Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1888%/8h= +206.7% APRpaid last 24h +0.689%

Price spread now: dYdX against BingX−0.038%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$329as in the Funding arb table

Net, price: spread back to 7d avg − costs−$434as in the Price arb table

costs, in and out, $10k−$4294.295% of the position

Long on BingX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.000%+$100 on $10k

Price spread, last 4 days (all we have)+0.301%+$30 · spread now −0.038%, 7d avg +0.012%

Together, before fees+1.301%+$130 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.050% cheaper against BingX than usual: you would sell low and buy high (spread −0.038% now, against its 7-day average of +0.012%). If the spread goes back, that is −$5 on $10k: about 2 hours of funding at the current rate (+$57 a day). At the pace of the last 7 days (+1.000% in total) that is about 8 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.000% in total (about 52.2% 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	BingX ENA-USDC	0.2107	0.0100	pay 0.0050% / 4h	1h 08m	—	$6.5M	—
Short	dYdX ENA-USD	0.2107	0.1988	get 0.0248% / 1h	8m 04s	$139K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against BingX. 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 BingXbpFee dYdXbpOrdersPrice spread, now −0.038%Rate

Funding earned: $396.45
Price spread: −0.038% → +0.012%: −$4.98
Slippage, 4 orders: −$409.48
Fee BingX: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$38.01
Costs to cover: 4.295%
Break-even: 7.7 days

Slippage from BingX: live order book, 7 min ago; dYdX: live order book, 11 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 BingX live order book, 7 min ago	0.71 bp	15.5 bp −$15	30.0 bp −$300	72.2 bp −$7,222	492.9 bp −$246.5K
Sell dYdX live order book, 11 min ago	76.39 bp	107.8 bp −$108	705.2 bp −$7,052	1435.1 bp −$143.5K	1910.6 bp −$955.3K

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	−0.0040%	4h	0.2107	−0.024%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0013%	1h	0.2108	+0.038%	$372K	$447K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2108	+0.024%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2107	−0.043%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.754%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2109	+0.069%	$2.7M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	−0.071%	$62K	$531K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2108	+0.035%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2106	−0.076%	$662K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2107	−0.005%	$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	+0.024%	$408K	$575K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2107	0.000%	$130.1M	$454.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.005%	$87.9M	$190.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.005%	$20.4M	$111.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2099	−0.422%	$15K	$397K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	+0.024%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	−0.391%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2107	−0.024%	$10.5M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	0.000%	$46.7M	$47.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2108	+0.038%	$24.0M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2106	−0.076%	$47.6M	$64.6M	75x	as long as short
BingX ENA-USDClong	+0.0100%	4h	0.2107	long leg	—	$6.5M	—
Variational Omni ENA	+0.0100%	4h	0.2097	−0.490%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	−0.457%	$249K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−0.559%	$350K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.546%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	−0.057%	$177K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2055	−2.510%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2108	+0.024%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2109	+0.076%	$273K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2107	−0.024%	$2.0M	$9.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2108	+0.002%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2098	−0.432%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0144%	1h	0.2107	−0.005%	$4K	$312	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0246% / S −0.0426%	1h	0.2106	−0.060%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2103	−0.218%	$5.5M	$8.0M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2107	−0.010%	$1.6M	$4.1M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2105	−0.116%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0552%	1h	0.2110	+0.133%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2100	−0.351%	$827K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0587%	1h	0.2110	+0.133%	$111.4M	$78.5M	10x	as long as short
dYdX ENA-USDshort	+0.1988%	1h	0.2107	−0.038%	$139K	$15K	5x