Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0089%/8h= +9.8% APRpaid last 24h −0.689%

Price spread now: Gate against dYdX+0.169%46s7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$238as 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−$1301.303% of the position

Long on dYdX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−1.076%−$108 on $10k

Price spread, last 4 days (all we have)−0.259%−$26 · spread now +0.169%, 7d avg −0.013%

Together, before fees−1.336%−$134 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Gate is 0.182% dearer against dYdX than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.013%. Mind the row above: over the last 7 days funding on this pair cost −1.076%, so the current rate has only just turned in your favour. The two prices were read 46 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	0.2118	0.0011	pay 0.0001% / 1h	3m 58s	$140K	$15K	5x
Short	Gate ENA_USDT	0.2121	0.0100	get 0.0050% / 4h	2h 03m	$11.0M	$21.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.169%Rate

Funding earned: $18.7
Price spread: +0.169% → −0.013%: $18.2
Slippage, 4 orders: −$105.34
Fee dYdX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$93.44
Costs to cover: 1.303%
Break-even: 42.0 days

Slippage from dYdX: live order book, 65 min ago; Gate: 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, 65 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 Gate live order book, 5 min ago	7.36 bp	17.8 bp −$18	39.2 bp −$392	62.8 bp −$6,281	101.3 bp −$50.6K

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
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2120	+0.114%	$87K	—	150x	as long as short
dYdX ENA-USDlong	+0.0011%	1h	0.2118	long leg	$140K	$15K	5x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.263%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0034%	4h	0.2117	−0.020%	$44K	$27K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0080%	1h	0.2120	+0.084%	$79K	$1.3M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	+0.103%	$54K	$507K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2121	+0.164%	$682K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2121	+0.140%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	+0.067%	$414K	$530K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2123	+0.233%	$130.6M	$432.7M	75x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2125	+0.320%	$87.0M	$180.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2123	+0.259%	$20.9M	$105.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2116	−0.091%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	+0.103%	$78K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.393%	$93K	$4K	10x	as long as short
Gate ENA_USDTshort	+0.0100%	4h	0.2121	+0.169%	$11.0M	$21.9M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2122	+0.178%	$45.0M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2124	+0.268%	$24.6M	$16.0M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2120	+0.089%	$48.2M	$59.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2123	+0.226%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2122	+0.178%	$382K	$371K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	−0.172%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.561%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	−0.640%	$355K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	−0.558%	$32K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2120	+0.127%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2069	−2.286%	$982	$847K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2119	+0.056%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.245%	$276K	$812K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2119	+0.056%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	−0.011%	$47K	$110	10x	as long as short
01 Exchange ENAUSD	+0.0104%	1h	0.2121	+0.131%	$4K	$302	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	+0.039%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2121	+0.132%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2118	−0.010%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2120	+0.107%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0251%	1h	0.2121	+0.167%	$2.7M	$4.3M	50x	as long as short
Lighter ENA	+0.0400%	1h	0.2122	+0.207%	$5.5M	$13.8M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	+0.100%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0471%	1h	0.2123	+0.230%	$114.1M	$71.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2123	+0.230%	$832K	$1.6M	50x	as long as short