Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.617%

Price spread now: dYdX against KuCoin+0.221%7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$1261.259% of the position

Long on KuCoin Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.124%+$112 on $10k

Price spread, last 4 days (all we have)+0.151%+$15 · spread now +0.221%, 7d avg −0.024%

Together, before fees+1.275%+$128 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: dYdX is 0.244% dearer against KuCoin than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2131	0.0100	pay 0.0050% / 4h	3h 36m	$25.1M	$16.0M	75x
Short	dYdX ENA-USD	0.2135	0.0104	get 0.0013% / 1h	36m 16s	$141K	$16K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against KuCoin. 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 KuCoinbpFee dYdXbpOrdersPrice spread, now +0.221%Rate

Funding earned: $0.78
Price spread: +0.221% → −0.024%: $24.45
Slippage, 4 orders: −$103.94
Fee KuCoin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$100.72
Costs to cover: 1.259%
Break-even: 915.5 days

Slippage from KuCoin: live order book, 3 min ago; dYdX: live order book, 63 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 KuCoin live order book, 3 min ago	2.10 bp	16.2 bp −$16	36.4 bp −$364	doesn't fit	doesn't fit
Sell dYdX live order book, 63 min ago	37.93 bp	42.9 bp −$43	384.2 bp −$3,842	823.7 bp −$82.4K	1524.0 bp −$762.0K

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	−0.0096%	4h	0.2131	+0.014%	$44K	$16K	10x	as long as short
01 Exchange ENAUSD	−0.0088%	1h	0.2128	−0.145%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2133	+0.099%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2139	+0.388%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.343%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2135	+0.197%	$4.9M	$13.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2129	−0.080%	$52K	$493K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2134	+0.142%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2129	−0.087%	$565K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2132	+0.061%	$116.3M	$76.4M	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	0.2131	+0.027%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2134	+0.164%	$409K	$569K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2131	0.000%	$129.6M	$432.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2131	0.000%	$88.7M	$194.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2132	+0.075%	$21.0M	$109.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2137	+0.300%	$28K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2128	−0.127%	$79K	$282K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2140	+0.436%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2130	−0.019%	$13.3M	$27.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2130	−0.038%	$40.6M	$43.1M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2131	long leg	$25.1M	$16.0M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2130	−0.033%	$48.3M	$61.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2130	−0.023%	—	$31.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2139	+0.385%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2139	+0.406%	$254K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2139	+0.400%	$369K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2141	+0.483%	$19K	$644K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2130	−0.023%	$175K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2081	−2.318%	$1K	$928K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2132	+0.061%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2147	+0.788%	$266K	$837K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2135	+0.202%	$1.9M	$8.9M	50x	as long as short
dYdX ENA-USDshort	+0.0104%	1h	0.2135	+0.221%	$141K	$16K	5x
Extended ENA-USD	+0.0104%	1h	0.2131	+0.018%	$1.6M	$4.6M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	+0.014%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2140	+0.455%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0196%	1h	0.2132	+0.073%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0230%	1h	0.2137	+0.282%	$416K	$478K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0754%	1h	0.2131	+0.015%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2138	+0.347%	$5.7M	$3.5M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2131	+0.029%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2140	+0.441%	$795K	$2.0M	50x	as long as short