Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.6459%/8h= +707.2% APRpaid last 24h +0.648%

Price spread now: dYdX against MEXC+0.072%7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$655as in the Funding arb table

Net, price: spread back to 7d avg − costs−$745as in the Price arb table

costs, in and out, $10k−$7537.532% of the position

Long on MEXC Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.977%+$98 on $10k

Price spread, last 4 days (all we have)+0.231%+$23 · spread now +0.072%, 7d avg −0.007%

Together, before fees+1.208%+$121 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$194 a day on $10k at the current rate, and dYdX is 0.079% dearer against MEXC than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.007%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.977% in total (about 51.0% a year). A funding rate is set anew for every payment. 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	MEXC ENA_USDT	0.2106	0.0100	pay 0.0050% / 4h	2h 21m	$45.7M	$49.1M	200x
Short	dYdX ENA-USD	0.2108	0.6559	get 0.0820% / 1h	21m 26s	$139K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against MEXC. 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 MEXCbpFee dYdXbpOrdersPrice spread, now +0.072%Rate

Funding earned: $1,356.34
Price spread: +0.072% → −0.007%: $7.9
Slippage, 4 orders: −$743.19
Fee MEXC: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: $611.05
Costs to cover: 7.532%
Break-even: 3.8 days

Slippage from MEXC: live order book, 2 min ago; dYdX: live order book, 2 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 MEXC live order book, 2 min ago	0.24 bp	1.6 bp −$2	5.7 bp −$57	30.9 bp −$3,094	61.1 bp −$30.5K
Sell dYdX live order book, 2 min ago	74.05 bp	500.5 bp −$500	727.7 bp −$7,277	808.8 bp −$80.9K	1641.0 bp −$820.5K

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	−0.0263%	1h	0.2107	+0.038%	$363K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2106	−0.009%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2105	−0.062%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2107	+0.052%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2109	+0.116%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.807%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0044%	4h	0.2107	+0.014%	$10.5M	$21.7M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2110	+0.195%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2104	−0.114%	$60K	$540K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	−0.035%	$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	0.2106	−0.014%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2109	+0.109%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2107	+0.041%	$407K	$595K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2105	−0.057%	$129.8M	$466.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2105	−0.066%	$88.0M	$193.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2105	−0.085%	$20.3M	$114.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2110	+0.171%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	+0.028%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.028%	$89K	$2K	10x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2106	long leg	$45.7M	$49.1M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	+0.104%	$24.4M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2102	−0.204%	$47.6M	$66.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2107	+0.019%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2111	+0.229%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2109	+0.144%	$251K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2112	+0.250%	$360K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2113	+0.313%	$33K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	−0.019%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2056	−2.383%	$1K	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2106	−0.019%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2112	+0.261%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2106	−0.019%	$1.9M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2107	+0.047%	$2.7M	$5.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	+0.028%	$77K	$11K	3x	as long as short
Extended ENA-USD	+0.0112%	1h	0.2105	−0.048%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0162%	1h	0.2108	+0.095%	$50K	—	100x	as long as short
Lighter ENA	+0.0328%	1h	0.2109	+0.142%	$5.7M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0340%	1h	0.2106	−0.019%	$111.1M	$80.6M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2108	+0.085%	$5.5M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2103	−0.178%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2113	+0.313%	$807K	$2.2M	50x	as long as short
dYdX ENA-USDshort	+0.6559%	1h	0.2108	+0.072%	$139K	$15K	5x