Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.5785%/8hpaid last 24h −0.507%

Price spread now: KuCoin against dYdX+0.179%47s7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$491as 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−$4064.059% of the position

Long on dYdX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.849%−$85 on $10k

Price spread, last 3 days (all we have)−0.278%−$28 · spread now +0.179%, 7d avg +0.027%

Together, before fees−1.127%−$113 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.152% dearer against dYdX than usual: you sell high and buy low (spread +0.179% now, against its 7-day average of +0.027%): +$15 on $10k if it goes back. Holding the pair costs −$174 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−0.849% in total) that is about 30 hours. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.849% in total (about -44.3% 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	0.2133	0.5885	pay 0.0736% / 1h	4m 53s	$141K	$12K	5x
Short	KuCoin ENAUSDTM	0.2137	0.0100	get 0.0050% / 4h	4m 53s	$23.7M	$16.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.179%Rate

Funding earned: −$1,214.94
Price spread: +0.179% → +0.027%: $15.17
Slippage, 4 orders: −$383.9
Fee dYdX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$1,605.67
Costs to cover: 4.059%
Break-even: never at this rate

Slippage from dYdX: live order book, 28 min ago; KuCoin: 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, 28 min ago	71.40 bp	258.8 bp −$259	473.4 bp −$4,734	946.7 bp −$94.7K	1564.8 bp −$782.4K
Sell KuCoin live order book, 3 min ago	1.17 bp	16.1 bp −$16	38.3 bp −$383	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
Backpack ENA_USDC_PERP	−0.0264%	1h	0.2137	+0.174%	$369K	$493K	5x	as long as short
Injective ENA/USDC PERP	−0.0223%	1h	0.2123	−0.449%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	−0.0222%	1h	0.2136	+0.142%	$2.7M	$6.1M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0138%	4h	0.2134	+0.034%	$42K	$22K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2132	−0.032%	$4K	$432	10x	as long as short
Phemex ENAUSDT	−0.0018%	4h	0.2132	−0.046%	$1.9M	$9.4M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2135	+0.104%	$95K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2134	+0.067%	$99K	—	150x	as long as short
Phoenix ENA	+0.0076%	1h	0.2132	−0.037%	$6K	$392K	10x	as long as short
Bitget ENAUSDT	+0.0078%	4h	0.2135	+0.076%	$48.7M	$67.0M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ENAUSDT	+0.0096%	1h	0.2131	−0.093%	$59K	$564K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2131	−0.091%	$48K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2133	−0.018%	$655K	$1.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2135	+0.117%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2131	−0.081%	$408K	$618K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2136	+0.127%	$132.1M	$476.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2136	+0.132%	$90.6M	$198.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2136	+0.146%	$20.5M	$120.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2129	−0.187%	$19K	$470K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2132	−0.046%	$85K	$216K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2136	+0.141%	$10.7M	$23.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2137	+0.165%	$45.8M	$53.8M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2137	+0.179%	$23.7M	$16.9M	75x
BingX ENA-USDC	+0.0100%	4h	0.2135	+0.113%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2132	−0.049%	$3.7M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2130	−0.133%	$255K	$8.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2133	+0.012%	$359K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2134	+0.048%	$32K	$719K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2134	+0.024%	$194K	$3.2M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2083	−2.348%	$1K	$787K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2134	+0.048%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2136	+0.127%	$276K	$1.7M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.281%	$89K	$1K	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2136	+0.124%	$1.7M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2135	+0.071%	$78K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0175% / S −0.0247%	1h	0.2135	+0.089%	$38K	—	100x	as long as short
Hyperliquid ENA	+0.0213%	1h	0.2139	+0.259%	$114.2M	$79.5M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2134	+0.062%	$5.7M	$8.4M	75x	as long as short
Lighter ENA	+0.0400%	1h	0.2138	+0.221%	$5.9M	$13.9M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2133	−0.011%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2133	−0.004%	$815K	$2.4M	50x	as long as short
dYdX ENA-USDlong	+0.5885%	1h	0.2133	long leg	$141K	$12K	5x