Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1015%/8h= +111.2% APRpaid last 24h +0.649%

Price spread now: dYdX against HTX−0.505%7-day average −0.103% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$220as in the Price arb table

costs, in and out, $10k−$1801.797% of the position

Long on HTX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.044%+$104 on $10k

Price spread, last 4 days (all we have)+0.236%+$24 · spread now −0.505%, 7d avg −0.103%

Together, before fees+1.280%+$128 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.402% cheaper against HTX than usual: you would sell low and buy high (spread −0.505% now, against its 7-day average of −0.103%). If the spread goes back, that is −$40 on $10k: about 32 hours of funding at the current rate (+$30 a day). At the pace of the last 7 days (+1.044% in total) that is about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ENA-USDT	0.2111	0.0100	pay 0.0050% / 4h	3h 10m	$273K	$771K	50x
Short	dYdX ENA-USD	0.2100	0.1115	get 0.0139% / 1h	10m 41s	$139K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against HTX. 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 HTXbpFee dYdXbpOrdersPrice spread, now −0.505%Rate

Funding earned: $213.25
Price spread: −0.505% → −0.103%: −$40.19
Slippage, 4 orders: −$157.68
Fee HTX: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$6.62
Costs to cover: 1.797%
Break-even: 7.2 days

Slippage from HTX: live order book, 3 min ago; dYdX: live order book, 43 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 HTX live order book, 3 min ago	25.82 bp	32.4 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell dYdX live order book, 43 min ago	50.64 bp	55.6 bp −$56	373.4 bp −$3,734	712.2 bp −$71.2K	1724.6 bp −$862.3K

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	−0.0126%	4h	0.2099	−0.540%	$44K	$26K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0075%	1h	0.2100	−0.497%	$358K	$400K	5x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2099	−0.564%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2099	−0.526%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2100	−0.507%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.606%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2098	−0.597%	$56K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2099	−0.539%	$47K	$110	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2100	−0.491%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2100	−0.505%	$400K	$513K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2099	−0.546%	$127.2M	$412.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	−0.573%	$84.7M	$174.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	−0.540%	$20.9M	$102.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2101	−0.445%	$22K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2099	−0.550%	$78K	$276K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2099	−0.564%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	−0.531%	$45.5M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2101	−0.469%	$24.8M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	−0.635%	$47.6M	$57.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2099	−0.550%	—	$31.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2098	−0.575%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2103	−0.381%	$242K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2103	−0.360%	$348K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2103	−0.360%	$20K	$650K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2100	−0.521%	$650K	$1.7M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2101	−0.455%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.919%	$858	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2099	−0.550%	$4K	$7K	10x	as long as short
HTX ENA-USDTlong	+0.0100%	4h	0.2111	long leg	$273K	$771K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2099	−0.550%	$1.7M	$8.9M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2102	−0.403%	$92K	−$0	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2098	−0.606%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2099	−0.550%	$73K	$4K	3x	as long as short
Hyperliquid ENA	+0.0106%	1h	0.2102	−0.426%	$114.1M	$74.2M	10x	as long as short
Phoenix ENA	+0.0113%	1h	0.2104	−0.303%	$8K	$274K	10x	as long as short
Lighter ENA	+0.0160%	1h	0.2102	−0.407%	$5.2M	$13.3M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2100	−0.487%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2100	−0.506%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2100	−0.502%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	−0.538%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2109	−0.081%	$863K	$1.7M	50x	as long as short
dYdX ENA-USDshort	+0.1115%	1h	0.2100	−0.505%	$139K	$15K	5x