Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.4963%/8h= −543.5% APRpaid last 24h −0.648%

Price spread now: BingX against dYdX+0.104%7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$868as in the Funding arb table

Net, price: spread back to 7d avg − costs−$763as in the Price arb table

costs, in and out, $10k−$7747.742% of the position

Long on dYdX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.939%−$94 on $10k

Price spread, last 4 days (all we have)−0.367%−$37 · spread now +0.104%, 7d avg −0.012%

Together, before fees−1.306%−$131 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.116% dearer against dYdX than usual: you sell high and buy low (spread +0.104% now, against its 7-day average of −0.012%): +$12 on $10k if it goes back. Holding the pair costs −$149 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−0.939% in total) that is about 21 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.939% in total (about -49.0% 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	dYdX ENA-USD	0.2082	0.5063	pay 0.0633% / 1h	3m 13s	$138K	$15K	5x
Short	BingX ENA-USDC	0.2084	0.0100	get 0.0050% / 4h	2h 03m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.104%Rate

Funding earned: −$1,042.25
Price spread: +0.104% → −0.012%: $11.6
Slippage, 4 orders: −$754.18
Fee dYdX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$1,804.84
Costs to cover: 7.742%
Break-even: never at this rate

Slippage from dYdX: live order book, 21 min ago; BingX: live order book, 2 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, 21 min ago	74.05 bp	249.8 bp −$250	475.0 bp −$4,750	648.8 bp −$64.9K	1405.5 bp −$702.8K
Sell BingX live order book, 2 min ago	0.72 bp	13.4 bp −$13	33.8 bp −$338	74.0 bp −$7,401	418.0 bp −$209.0K

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
Backpack ENA_USDC_PERP	−0.0286%	1h	0.2085	+0.157%	$360K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0079%	4h	0.2083	+0.051%	$40K	$24K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2085	+0.137%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2084	+0.128%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2084	+0.093%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.996%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2080	−0.074%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2084	+0.104%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2083	+0.062%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2084	+0.089%	$653K	$1.8M	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	0.2085	+0.133%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2084	+0.087%	$403K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2084	+0.105%	$128.1M	$465.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2084	+0.085%	$86.6M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2084	+0.123%	$20.1M	$113.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2080	−0.074%	$20K	$411K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2084	+0.104%	$81K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	+0.241%	$88K	$2K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2083	+0.056%	$10.4M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2084	+0.109%	$45.1M	$49.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2085	+0.152%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2084	+0.080%	$47.1M	$65.9M	75x	as long as short
BingX ENA-USDCshort	+0.0100%	4h	0.2084	+0.104%	—	$6.5M	—
Variational Omni ENA	+0.0100%	4h	0.2080	−0.076%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2081	−0.061%	$247K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2080	−0.108%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2079	−0.136%	$31K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2085	+0.137%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2034	−2.298%	$1K	$813K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2084	+0.104%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2092	+0.483%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2084	+0.104%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2084	+0.125%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0105%	1h	0.2085	+0.146%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0184%	1h	0.2083	+0.065%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0164%	1h	0.2083	+0.079%	$50K	—	100x	as long as short
Lighter ENA	+0.0320%	1h	0.2087	+0.229%	$5.6M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2083	+0.065%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0341%	1h	0.2087	+0.229%	$109.9M	$80.2M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2083	+0.066%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2086	+0.181%	$797K	$2.1M	50x	as long as short
dYdX ENA-USDlong	+0.5063%	1h	0.2082	long leg	$138K	$15K	5x