Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1642%/8h= +179.8% APRpaid last 24h +0.692%

Price spread now: dYdX against MEXC−0.048%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$301as in the Funding arb table

Net, price: spread back to 7d avg − costs−$412as in the Price arb table

costs, in and out, $10k−$4084.076% of the position

Long on MEXC Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.063%+$106 on $10k

Price spread, last 4 days (all we have)+0.169%+$17 · spread now −0.048%, 7d avg −0.005%

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

Funding pays, the price is against you. dYdX is 0.042% cheaper against MEXC than usual: you would sell low and buy high (spread −0.048% now, against its 7-day average of −0.005%). If the spread goes back, that is −$4 on $10k: about 2 hours of funding at the current rate (+$49 a day). At the pace of the last 7 days (+1.063% in total) that is about 7 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.063% in total (about 55.4% 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	MEXC ENA_USDT	0.2127	0.0100	pay 0.0050% / 4h	38m 46s	$46.9M	$45.4M	200x
Short	dYdX ENA-USD	0.2126	0.1742	get 0.0218% / 1h	38m 46s	$140K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against MEXC. 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 MEXCbpFee dYdXbpOrdersPrice spread, now −0.048%Rate

Funding earned: $344.76
Price spread: −0.048% → −0.005%: −$4.22
Slippage, 4 orders: −$397.64
Fee MEXC: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$67.1
Costs to cover: 4.076%
Break-even: 8.4 days

Slippage from MEXC: live order book, 5 min ago; dYdX: live order book, 40 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 MEXC live order book, 5 min ago	0.23 bp	3.2 bp −$3	8.4 bp −$84	37.9 bp −$3,793	62.3 bp −$31.1K
Sell dYdX live order book, 40 min ago	76.39 bp	107.8 bp −$108	705.2 bp −$7,052	1435.1 bp −$143.5K	1910.6 bp −$955.3K

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	−0.0022%	4h	0.2125	−0.108%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2126	−0.061%	$93K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2125	−0.096%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.174%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0075%	1h	0.2126	−0.038%	$375K	$448K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	−0.146%	$63K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	−0.139%	$683K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2126	−0.033%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	−0.014%	$412K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2126	−0.044%	$131.4M	$454.4M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2127	−0.028%	$89.3M	$190.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2127	+0.009%	$20.6M	$112.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	−0.113%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2128	+0.042%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2129	+0.089%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2126	−0.066%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2127	long leg	$46.9M	$45.4M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2128	+0.024%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2126	−0.056%	$48.2M	$64.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2127	−0.014%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	+0.093%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2127	+0.019%	$253K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.090%	$358K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2130	+0.136%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2125	−0.099%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2072	−2.567%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2126	−0.052%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2137	+0.456%	$278K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2125	−0.099%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	−0.049%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2125	−0.100%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.094%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2126	−0.066%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2126	−0.036%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2125	−0.121%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0312%	1h	0.2125	−0.099%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2124	−0.146%	$5.6M	$7.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	−0.141%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0552%	1h	0.2129	+0.094%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.216%	$842K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0856%	1h	0.2130	+0.132%	$114.5M	$78.7M	10x	as long as short
dYdX ENA-USDshort	+0.1742%	1h	0.2126	−0.048%	$140K	$15K	5x