Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.5118%/8h= −560.4% APRpaid last 24h −0.659%

Price spread now: Bitget against dYdX−0.197%7-day average −0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$869as in the Funding arb table

Net, price: spread back to 7d avg − costs−$788as in the Price arb table

costs, in and out, $10k−$7747.737% of the position

Long on dYdX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.955%−$95 on $10k

Price spread, last 4 days (all we have)−0.117%−$12 · spread now −0.197%, 7d avg −0.055%

Together, before fees−1.072%−$107 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$154 a day on $10k at the current rate, and Bitget is 0.142% cheaper against dYdX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.055%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.955% in total (about -49.8% 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	dYdX ENA-USD	0.2091	0.5218	pay 0.0652% / 1h	8m 08s	$138K	$15K	5x
Short	Bitget ENAUSDT	0.2086	0.0100	get 0.0050% / 4h	2h 08m	$47.2M	$65.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against dYdX. 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 dYdXbpFee BitgetbpOrdersPrice spread, now −0.197%Rate

Funding earned: −$1,074.83
Price spread: −0.197% → −0.055%: −$14.21
Slippage, 4 orders: −$751.74
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$1,862.78
Costs to cover: 7.737%
Break-even: never at this rate

Slippage from dYdX: live order book, 16 min ago; Bitget: live order book, 1 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 dYdX live order book, 16 min ago	74.05 bp	249.8 bp −$250	475.0 bp −$4,750	648.8 bp −$64.9K	1405.5 bp −$702.8K
Sell Bitget live order book, 1 min ago	1.44 bp	13.0 bp −$13	20.0 bp −$200	39.9 bp −$3,993	doesn't fit

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
Backpack ENA_USDC_PERP	−0.0284%	1h	0.2088	−0.126%	$360K	$483K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0080%	4h	0.2087	−0.178%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2088	−0.107%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2088	−0.116%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2088	−0.118%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.572%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	+0.190%	$5K	$394K	10x	as long as short
Gate ENA_USDT	+0.0078%	4h	0.2087	−0.150%	$10.4M	$21.8M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2087	−0.169%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2089	−0.078%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2089	−0.066%	$655K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2088	−0.117%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2090	−0.042%	$404K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2087	−0.186%	$128.4M	$465.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2086	−0.197%	$86.9M	$193.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2087	−0.150%	$20.1M	$113.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2088	−0.126%	$19K	$417K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2091	+0.023%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	−0.176%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2087	−0.178%	$45.3M	$49.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2088	−0.121%	$23.9M	$16.7M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2086	−0.197%	$47.2M	$65.8M	75x
BingX ENA-USDC	+0.0100%	4h	0.2087	−0.173%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2085	−0.241%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2087	−0.179%	$248K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2087	−0.190%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2088	−0.121%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2088	−0.107%	$182K	$2.9M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2039	−2.479%	$1K	$811K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2087	−0.169%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2093	+0.137%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2087	−0.169%	$1.9M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2088	−0.122%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2089	−0.067%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2087	−0.187%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0164%	1h	0.2087	−0.147%	$50K	—	100x	as long as short
Lighter ENA	+0.0304%	1h	0.2090	−0.006%	$5.6M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2091	−0.001%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0346%	1h	0.2090	−0.040%	$110.1M	$80.1M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2087	−0.163%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2090	−0.044%	$800K	$2.1M	50x	as long as short
dYdX ENA-USDlong	+0.5218%	1h	0.2091	long leg	$138K	$15K	5x