Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0122%/8h= −13.4% APRpaid last 24h −0.628%

Price spread now: edgeX against dYdX−0.053%51s7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$220as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1141.140% of the position

Long on dYdX Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.061%−$106 on $10k

Price spread, last 4 days (all we have)+0.126%+$13 · spread now −0.053%, 7d avg +0.040%

Together, before fees−0.935%+ Points / potential airdropedgeX: Active · farm board−$93 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and edgeX is 0.093% cheaper against dYdX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.040%). Swap the legs. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2123	0.0222	pay 0.0028% / 1h	12m 03s	$140K	$16K	5x
Short	edgeX ENAUSDC	0.2122	0.0100	get 0.0050% / 4h	1h 12m	$257K	$7.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.053%Rate

Funding earned: −$25.71
Price spread: −0.053% → +0.040%: −$9.29
Slippage, 4 orders: −$94.96
Fee dYdX: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$148.96
Costs to cover: 1.140%
Break-even: never at this rate

Slippage from dYdX: live order book, 32 min ago; edgeX: live order book, 2 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, 32 min ago	37.85 bp	45.3 bp −$45	288.8 bp −$2,888	693.7 bp −$69.4K	1505.8 bp −$752.9K
Sell edgeX live order book, 2 min ago	7.06 bp	11.6 bp −$12	13.1 bp −$131	44.3 bp −$4,429	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
Orderly PERP_ENA_USDC	−0.0104%	4h	0.2122	−0.085%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2123	−0.009%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2121	−0.137%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2122	−0.052%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.005%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2123	−0.023%	$55K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2122	−0.048%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2122	−0.070%	$562K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2123	−0.005%	$115.0M	$76.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2123	−0.019%	$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	0.2122	−0.047%	$402K	$546K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2121	−0.127%	$128.4M	$427.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2120	−0.155%	$90.9M	$187.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	−0.089%	$21.2M	$108.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2121	−0.108%	$33K	$330K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2121	−0.118%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2128	+0.218%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2122	−0.047%	$12.6M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2122	−0.089%	$37.9M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	−0.056%	$24.8M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	−0.193%	$48.0M	$59.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2121	−0.132%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2120	−0.142%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2122	−0.053%	$257K	$7.1M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	+0.024%	$355K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	+0.024%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2124	+0.019%	$185K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2072	−2.416%	$1K	$903K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2123	−0.023%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2124	+0.033%	$266K	$820K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2122	−0.070%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2120	−0.166%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	−0.054%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2125	+0.090%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0176%	1h	0.2124	+0.038%	$5.0M	$13.6M	10x	as long as short
dYdX ENA-USDlong	+0.0222%	1h	0.2123	long leg	$140K	$16K	5x
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2121	−0.097%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2122	−0.080%	$5.6M	$3.2M	75x	as long as short
Backpack ENA_USDC_PERP	+0.0350%	1h	0.2124	+0.043%	$394K	$437K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2122	−0.076%	$1K	$2K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0444%	1h	0.2124	+0.020%	$2.6M	$4.4M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2135	+0.565%	$881K	$1.8M	50x	as long as short