Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0115%/8h= −12.6% APRpaid last 24h −0.628%

Price spread now: MEXC against dYdX+0.033%47s7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$204as 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−$950.952% of the position

Long on dYdX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−1.083%−$108 on $10k

Price spread, last 4 days (all we have)−0.149%−$15 · spread now +0.033%, 7d avg +0.005%

Together, before fees−1.233%−$123 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.027% dearer against dYdX than usual: you sell high and buy low (spread +0.033% now, against its 7-day average of +0.005%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 19 hours. At the pace of the last 7 days (−1.083% in total) that is about 4 hours. The two prices were read 47 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	0.2122	0.0215	pay 0.0027% / 1h	15m 52s	$140K	$16K	5x
Short	MEXC ENA_USDT	0.2122	0.0100	get 0.0050% / 4h	1h 15m	$37.9M	$43.0M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$24.25
Price spread: +0.033% → +0.005%: $2.75
Slippage, 4 orders: −$85.19
Fee dYdX: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$116.69
Costs to cover: 0.952%
Break-even: never at this rate

Slippage from dYdX: live order book, 28 min ago; MEXC: 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, 28 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 MEXC live order book, 3 min ago	0.23 bp	1.8 bp −$2	8.2 bp −$82	36.3 bp −$3,632	64.9 bp −$32.4K

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	−0.0109%	4h	0.2121	−0.024%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2122	+0.033%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2121	−0.016%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2123	+0.042%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.075%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2122	+0.009%	$55K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2122	−0.013%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2121	−0.017%	$562K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2125	+0.146%	$115.2M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2123	+0.061%	$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	0.2123	+0.038%	$402K	$546K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2123	+0.055%	$128.6M	$428.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2122	−0.015%	$91.0M	$187.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2123	+0.051%	$21.3M	$108.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2123	+0.056%	$33K	$330K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2122	+0.009%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2128	+0.298%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2123	+0.051%	$12.5M	$26.6M	50x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2122	+0.033%	$37.9M	$43.0M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2124	+0.089%	$24.9M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2121	−0.033%	$48.1M	$60.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2123	+0.042%	—	$31.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2125	+0.135%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2126	+0.179%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2127	+0.236%	$355K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2128	+0.292%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	+0.018%	$185K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2072	−2.352%	$1K	$904K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2123	+0.056%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2125	+0.146%	$266K	$820K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2121	−0.038%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2121	−0.020%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	+0.029%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2128	+0.292%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0176%	1h	0.2124	+0.113%	$5.0M	$13.5M	10x	as long as short
dYdX ENA-USDlong	+0.0215%	1h	0.2122	long leg	$140K	$16K	5x
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2122	+0.003%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2123	+0.042%	$5.6M	$3.2M	75x	as long as short
Backpack ENA_USDC_PERP	+0.0408%	1h	0.2123	+0.075%	$394K	$437K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2121	−0.054%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0444%	1h	0.2123	+0.066%	$2.6M	$4.4M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2135	+0.645%	$881K	$1.8M	50x	as long as short