Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0055%/8h= +6.0% APRpaid last 24h +0.667%

Price spread now: dYdX against OKX+0.012%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$123as in the Price arb table

costs, in and out, $10k−$1241.241% of the position

Long on OKX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.118%+$112 on $10k

Price spread, last 4 days (all we have)+0.224%+$22 · spread now +0.012%, 7d avg +0.003%

Together, before fees+1.342%+$134 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.003%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ENA-USDT-SWAP	0.2095	0.0100	pay 0.0050% / 4h	45m 32s	$20.7M	$102.0M	50x
Short	dYdX ENA-USD	0.2096	0.0155	get 0.0019% / 1h	45m 32s	$138K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against OKX. 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 OKXbpFee dYdXbpOrdersPrice spread, now +0.012%Rate

Funding earned: $11.49
Price spread: +0.012% → +0.003%: $0.93
Slippage, 4 orders: −$104.11
Fee OKX: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$111.69
Costs to cover: 1.241%
Break-even: 75.0 days

Slippage from OKX: live order book, 3 min ago; dYdX: live order book, 13 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 OKX live order book, 3 min ago	0.24 bp	11.0 bp −$11	21.9 bp −$219	doesn't fit	doesn't fit
Sell dYdX live order book, 13 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	−0.0300%	1h	0.2097	+0.052%	$366K	$388K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2096	+0.024%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0060%	4h	0.2098	+0.138%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2099	+0.143%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2097	+0.089%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.331%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	−0.072%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2096	+0.033%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.024%	$55K	$500K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2094	−0.064%	$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	0.2097	+0.093%	$658K	$1.6M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2095	−0.014%	$111.5M	$73.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2096	+0.010%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	−0.038%	$408K	$500K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	−0.018%	$127.9M	$415.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2094	−0.072%	$85.0M	$176.0M	50x	as long as short
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2095	long leg	$20.7M	$102.0M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.310%	$20K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2092	−0.167%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.549%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2095	−0.014%	$11.0M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	−0.057%	$45.3M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2095	−0.014%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2094	−0.067%	$47.8M	$57.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2096	+0.019%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	+0.091%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.103%	$241K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2088	−0.358%	$346K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2088	−0.358%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	+0.095%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.295%	$1K	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	+0.119%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.157%	$271K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	+0.024%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2095	−0.022%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2098	+0.108%	$73K	$4K	3x	as long as short
dYdX ENA-USDshort	+0.0155%	1h	0.2096	+0.012%	$138K	$15K	5x
Kraken Futures PF_ENAUSD	+0.0244%	1h	0.2099	+0.177%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2097	+0.092%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2093	−0.110%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	+0.055%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2090	−0.258%	$851K	$1.5M	50x	as long as short