Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0073%/8h= +7.9% APRpaid last 24h −0.689%

Price spread now: Gate against dYdX−0.283%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$243as in the Funding arb table

Net, price: spread back to 7d avg − costs−$162as in the Price arb table

costs, in and out, $10k−$1351.349% of the position

Long on dYdX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−1.076%−$108 on $10k

Price spread, last 4 days (all we have)+0.193%+$19 · spread now −0.283%, 7d avg −0.013%

Together, before fees−0.883%−$88 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.270% cheaper against dYdX than usual: you would sell low and buy high (spread −0.283% now, against its 7-day average of −0.013%). If the spread goes back, that is −$27 on $10k: about 12 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −1.076%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2116	0.0027	pay 0.0003% / 1h	46m 01s	$140K	$15K	5x
Short	Gate ENA_USDT	0.2110	0.0100	get 0.0050% / 4h	2h 46m	$10.7M	$20.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.283%Rate

Funding earned: $15.23
Price spread: −0.283% → −0.013%: −$27.05
Slippage, 4 orders: −$109.93
Fee dYdX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$146.74
Costs to cover: 1.349%
Break-even: 74.4 days

Slippage from dYdX: live order book, 23 min ago; Gate: live order book, 3 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, 23 min ago	39.28 bp	44.3 bp −$44	294.9 bp −$2,949	882.2 bp −$88.2K	1645.9 bp −$823.0K
Sell Gate live order book, 3 min ago	3.78 bp	22.1 bp −$22	30.0 bp −$300	53.5 bp −$5,347	92.6 bp −$46.3K

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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	−0.236%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2109	−0.290%	$90K	—	150x	as long as short
dYdX ENA-USDlong	+0.0027%	1h	0.2116	long leg	$140K	$15K	5x
01 Exchange ENAUSD	+0.0032%	1h	0.2111	−0.231%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.369%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0037%	4h	0.2110	−0.250%	$41K	$23K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2113	−0.137%	$5.5M	$13.6M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	−0.265%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2109	−0.331%	$695K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2111	−0.221%	$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	0.2112	−0.175%	$414K	$548K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2108	−0.361%	$131.2M	$445.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.416%	$86.3M	$186.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.406%	$20.9M	$108.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	+0.421%	$16K	$408K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2112	−0.170%	$115K	$253K	10x	as long as short
Gate ENA_USDTshort	+0.0100%	4h	0.2110	−0.283%	$10.7M	$20.8M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2108	−0.378%	$44.4M	$43.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2108	−0.378%	$24.3M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	−0.548%	$47.6M	$61.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2109	−0.302%	—	$32.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2111	−0.231%	$365K	$383K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2109	−0.308%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2132	+0.766%	$244K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2130	+0.681%	$360K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2131	+0.728%	$32K	$691K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	−0.283%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.675%	$1K	$845K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	−0.265%	$3K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.047%	$274K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2111	−0.217%	$1.9M	$9.4M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	+0.055%	$93K	$4K	10x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.153%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	−0.231%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2127	+0.539%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2110	−0.274%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0253%	1h	0.2112	−0.180%	$2.6M	$4.9M	50x	as long as short
Extended ENA-USD	+0.0296%	1h	0.2105	−0.491%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	+0.794%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2109	−0.332%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0453%	1h	0.2113	−0.142%	$113.8M	$74.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2111	−0.222%	$829K	$1.7M	50x	as long as short