Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.5944%/8h= −650.9% APRpaid last 24h −0.568%

Price spread now: SunX against dYdX−2.476%7-day average −2.352% · you buy dearer than you sell

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

Long on dYdX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.840%−$84 on $10k

Price spread, last 3 days (all we have)+0.892%+$89 · spread now −2.476%, 7d avg −2.352%

Together, before fees+0.052%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$178 a day on $10k at the current rate, and SunX is 0.124% cheaper against dYdX than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −2.352%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.840% in total (about -43.8% 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	0.2140	0.6044	pay 0.0756% / 1h	31m 25s	$141K	$12K	5x
Short	SunX ENA-USDT	0.2087	0.0100	get 0.0050% / 4h	3h 31m	$1K	$794K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −2.476%Rate

Funding earned: −$1,248.28
Price spread: −2.476% → −2.352%: −$12.41
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$1,278.69
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: dYdX: live order book, 18 min ago; SunX: live order book, 11 min ago. 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, 18 min ago	59.00 bp	245.7 bp −$246	802.9 bp −$8,029	1444.7 bp −$144.5K	1759.1 bp −$879.5K
Sell SunX live order book, 11 min ago	259.96 bp	doesn't fit	doesn't fit	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
Backpack ENA_USDC_PERP	−0.0417%	1h	0.2140	+0.005%	$368K	$492K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0122%	4h	0.2141	+0.042%	$42K	$23K	10x	as long as short
Phemex ENAUSDT	−0.0056%	4h	0.2139	−0.042%	$1.9M	$9.3M	50x	as long as short
Phoenix ENA	0.0000%	1h	0.2138	−0.084%	$6K	$391K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2139	−0.051%	$95K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2142	+0.093%	$98K	—	150x	as long as short
Kraken Futures PF_ENAUSD	+0.0015%	1h	0.2139	−0.047%	$2.7M	$6.1M	50x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2142	+0.108%	$4K	$432	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.771%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2140	+0.005%	$58K	$551K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2141	+0.039%	$48K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2140	+0.017%	$662K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2142	+0.081%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2141	+0.047%	$411K	$611K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2141	+0.061%	$132.9M	$473.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2140	+0.019%	$90.9M	$196.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2141	+0.052%	$20.5M	$119.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2138	−0.084%	$20K	$452K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2141	+0.052%	$85K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2137	−0.144%	$90K	$2K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2140	+0.028%	$10.6M	$22.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2140	+0.024%	$46.9M	$50.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2141	+0.070%	$24.0M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2140	−0.009%	$48.7M	$67.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2140	+0.024%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2127	−0.603%	$3.7M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2129	−0.497%	$254K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2130	−0.451%	$362K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2131	−0.416%	$31K	$714K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2141	+0.066%	$189K	$3.1M	10x	as long as short
SunX ENA-USDTshort	+0.0100%	4h	0.2087	−2.476%	$1K	$794K	20x
SoDEX ENA-USD	+0.0100%	1h	0.2141	+0.052%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2140	−0.004%	$276K	$1.7M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2140	+0.018%	$1.7M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2143	+0.165%	$79K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0195% / S −0.0299%	1h	0.2141	+0.065%	$39K	—	100x	as long as short
Lighter ENA	+0.0320%	1h	0.2143	+0.131%	$5.8M	$13.5M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	−0.607%	$5.6M	$8.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2140	−0.001%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0456%	1h	0.2132	−0.345%	$815K	$2.4M	50x	as long as short
Hyperliquid ENA	+0.0597%	1h	0.2144	+0.201%	$114.3M	$80.4M	10x	as long as short
dYdX ENA-USDlong	+0.6044%	1h	0.2140	long leg	$141K	$12K	5x