$183.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2130	−0.411%	$21.2M	$108.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2141	+0.075%	$20K	$328K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2129	−0.476%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2138	−0.055%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2131	−0.401%	$12.4M	$26.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2131	−0.392%	$48.4M	$42.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2134	−0.252%	$24.7M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2129	−0.490%	$48.4M	$60.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2129	−0.471%	—	$31.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2139	−0.010%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDClong	+0.0100%	4h	0.2139	long leg	$257K	$7.1M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2139	+0.011%	$365K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2140	+0.038%	$19K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2147	+0.347%	$188K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2094	−2.089%	$1K	$899K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2145	+0.272%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2147	+0.365%	$269K	$819K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2144	+0.225%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2133	−0.285%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2128	−0.540%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2145	+0.282%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2142	+0.113%	$8K	$276K	10x	as long as short
dYdX ENA-USDshort	+0.0117%	1h	0.2130	−0.411%	$141K	$16K	5x
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0753%	1h	0.2145	+0.273%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2145	+0.267%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2145	+0.251%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0439%	1h	0.2146	+0.327%	$2.7M	$4.3M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2149	+0.473%	$887K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0687%	1h	0.2144	+0.206%	$396K	$433K	5x	as long as short