Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.721%

Price spread now: dYdX against Orderly+0.051%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and dYdX is 0.051% dearer against Orderly than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2107	0.0005	pay 0.0002% / 4h	1h 39m	$44K	$27K	10x
Short	dYdX ENA-USD	0.2108	0.0097	get 0.0012% / 1h	39m 36s	$139K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Orderly. 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 OrderlybpFee dYdXbpOrdersPrice spread, now +0.051%Rate

Funding earned: $19.32
Price spread: +0.051% → 0.000%: $5.12
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee dYdX: 5 bp × 2 orders: −$10
Net: $8.44
Costs to cover: 0.160%
Break-even: 3.9 days

Slippage unknown: Orderly: no order-book sample; dYdX: live order book, 24 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell dYdX live order book, 24 min ago	153.18 bp	315.7 bp −$316	583.2 bp −$5,832	651.4 bp −$65.1K	1479.4 bp −$739.7K

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2108	+0.052%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2107	+0.034%	$82K	—	150x	as long as short
Orderly PERP_ENA_USDClong	+0.0005%	4h	0.2107	long leg	$44K	$27K	10x
01 Exchange ENAUSD	+0.0016%	1h	0.2106	−0.038%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.793%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2105	−0.081%	$54K	$498K	50x	as long as short
dYdX ENA-USDshort	+0.0097%	1h	0.2108	+0.051%	$139K	$15K	5x
Nado ENA-PERP	+0.0100%	1h	0.2108	+0.062%	$681K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2111	+0.190%	$113.4M	$71.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2111	+0.182%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2108	+0.065%	$412K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2108	+0.044%	$129.4M	$423.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2106	−0.019%	$86.4M	$176.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.009%	$20.8M	$102.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	+0.271%	$19K	$371K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	+0.014%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	+0.299%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2107	+0.019%	$11.0M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	+0.043%	$45.4M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2108	+0.047%	$24.5M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	−0.104%	$48.0M	$57.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2107	−0.005%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2109	+0.090%	$373K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	+0.249%	$3.4M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	+0.317%	$244K	$7.3M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	+0.391%	$362K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.441%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	+0.152%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2061	−2.174%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	+0.014%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.470%	$277K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2108	+0.062%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2107	+0.026%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	+0.014%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0112%	1h	0.2105	−0.063%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0150%	1h	0.2118	+0.527%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2108	+0.050%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0286%	1h	0.2109	+0.102%	$2.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	+0.176%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0384%	1h	0.2110	+0.176%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.034%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2117	+0.503%	$833K	$1.5M	50x	as long as short