Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0035%/8h= +3.8% APRpaid last 24h +0.666%

Price spread now: dYdX against KuCoin−0.044%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$138as in the Price arb table

costs, in and out, $10k−$1361.361% of the position

Long on KuCoin Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.106%+$111 on $10k

Price spread, last 4 days (all we have)+0.328%+$33 · spread now −0.044%, 7d avg −0.024%

Together, before fees+1.434%+$143 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.024%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2119	0.0100	pay 0.0050% / 4h	21m 44s	$24.6M	$15.6M	75x
Short	dYdX ENA-USD	0.2119	0.0135	get 0.0017% / 1h	21m 44s	$140K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against KuCoin. 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 KuCoinbpFee dYdXbpOrdersPrice spread, now −0.044%Rate

Funding earned: $7.25
Price spread: −0.044% → −0.024%: −$1.96
Slippage, 4 orders: −$114.06
Fee KuCoin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$130.78
Costs to cover: 1.361%
Break-even: 133.3 days

Slippage from KuCoin: live order book, 2 min ago; dYdX: live order book, 37 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 KuCoin live order book, 2 min ago	4.01 bp	19.8 bp −$20	44.7 bp −$447	doesn't fit	doesn't fit
Sell dYdX live order book, 37 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	−0.0179%	1h	0.2119	−0.047%	$363K	$397K	5x	as long as short
01 Exchange ENAUSD	−0.0072%	1h	0.2120	+0.028%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0069%	4h	0.2119	−0.042%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2119	−0.042%	$79K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2119	−0.039%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.184%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2119	−0.047%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2119	−0.024%	$56K	$475K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	−0.054%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2119	−0.047%	$656K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2122	+0.132%	$115.6M	$75.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	+0.024%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	−0.031%	$405K	$516K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2119	−0.033%	$129.0M	$416.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2118	−0.071%	$85.6M	$175.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2119	−0.033%	$20.9M	$103.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	−0.066%	$18K	$317K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	+0.024%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.142%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2119	−0.033%	$11.1M	$22.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2118	−0.061%	$46.1M	$41.5M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2119	long leg	$24.6M	$15.6M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2116	−0.146%	$48.1M	$57.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2119	−0.024%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2116	−0.148%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2117	−0.140%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	−0.241%	$350K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	−0.071%	$20K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2120	+0.005%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2070	−2.354%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2119	−0.024%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.118%	$274K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2117	−0.118%	$1.8M	$8.8M	50x	as long as short
Lighter ENA	+0.0104%	1h	0.2121	+0.057%	$5.2M	$13.5M	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2118	−0.066%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	−0.017%	$74K	$4K	3x	as long as short
dYdX ENA-USDshort	+0.0135%	1h	0.2119	−0.044%	$140K	$15K	5x
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2120	+0.037%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0291% / S −0.0316%	1h	0.2119	−0.042%	$65K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2119	−0.042%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2118	−0.088%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2127	+0.349%	$869K	$1.7M	50x	as long as short