Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0018%/8h= +2.0% APRpaid last 24h +0.628%

Price spread now: dYdX against Bitget+0.117%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$119as in the Price arb table

costs, in and out, $10k−$1251.247% of the position

Long on Bitget Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.091%+$109 on $10k

Price spread, last 4 days (all we have)+0.334%+$33 · spread now +0.117%, 7d avg +0.059%

Together, before fees+1.425%+$142 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and dYdX is 0.058% dearer against Bitget than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ENAUSDT	0.2125	0.0100	pay 0.0050% / 4h	3h 33m	$48.2M	$61.1M	75x
Short	dYdX ENA-USD	0.2128	0.0118	get 0.0015% / 1h	33m 30s	$141K	$16K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bitget. 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 BitgetbpFee dYdXbpOrdersPrice spread, now +0.117%Rate

Funding earned: $3.85
Price spread: +0.117% → +0.059%: $5.81
Slippage, 4 orders: −$102.66
Fee Bitget: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$115
Costs to cover: 1.247%
Break-even: 215.9 days

Slippage from Bitget: live order book, 6 min ago; dYdX: live order book, just now.

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 Bitget live order book, 6 min ago	0.23 bp	10.7 bp −$11	15.3 bp −$153	doesn't fit	doesn't fit
Sell dYdX live order book, just now	2.56 bp	90.8 bp −$91	436.5 bp −$4,365	791.1 bp −$79.1K	1642.5 bp −$821.2K

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	−0.0097%	4h	0.2136	+0.503%	$44K	$16K	10x	as long as short
01 Exchange ENAUSD	−0.0096%	1h	0.2125	−0.009%	$4K	$169	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2138	+0.583%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2129	+0.196%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.089%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2129	+0.155%	$4.9M	$13.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2126	+0.033%	$54K	$497K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2125	−0.008%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2126	+0.054%	$563K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2129	+0.169%	$116.0M	$76.6M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2127	+0.101%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	+0.084%	$407K	$569K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2126	+0.033%	$129.0M	$430.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2126	+0.014%	$88.4M	$194.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2127	+0.099%	$21.0M	$108.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2129	+0.179%	$28K	$318K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2125	−0.014%	$79K	$282K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2140	+0.692%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	+0.071%	$13.3M	$27.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2127	+0.104%	$40.4M	$43.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2128	+0.136%	$25.0M	$16.0M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2125	long leg	$48.2M	$61.1M	75x
BingX ENA-USDC	+0.0100%	4h	0.2124	−0.056%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2131	+0.273%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2130	+0.218%	$253K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.173%	$354K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2138	+0.598%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	+0.108%	$175K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2082	−2.019%	$1K	$928K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2133	+0.362%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2140	+0.706%	$266K	$838K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2134	+0.409%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2124	−0.059%	$1.6M	$4.6M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2138	+0.582%	$75K	$4K	3x	as long as short
Backpack ENA_USDC_PERP	+0.0111%	1h	0.2135	+0.466%	$415K	$476K	5x	as long as short
dYdX ENA-USDshort	+0.0118%	1h	0.2128	+0.117%	$141K	$16K	5x
Phoenix ENA	+0.0150%	1h	0.2140	+0.710%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0195%	1h	0.2136	+0.487%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0754%	1h	0.2133	+0.377%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.113%	$5.7M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2129	+0.184%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2136	+0.499%	$793K	$2.0M	50x	as long as short