Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h +0.694%

Price spread now: dYdX against Bitget+0.015%7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$395as in the Funding arb table

Net, price: spread back to 7d avg − costs−$505as in the Price arb table

costs, in and out, $10k−$5015.006% of the position

Long on Bitget Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.057%+$106 on $10k

Price spread, last 4 days (all we have)+0.134%+$13 · spread now +0.015%, 7d avg +0.058%

Together, before fees+1.191%+$119 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.043% cheaper against Bitget than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.058%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.057%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ENAUSDT	0.2126	0.0100	pay 0.0050% / 4h	2h 02m	$48.4M	$59.0M	75x
Short	dYdX ENA-USD	0.2127	0.0011	get 0.0001% / 1h	2m 39s	$140K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bitget. 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 BitgetbpFee dYdXbpOrdersPrice spread, now +0.015%Rate

Funding earned: −$18.59
Price spread: +0.015% → +0.058%: −$4.28
Slippage, 4 orders: −$478.63
Fee Bitget: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$523.49
Costs to cover: 5.006%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; dYdX: live order book, 1 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 Bitget live order book, 1 min ago	0.94 bp	10.5 bp −$11	16.1 bp −$161	43.6 bp −$4,357	doesn't fit
Sell dYdX live order book, 1 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 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2125	−0.042%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2124	−0.085%	$87K	—	150x	as long as short
dYdX ENA-USDshort	+0.0011%	1h	0.2127	+0.015%	$140K	$15K	5x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.136%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0034%	4h	0.2124	−0.099%	$44K	$27K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	−0.108%	$54K	$507K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	−0.132%	$682K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2128	+0.080%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	+0.055%	$416K	$530K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2128	+0.066%	$130.9M	$432.6M	75x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2128	+0.071%	$87.1M	$180.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2128	+0.066%	$20.9M	$105.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2116	−0.489%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2128	+0.080%	$79K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.790%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2128	+0.066%	$11.1M	$22.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2127	+0.056%	$45.2M	$44.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2129	+0.136%	$24.7M	$16.0M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2126	long leg	$48.4M	$59.0M	75x
BingX ENA-USDC	+0.0100%	4h	0.2128	+0.061%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2128	+0.066%	$383K	$370K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	−0.570%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.958%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2112	−0.672%	$359K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	−0.955%	$32K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2125	−0.066%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2075	−2.408%	$984	$846K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2125	−0.061%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2127	+0.033%	$277K	$804K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2125	−0.061%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	+0.072%	$48K	$110	10x	as long as short
01 Exchange ENAUSD	+0.0104%	1h	0.2125	−0.066%	$4K	$302	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2126	−0.032%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0168%	1h	0.2127	+0.048%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2116	−0.466%	$7K	$351K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0251%	1h	0.2127	+0.042%	$2.7M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2124	−0.104%	$50K	—	100x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	−0.108%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0440%	1h	0.2131	+0.202%	$5.5M	$13.8M	10x	as long as short
Hyperliquid ENA	+0.0469%	1h	0.2129	+0.141%	$114.5M	$71.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2128	+0.094%	$835K	$1.6M	50x	as long as short