Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1041%/8h= −114.0% APRpaid last 24h −0.649%

Price spread now: edgeX against dYdX−0.123%111s7-day average +0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$239as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1351.346% of the position

Long on dYdX Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.044%−$104 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now −0.123%, 7d avg +0.046%

Together, before fees−1.021%+ Points / potential airdropedgeX: Active · farm board−$102 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and edgeX is 0.169% cheaper against dYdX than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.046%). Swap the legs. The two prices were read 111 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2105	0.1141	pay 0.0143% / 1h	21m 44s	$139K	$15K	5x
Short	edgeX ENAUSDC	0.2102	0.0100	get 0.0050% / 4h	3h 21m	$241K	$6.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.123%Rate

Funding earned: −$218.64
Price spread: −0.123% → +0.046%: −$16.9
Slippage, 4 orders: −$115.57
Fee dYdX: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$370.11
Costs to cover: 1.346%
Break-even: never at this rate

Slippage from dYdX: live order book, 32 min ago; edgeX: 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, 32 min ago	50.64 bp	55.6 bp −$56	314.7 bp −$3,147	692.6 bp −$69.3K	1581.0 bp −$790.5K
Sell edgeX live order book, 2 min ago	7.14 bp	11.6 bp −$12	13.2 bp −$132	44.4 bp −$4,440	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
Backpack ENA_USDC_PERP	−0.0116%	1h	0.2099	−0.276%	$358K	$402K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0115%	4h	0.2097	−0.366%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2098	−0.324%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2098	−0.312%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2095	−0.466%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.878%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.471%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2105	+0.026%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2097	−0.354%	$652K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	−0.046%	$1.5M	$3.2M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2105	+0.009%	$401K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2105	+0.007%	$127.6M	$413.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2105	+0.019%	$85.1M	$174.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2106	+0.047%	$21.0M	$103.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2102	−0.119%	$22K	$333K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2106	+0.052%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.236%	$92K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2105	−0.015%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2105	+0.004%	$45.6M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2104	−0.062%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	−0.067%	$47.7M	$57.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2105	+0.009%	—	$31.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2100	−0.245%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2102	−0.123%	$241K	$6.8M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2102	−0.159%	$348K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	−0.138%	$20K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2098	−0.328%	$190K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.837%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	−0.328%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2101	−0.172%	$272K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2097	−0.376%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2105	−0.009%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	−0.352%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2102	−0.115%	$8K	$274K	10x	as long as short
Hyperliquid ENA	+0.0173%	1h	0.2105	−0.015%	$114.3M	$74.0M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2098	−0.327%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0184%	1h	0.2105	+0.004%	$5.2M	$13.3M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2098	−0.334%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2101	−0.181%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	−0.364%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2107	+0.104%	$862K	$1.7M	50x	as long as short
dYdX ENA-USDlong	+0.1141%	1h	0.2105	long leg	$139K	$15K	5x