Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0273%/8h= +29.9% APRpaid last 24h +0.682%

Price spread now: dYdX against Phemex−0.297%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$417as in the Funding arb table

Net, price: spread back to 7d avg − costs−$546as in the Price arb table

costs, in and out, $10k−$5225.220% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.050%+$105 on $10k

Price spread, last 4 days (all we have)−0.549%−$55 · spread now −0.297%, 7d avg −0.058%

Together, before fees+0.501%+$50 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.239% cheaper against Phemex than usual: you would sell low and buy high (spread −0.297% now, against its 7-day average of −0.058%). If the spread goes back, that is −$24 on $10k: about 2.9 days of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2109	0.0100	pay 0.0050% / 4h	1h 04m	$1.8M	$8.8M	50x
Short	dYdX ENA-USD	0.2103	0.0373	get 0.0047% / 1h	4m 14s	$139K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Phemex. 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 PhemexbpFee dYdXbpOrdersPrice spread, now −0.297%Rate

Funding earned: $57.27
Price spread: −0.297% → −0.058%: −$23.92
Slippage, 4 orders: −$499.97
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$488.62
Costs to cover: 5.220%
Break-even: 66.7 days

Slippage from Phemex: live order book, 5 min ago; dYdX: live order book, 60 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 Phemex live order book, 5 min ago	7.13 bp	24.3 bp −$24	84.3 bp −$843	doesn't fit	doesn't fit
Sell dYdX live order book, 60 min ago	153.18 bp	315.7 bp −$316	583.2 bp −$5,832	651.4 bp −$65.1K	1479.4 bp −$739.7K

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	−0.0041%	4h	0.2106	−0.161%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2106	−0.147%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2107	−0.114%	$78K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2106	−0.128%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.683%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2105	−0.190%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2106	−0.130%	$661K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2108	−0.038%	$113.7M	$71.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2106	−0.135%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2106	−0.129%	$411K	$501K	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	0.2106	−0.124%	$128.8M	$415.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2106	−0.156%	$85.7M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2106	−0.133%	$20.8M	$102.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2095	−0.673%	$19K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2106	−0.142%	$78K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2102	−0.332%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2107	−0.119%	$11.0M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2106	−0.138%	$45.6M	$42.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2106	−0.123%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2105	−0.199%	$47.9M	$57.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2106	−0.128%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2104	−0.261%	$372K	$362K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.562%	$3.3M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	−0.434%	$243K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	−0.047%	$355K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2108	−0.047%	$22K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	−0.128%	$180K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2054	−2.613%	$995	$839K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2106	−0.142%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2107	−0.081%	$272K	$785K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2109	long leg	$1.8M	$8.8M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2105	−0.203%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2105	−0.182%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	−0.119%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2100	−0.427%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2107	−0.102%	$51K	—	100x	as long as short
Lighter ENA	+0.0272%	1h	0.2108	−0.043%	$5.3M	$14.0M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0286%	1h	0.2108	−0.040%	$2.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2097	−0.578%	$5.6M	$3.0M	75x	as long as short
dYdX ENA-USDshort	+0.0373%	1h	0.2103	−0.297%	$139K	$15K	5x
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.155%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2107	−0.104%	$858K	$1.5M	50x	as long as short