Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0062%/8h= +6.8% APRpaid last 24h +0.666%

Price spread now: dYdX against GRVT−0.773%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$206as in the Price arb table

costs, in and out, $10k−$1341.342% of the position

Long on GRVT Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.045%+$104 on $10k

Price spread, last 4 days (all we have)+0.344%+$34 · spread now −0.773%, 7d avg −0.052%

Together, before fees+1.388%+ Points / potential airdropGRVT: Active · farm board+$139 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.721% cheaper against GRVT than usual: you would sell low and buy high (spread −0.773% now, against its 7-day average of −0.052%). If the spread goes back, that is −$72 on $10k: about 39 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+1.045% in total) that is about 4.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ENA_USDT_Perp	0.2104	0.0100	pay 0.0050% / 4h	49m 18s	$353K	$4.9M	10x
Short	dYdX ENA-USD	0.2088	0.0162	get 0.0020% / 1h	49m 18s	$138K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against GRVT. 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 GRVTbpFee dYdXbpOrdersPrice spread, now −0.773%Rate

Funding earned: $13.08
Price spread: −0.773% → −0.052%: −$72.08
Slippage, 4 orders: −$115.23
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$193.22
Costs to cover: 1.342%
Break-even: 110.4 days

Slippage from GRVT: live order book, 5 min ago; dYdX: live order book, 10 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 GRVT live order book, 5 min ago	2.37 bp	15.4 bp −$15	49.8 bp −$498	doesn't fit	doesn't fit
Sell dYdX live order book, 10 min ago	42.15 bp	47.2 bp −$47	345.6 bp −$3,456	1400.0 bp −$140.0K	1925.5 bp −$962.8K

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	−0.0270%	1h	0.2092	−0.614%	$365K	$390K	5x	as long as short
01 Exchange ENAUSD	−0.0096%	1h	0.2087	−0.851%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0059%	4h	0.2087	−0.832%	$43K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2088	−0.799%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2087	−0.836%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.902%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	−0.495%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2090	−0.685%	$5.2M	$13.3M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2091	−0.638%	$55K	$501K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2088	−0.803%	$47K	$110	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	0.2087	−0.829%	$654K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2089	−0.728%	$111.4M	$72.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2088	−0.780%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2089	−0.754%	$407K	$500K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2087	−0.823%	$127.5M	$415.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2087	−0.823%	$84.9M	$175.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2088	−0.799%	$20.6M	$101.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2087	−0.828%	$19K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2088	−0.780%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.123%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2088	−0.799%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2088	−0.775%	$45.0M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2089	−0.756%	$24.4M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2086	−0.861%	$47.6M	$57.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2087	−0.842%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.363%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	+0.013%	$242K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perplong	+0.0100%	4h	0.2104	long leg	$353K	$4.9M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2099	−0.257%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2088	−0.794%	$177K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2039	−3.094%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2092	−0.590%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2094	−0.486%	$271K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2093	−0.543%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2087	−0.831%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2087	−0.813%	$73K	$4K	3x	as long as short
dYdX ENA-USDshort	+0.0162%	1h	0.2088	−0.773%	$138K	$15K	5x
Kraken Futures PF_ENAUSD	+0.0245%	1h	0.2090	−0.680%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0252% / S −0.0213%	1h	0.2087	−0.821%	$50K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2098	−0.319%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2087	−0.830%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2096	−0.395%	$854K	$1.5M	50x	as long as short