Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0098%/8h= +10.7% APRpaid last 24h +0.628%

Price spread now: dYdX against Binance+0.009%7-day average −0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$1081.085% of the position

Long on Binance Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.083%+$108 on $10k

Price spread, last 4 days (all we have)+0.067%+$7 · spread now +0.009%, 7d avg −0.010%

Together, before fees+1.149%+$115 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2120	0.0100	pay 0.0050% / 4h	1h 30m	$128.4M	$429.4M	75x
Short	dYdX ENA-USD	0.2120	0.0198	get 0.0025% / 1h	30m 03s	$140K	$16K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Binance. 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 BinancebpFee dYdXbpOrdersPrice spread, now +0.009%Rate

Funding earned: $20.6
Price spread: +0.009% → −0.010%: $1.9
Slippage, 4 orders: −$88.45
Fee Binance: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$85.95
Costs to cover: 1.085%
Break-even: 36.2 days

Slippage from Binance: live order book, 14 min ago; dYdX: live order book, 14 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 Binance live order book, 14 min ago	0.23 bp	9.6 bp −$10	16.9 bp −$169	60.2 bp −$6,017	doesn't fit
Sell dYdX live order book, 14 min ago	37.85 bp	45.6 bp −$46	347.9 bp −$3,479	705.1 bp −$70.5K	1574.9 bp −$787.4K

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
Orderly PERP_ENA_USDC	−0.0122%	4h	0.2120	−0.002%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2120	−0.012%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2121	+0.050%	$55K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2121	+0.031%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.153%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	−0.007%	$53K	$483K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2120	−0.022%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2119	−0.071%	$561K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2122	+0.069%	$114.8M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	+0.012%	$1.4M	$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	0.2120	−0.007%	$400K	$539K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2120	long leg	$128.4M	$429.4M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2119	−0.054%	$89.7M	$186.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2121	+0.059%	$21.1M	$108.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2122	+0.078%	$33K	$336K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	−0.007%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.125%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2119	−0.035%	$12.4M	$26.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2120	−0.012%	$37.6M	$42.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2121	+0.054%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	−0.059%	$48.0M	$60.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2119	−0.035%	—	$31.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	−0.050%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2120	+0.009%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2120	−0.022%	$350K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2120	−0.007%	$19K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2121	+0.050%	$186K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.328%	$1K	$905K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	+0.040%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.149%	$266K	$820K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	−0.007%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2119	−0.043%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2121	+0.024%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2119	−0.049%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0160%	1h	0.2123	+0.125%	$5.0M	$13.4M	10x	as long as short
dYdX ENA-USDshort	+0.0198%	1h	0.2120	+0.009%	$140K	$16K	5x
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2121	+0.038%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2123	+0.116%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	+0.005%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0444%	1h	0.2122	+0.082%	$2.6M	$4.4M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2124	+0.168%	$876K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0635%	1h	0.2122	+0.097%	$394K	$437K	5x	as long as short