Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1790%/8h= −196.0% APRpaid last 24h −0.697%

Price spread now: Phemex against dYdX−0.100%7-day average +0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$884as in the Funding arb table

Net, price: spread back to 7d avg − costs−$800as in the Price arb table

costs, in and out, $10k−$7837.833% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−1.012%−$101 on $10k

Price spread, last 3 days (all we have)+0.528%+$53 · spread now −0.100%, 7d avg +0.064%

Together, before fees−0.484%−$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$54 a day on $10k at the current rate, and Phemex is 0.164% cheaper against dYdX than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.064%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.012% in total (about -52.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2096	0.1890	pay 0.0236% / 1h	44m 38s	$138K	$15K	5x
Short	Phemex ENAUSDT	0.2094	0.0100	get 0.0050% / 4h	1h 44m	$1.9M	$9.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.100%Rate

Funding earned: −$375.86
Price spread: −0.100% → +0.064%: −$16.4
Slippage, 4 orders: −$761.27
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$1,175.53
Costs to cover: 7.833%
Break-even: never at this rate

Slippage from dYdX: live order book, 39 min ago; Phemex: live order book, 4 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, 39 min ago	74.05 bp	249.8 bp −$250	475.0 bp −$4,750	648.8 bp −$64.9K	1405.5 bp −$702.8K
Sell Phemex live order book, 4 min ago	2.39 bp	15.3 bp −$15	68.1 bp −$681	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	−0.0071%	4h	0.2095	−0.038%	$40K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0049%	1h	0.2098	+0.082%	$362K	$482K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	+0.024%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2096	−0.001%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.303%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2097	+0.033%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0080%	1h	0.2099	+0.163%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.052%	$59K	$539K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2096	−0.005%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2094	−0.085%	$657K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2097	+0.029%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2098	+0.084%	$406K	$582K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2098	+0.088%	$129.2M	$461.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2098	+0.072%	$87.2M	$192.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	+0.139%	$20.3M	$112.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.353%	$21K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	+0.187%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2090	−0.287%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2098	+0.091%	$10.5M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	+0.091%	$45.1M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2098	+0.082%	$24.0M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	+0.039%	$47.5M	$65.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2099	+0.129%	—	$32.9M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.341%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2090	−0.296%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2088	−0.386%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2089	−0.338%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	+0.029%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.428%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	−0.004%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2098	+0.091%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2094	−0.100%	$1.9M	$9.2M	50x
Aevo ENA-PERP	+0.0104%	1h	0.2096	−0.004%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2092	−0.195%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0223% / S −0.0369%	1h	0.2096	−0.001%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0264%	1h	0.2098	+0.077%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2096	+0.010%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	−0.032%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0488%	1h	0.2100	+0.167%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0541%	1h	0.2100	+0.182%	$110.7M	$79.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	+0.034%	$801K	$2.1M	50x	as long as short
dYdX ENA-USDlong	+0.1890%	1h	0.2096	long leg	$138K	$15K	5x