Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0069%/8h= −7.6% APRpaid last 24h −0.675%

Price spread now: Paradex against dYdX−0.116%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on dYdX Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Paradex is 0.116% cheaper against dYdX than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2104	0.0169	pay 0.0021% / 1h	27m 01s	$139K	$15K	5x
Short	Paradex ENA-USD-PERP	0.2101	0.0100	get 0.0100% / 8h	5h 27m	$47K	$110	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.116%Rate

Funding earned: −$14.58
Price spread: −0.116% → 0.000%: −$11.59
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$40.17
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: dYdX: live order book, 37 min ago; Paradex: no order-book sample. Net counts fees only.

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, 37 min ago	153.18 bp	162.3 bp −$162	425.1 bp −$4,251	827.4 bp −$82.7K	1591.6 bp −$795.8K
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0013%	4h	0.2100	−0.175%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2101	−0.118%	$78K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2101	−0.135%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2103	−0.057%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.932%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2102	−0.085%	$55K	$497K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2103	−0.033%	$679K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2104	0.000%	$113.0M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2101	−0.114%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2103	−0.025%	$411K	$506K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2102	−0.080%	$129.0M	$419.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2103	−0.042%	$86.2M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2104	−0.004%	$20.7M	$101.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	+0.176%	$19K	$364K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2102	−0.085%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	+0.533%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2102	−0.090%	$11.0M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2101	−0.114%	$45.2M	$42.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2102	−0.085%	$24.5M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2100	−0.199%	$47.8M	$57.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2101	−0.114%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2102	−0.085%	$372K	$363K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2113	+0.415%	$3.4M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2110	+0.287%	$243K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2111	+0.323%	$357K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2113	+0.438%	$22K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2102	−0.080%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2051	−2.490%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	−0.180%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2106	+0.110%	$275K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2102	−0.085%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2101	−0.116%	$47K	$110	10x
Extended ENA-USD	+0.0104%	1h	0.2100	−0.193%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	−0.131%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2112	+0.390%	$8K	$298K	10x	as long as short
dYdX ENA-USDlong	+0.0169%	1h	0.2104	long leg	$139K	$15K	5x
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2101	−0.136%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0287%	1h	0.2103	−0.054%	$2.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.066%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0368%	1h	0.2103	−0.019%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2101	−0.125%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2118	+0.656%	$833K	$1.5M	50x	as long as short