Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0123%/8h= +13.4% APRpaid last 24h −0.611%

Price spread now: BloFin against dYdX−0.220%7-day average +0.105% · you buy dearer than you sell

Net, funding: paid 7d − costs−$181as in the Funding arb table

Net, price: spread back to 7d avg − costs−$153as in the Price arb table

costs, in and out, $10k−$1211.207% of the position

Long on dYdX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.601%−$60 on $10k

Price spread, last 3 days (all we have)+0.463%+$46 · spread now −0.220%, 7d avg +0.105%

Together, before fees−0.138%−$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.325% cheaper against dYdX than usual: you would sell low and buy high (spread −0.220% now, against its 7-day average of +0.105%). If the spread goes back, that is −$33 on $10k: about 8.8 days of funding at the current rate (+$4 a day). Mind the row above: over the last 7 days funding on this pair cost −0.601%, 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	0.2154	0.0217	pay 0.0027% / 1h	3m 59s	$142K	$15K	5x
Short	BloFin ENA-USDT	0.2149	0.0340	get 0.0170% / 4h	3h 03m	$5.7M	$2.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.220%Rate

Funding earned: $25.77
Price spread: −0.220% → +0.105%: −$32.52
Slippage, 4 orders: −$98.75
Fee dYdX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$127.51
Costs to cover: 1.207%
Break-even: 41.6 days

Slippage from dYdX: live order book, 5 min ago; BloFin: live order book, 5 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	39.28 bp	44.3 bp −$44	294.9 bp −$2,949	882.2 bp −$88.2K	1645.9 bp −$823.0K
Sell BloFin live order book, 5 min ago	0.69 bp	14.1 bp −$14	25.7 bp −$257	doesn't fit	doesn't fit

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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2148	−0.271%	$80K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2151	−0.166%	$92K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0032%	4h	0.2148	−0.299%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.427%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2153	−0.053%	$53K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2152	−0.106%	$722K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2147	−0.340%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2155	+0.028%	$424K	$550K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2142	−0.563%	$133.9M	$441.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2140	−0.652%	$87.9M	$186.1M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2141	−0.591%	$21.2M	$109.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2160	+0.263%	$16K	$414K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2154	−0.007%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2167	+0.597%	$95K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2143	−0.508%	$10.9M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2142	−0.573%	$45.4M	$45.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2146	−0.364%	$24.7M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2142	−0.568%	$48.6M	$61.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2142	−0.550%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2147	−0.331%	$380K	$375K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2153	−0.064%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2166	+0.559%	$252K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2169	+0.710%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2169	+0.690%	$33K	$686K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2152	−0.085%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2098	−2.615%	$827	$834K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2148	−0.285%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2154	−0.002%	$279K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2148	−0.285%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2155	+0.041%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2150	−0.174%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2157	+0.128%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0168%	1h	0.2154	−0.020%	$4K	$302	10x	as long as short
dYdX ENA-USDlong	+0.0217%	1h	0.2154	long leg	$142K	$15K	5x
Kraken Futures PF_ENAUSD	+0.0232%	1h	0.2149	−0.220%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2151	−0.168%	$81K	—	100x	as long as short
BloFin ENA-USDTshort	+0.0340%	4h	0.2149	−0.220%	$5.7M	$2.0M	75x
Extended ENA-USD	+0.0384%	1h	0.2143	−0.513%	$1.6M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2150	−0.174%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2162	+0.365%	$855K	$1.8M	50x	as long as short
Hyperliquid ENA	+0.0757%	1h	0.2149	−0.230%	$115.9M	$74.5M	10x	as long as short
Lighter ENA	+0.0776%	1h	0.2152	−0.095%	$5.9M	$13.2M	10x	as long as short