Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.683%

Price spread now: Binance against dYdX−0.050%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$604as in the Funding arb table

Net, price: spread back to 7d avg − costs−$503as in the Price arb table

costs, in and out, $10k−$4974.970% of the position

Long on dYdX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−1.067%−$107 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now −0.050%, 7d avg +0.010%

Together, before fees−1.090%−$109 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.060% cheaper against dYdX than usual: you would sell low and buy high (spread −0.050% now, against its 7-day average of +0.010%). If the spread goes back, that is −$6 on $10k: about 48 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −1.067%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2124	0	get 0.0000% / 1h	58m 35s	$140K	$15K	5x
Short	Binance ENAUSDT	0.2123	0.0100	get 0.0050% / 4h	1h 58m	$130.6M	$429.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.050%Rate

Funding earned: $21
Price spread: −0.050% → +0.010%: −$6
Slippage, 4 orders: −$476.95
Fee dYdX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$481.95
Costs to cover: 4.970%
Break-even: 167.7 days

Slippage from dYdX: live order book, 5 min ago; Binance: live order book, 15 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 dYdX live order book, 5 min ago	153.18 bp	162.3 bp −$162	425.1 bp −$4,251	827.4 bp −$82.7K	1591.6 bp −$795.8K
Sell Binance live order book, 15 min ago	0.24 bp	10.4 bp −$10	16.1 bp −$161	50.0 bp −$4,997	doesn't fit

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
Polymarket Perps ENA-USD	−0.0241%	1h	0.2126	+0.091%	$183K	$2.3M	10x	as long as short
dYdX ENA-USDlong	0.0000%	1h	0.2124	long leg	$140K	$15K	5x
01 Exchange ENAUSD	0.0000%	1h	0.2122	−0.088%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2125	+0.035%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2125	+0.026%	$87K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0030%	4h	0.2123	−0.045%	$44K	$27K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.026%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2122	−0.092%	$54K	$505K	50x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2126	+0.082%	$114.3M	$71.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2125	+0.067%	$1.5M	$3.3M	50x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2123	−0.034%	$415K	$519K	10x	as long as short
Binance ENAUSDTshort	+0.0100%	4h	0.2123	−0.050%	$130.6M	$429.0M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2122	−0.078%	$86.8M	$178.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2121	−0.135%	$20.9M	$104.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	+0.138%	$19K	$384K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2123	−0.045%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.681%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2123	−0.055%	$11.0M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2123	−0.045%	$45.6M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2124	+0.007%	$24.6M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2120	−0.196%	$48.3M	$58.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2122	−0.092%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	+0.217%	$3.8M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.211%	$249K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	+0.011%	$361K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2130	+0.284%	$32K	$649K	50x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2073	−2.381%	$1K	$843K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2124	+0.002%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.233%	$277K	$789K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2124	+0.002%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2123	−0.027%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2124	+0.013%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0144%	1h	0.2121	−0.159%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2122	−0.106%	$7K	$291K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2124	+0.002%	$51K	—	100x	as long as short
Lighter ENA	+0.0264%	1h	0.2126	+0.082%	$5.5M	$13.6M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0283%	1h	0.2126	+0.089%	$2.7M	$4.3M	50x	as long as short
Nado ENA-PERP	+0.0375%	1h	0.2125	+0.030%	$686K	$1.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	+0.001%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2131	+0.346%	$838K	$1.6M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0738%	1h	0.2126	+0.082%	$383K	$363K	5x	as long as short