Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0090%/8h= +9.9% APRpaid last 24h −0.628%

Price spread now: KuCoin against dYdX−0.013%7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$650as in the Funding arb table

Net, price: spread back to 7d avg − costs−$542as in the Price arb table

costs, in and out, $10k−$5385.383% of the position

Long on dYdX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−1.116%−$112 on $10k

Price spread, last 4 days (all we have)−0.098%−$10 · spread now −0.013%, 7d avg +0.025%

Together, before fees−1.214%−$121 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.038% cheaper against dYdX than usual: you would sell low and buy high (spread −0.013% now, against its 7-day average of +0.025%). If the spread goes back, that is −$4 on $10k: about 34 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −1.116%, 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	0.2143	0.0010	pay 0.0001% / 1h	51m 43s	$142K	$16K	5x
Short	KuCoin ENAUSDTM	0.2143	0.0100	get 0.0050% / 4h	1h 51m	$24.8M	$15.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.013%Rate

Funding earned: $18.98
Price spread: −0.013% → +0.025%: −$3.8
Slippage, 4 orders: −$516.32
Fee dYdX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$523.15
Costs to cover: 5.383%
Break-even: 200.0 days

Slippage from dYdX: live order book, 57 min ago; KuCoin: live order book, 7 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, 57 min ago	145.57 bp	183.1 bp −$183	501.1 bp −$5,011	1057.7 bp −$105.8K	1840.9 bp −$920.4K
Sell KuCoin live order book, 7 min ago	2.97 bp	16.5 bp −$16	33.4 bp −$334	doesn't fit	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	−0.0139%	4h	0.2146	+0.122%	$45K	$26K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2147	+0.197%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2146	+0.145%	$67K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2147	+0.168%	$83K	—	150x	as long as short
dYdX ENA-USDlong	+0.0010%	1h	0.2143	long leg	$142K	$16K	5x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.914%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2147	+0.187%	$57K	$481K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2149	+0.260%	$569K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2143	0.000%	$115.7M	$76.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2142	−0.037%	$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	0.2142	−0.037%	$402K	$532K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2141	−0.088%	$129.6M	$428.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2141	−0.074%	$85.6M	$181.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2142	−0.023%	$21.4M	$109.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2153	+0.486%	$21K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2142	−0.046%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2148	+0.246%	$94K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2142	−0.069%	$12.3M	$25.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2142	−0.046%	$48.0M	$41.9M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2143	−0.013%	$24.8M	$15.9M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2140	−0.130%	$48.7M	$60.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2142	−0.046%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2170	+1.269%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2161	+0.846%	$257K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2158	+0.724%	$365K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2179	+1.681%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2147	+0.192%	$188K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2095	−2.216%	$1K	$896K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2146	+0.141%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2153	+0.481%	$270K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2146	+0.141%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2142	−0.064%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2143	−0.022%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2146	+0.137%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2161	+0.836%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0112%	1h	0.2144	+0.029%	$5.1M	$13.3M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0309% / S −0.0753%	1h	0.2146	+0.146%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2152	+0.416%	$5.7M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2146	+0.146%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0439%	1h	0.2148	+0.213%	$2.7M	$4.3M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2153	+0.467%	$879K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0653%	1h	0.2143	+0.005%	$391K	$424K	5x	as long as short