Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h +0.682%

Price spread now: dYdX against Phemex−0.379%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$409as in the Funding arb table

Net, price: spread back to 7d avg − costs−$546as in the Price arb table

costs, in and out, $10k−$5145.139% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.050%+$105 on $10k

Price spread, last 4 days (all we have)−0.467%−$47 · spread now −0.379%, 7d avg −0.058%

Together, before fees+0.583%+$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and dYdX is 0.321% cheaper against Phemex than usual: you would sell low and buy high (−$32 if the spread goes back to its 7-day average of −0.058%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.050%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2112	0.0100	pay 0.0050% / 4h	1h 36m	$1.9M	$8.9M	50x
Short	dYdX ENA-USD	0.2104	0.0088	get 0.0011% / 1h	36m 55s	$139K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Phemex. 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 PhemexbpFee dYdXbpOrdersPrice spread, now −0.379%Rate

Funding earned: −$2.55
Price spread: −0.379% → −0.058%: −$32.06
Slippage, 4 orders: −$491.93
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$548.54
Costs to cover: 5.139%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; dYdX: live order book, 27 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 Phemex live order book, 2 min ago	4.75 bp	18.9 bp −$19	72.2 bp −$722	doesn't fit	doesn't fit
Sell dYdX live order book, 27 min ago	153.18 bp	315.7 bp −$316	583.2 bp −$5,832	651.4 bp −$65.1K	1479.4 bp −$739.7K

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	0.2111	−0.066%	$79K	$1.3M	50x	as long as short
Orderly PERP_ENA_USDC	0.0000%	4h	0.2109	−0.128%	$44K	$27K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2110	−0.074%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2108	−0.180%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.540%	$522	$57K	5.5x	as long as short
dYdX ENA-USDshort	+0.0088%	1h	0.2104	−0.379%	$139K	$15K	5x
Popdex ENAUSDT	+0.0096%	1h	0.2108	−0.189%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	−0.175%	$681K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2112	+0.024%	$113.6M	$71.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2110	−0.110%	$1.5M	$3.0M	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	0.2104	−0.371%	$411K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2110	−0.096%	$129.5M	$422.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2109	−0.152%	$86.5M	$175.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	−0.142%	$20.8M	$102.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2106	−0.294%	$19K	$364K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2105	−0.331%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	+0.047%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2110	−0.085%	$11.0M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2110	−0.114%	$45.4M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2111	−0.052%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	−0.213%	$48.0M	$57.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2110	−0.080%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2111	−0.028%	$374K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	−0.003%	$3.4M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	+0.065%	$244K	$7.3M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2106	−0.284%	$360K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2105	−0.331%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	−0.095%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2058	−2.562%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	−0.095%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.218%	$277K	$779K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2112	long leg	$1.9M	$8.9M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2104	−0.361%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2109	−0.162%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2110	−0.116%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2107	−0.232%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2111	−0.065%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2111	−0.048%	$2.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2109	−0.118%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0352%	1h	0.2113	+0.033%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	−0.117%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2114	+0.080%	$831K	$1.5M	50x	as long as short