Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0231%/8h= −25.3% APRpaid last 24h −0.678%

Price spread now: Bybit against dYdX+0.110%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$608as in the Funding arb table

Net, price: spread back to 7d avg − costs−$483as in the Price arb table

costs, in and out, $10k−$4974.974% of the position

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.111%−$111 on $10k

Price spread, last 4 days (all we have)−0.276%−$28 · spread now +0.110%, 7d avg −0.037%

Together, before fees−1.387%−$139 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.147% dearer against dYdX than usual: you sell high and buy low (spread +0.110% now, against its 7-day average of −0.037%): +$15 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 2.1 days. At the pace of the last 7 days (−1.111% in total) that is about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2113	0.0331	pay 0.0041% / 1h	11m 14s	$140K	$15K	5x
Short	Bybit ENAUSDT	0.2115	0.0100	get 0.0050% / 4h	1h 11m	$86.5M	$175.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.110%Rate

Funding earned: −$48.49
Price spread: +0.110% → −0.037%: $14.66
Slippage, 4 orders: −$476.41
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$531.24
Costs to cover: 4.974%
Break-even: never at this rate

Slippage from dYdX: live order book, 53 min ago; Bybit: live order book, 3 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, 53 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 Bybit live order book, 3 min ago	0.24 bp	9.7 bp −$10	16.0 bp −$160	57.8 bp −$5,780	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
Orderly PERP_ENA_USDC	−0.0034%	4h	0.2114	+0.063%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2113	+0.029%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2115	+0.124%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2114	+0.080%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.503%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.037%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	+0.009%	$663K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2115	+0.110%	$113.9M	$71.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2113	−0.007%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	+0.048%	$413K	$506K	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	0.2115	+0.109%	$129.6M	$417.1M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2115	+0.110%	$86.5M	$175.0M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2115	+0.129%	$20.8M	$102.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.060%	$19K	$349K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2113	+0.011%	$78K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2120	+0.342%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2114	+0.063%	$11.1M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2115	+0.129%	$46.0M	$42.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	+0.048%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	+0.058%	$48.1M	$57.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2114	+0.082%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2109	−0.165%	$374K	$362K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	+0.514%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2119	+0.277%	$244K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2119	+0.295%	$357K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2119	+0.295%	$22K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	+0.020%	$188K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.408%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2114	+0.058%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2116	+0.153%	$276K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	+0.153%	$1.9M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.019%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2115	+0.082%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	+0.061%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2119	+0.285%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2115	+0.091%	$51K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2116	+0.158%	$2.7M	$4.3M	50x	as long as short
Lighter ENA	+0.0312%	1h	0.2117	+0.181%	$5.3M	$13.9M	10x	as long as short
dYdX ENA-USDlong	+0.0331%	1h	0.2113	long leg	$140K	$15K	5x
BloFin ENA-USDT	+0.0340%	4h	0.2115	+0.100%	$5.6M	$3.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.007%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2116	+0.134%	$833K	$1.5M	50x	as long as short