Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0145%/8h= −15.9% APRpaid last 24h +0.572%

Price spread now: dYdX against BloFin−0.050%7-day average −0.087% · you buy dearer than you sell

Net, funding: paid 7d − costs−$466as in the Funding arb table

Net, price: spread back to 7d avg − costs−$524as in the Price arb table

costs, in and out, $10k−$5285.276% of the position

Long on BloFin Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.618%+$62 on $10k

Price spread, last 4 days (all we have)−0.266%−$27 · spread now −0.050%, 7d avg −0.087%

Together, before fees+0.352%+$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.037% dearer against BloFin than usual: you sell high and buy low (spread −0.050% now, against its 7-day average of −0.087%): +$4 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 20 hours. Mind the row above: over the last 7 days funding on this pair paid +0.618%, 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	BloFin ENA-USDT	0.2179	0.0340	pay 0.0170% / 4h	2h 04m	$5.6M	$3.3M	75x
Short	dYdX ENA-USD	0.2178	0.0195	get 0.0024% / 1h	4m 14s	$144K	$16K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against BloFin. 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 BloFinbpFee dYdXbpOrdersPrice spread, now −0.050%Rate

Funding earned: −$30.47
Price spread: −0.050% → −0.087%: $3.68
Slippage, 4 orders: −$505.64
Fee BloFin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$554.43
Costs to cover: 5.276%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; dYdX: live order book, 45 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 BloFin live order book, 4 min ago	2.99 bp	10.3 bp −$10	17.7 bp −$177	78.0 bp −$7,800	doesn't fit
Sell dYdX live order book, 45 min ago	145.57 bp	322.7 bp −$323	626.1 bp −$6,261	1159.1 bp −$115.9K	1803.7 bp −$901.9K

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	−0.0140%	4h	0.2175	−0.165%	$45K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2175	−0.151%	$68K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2176	−0.129%	$84K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.543%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0040%	1h	0.2179	−0.005%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2178	−0.037%	$55K	$477K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2175	−0.163%	$577K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2177	−0.083%	$118.1M	$75.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2175	−0.154%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2177	−0.068%	$409K	$532K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2175	−0.179%	$131.7M	$426.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2174	−0.207%	$87.9M	$178.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2175	−0.165%	$21.7M	$109.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2175	−0.184%	$21K	$327K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2179	+0.009%	$81K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2182	+0.124%	$96K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2174	−0.211%	$11.5M	$24.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2175	−0.193%	$48.4M	$42.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2175	−0.151%	$25.4M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2173	−0.248%	$49.3M	$59.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2176	−0.147%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2182	+0.132%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2177	−0.069%	$257K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2179	−0.003%	$364K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2178	−0.037%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2179	−0.009%	$193K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2124	−2.515%	$919	$893K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2175	−0.174%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2182	+0.133%	$273K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2175	−0.174%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2176	−0.111%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2174	−0.205%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2175	−0.165%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2177	−0.060%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0158%	1h	0.2176	−0.127%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USDshort	+0.0195%	1h	0.2178	−0.050%	$144K	$16K	5x
Lighter ENA	+0.0240%	1h	0.2177	−0.087%	$5.2M	$13.4M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2175	−0.160%	$60K	—	100x	as long as short
BloFin ENA-USDTlong	+0.0340%	4h	0.2179	long leg	$5.6M	$3.3M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2174	−0.204%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0558%	1h	0.2180	+0.064%	$399K	$423K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2181	+0.096%	$895K	$1.8M	50x	as long as short