Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0009%/8h= +0.9% APRpaid last 24h −0.729%

Price spread now: Orderly against dYdX+0.018%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on dYdX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2139	0.0024	pay 0.0003% / 1h	27m 40s	$141K	$15K	5x
Short	Orderly PERP_ENA_USDC	0.2140	0.0032	get 0.0016% / 4h	3h 27m	$41K	$23K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.018%Rate

Funding earned: $1.8
Price spread: +0.018% → 0.000%: $1.83
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$12.37
Costs to cover: 0.160%
Break-even: 55.1 days

Slippage unknown: dYdX: live order book, 46 min ago; Orderly: no order-book sample. Net counts fees only.

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, 46 min ago	195.88 bp	350.9 bp −$351	593.8 bp −$5,938	695.8 bp −$69.6K	1393.6 bp −$696.8K
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2141	+0.060%	$80K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2141	+0.055%	$98K	—	150x	as long as short
dYdX ENA-USDlong	+0.0024%	1h	0.2139	long leg	$141K	$15K	5x
Orderly PERP_ENA_USDCshort	+0.0032%	4h	0.2140	+0.018%	$41K	$23K	10x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.748%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0058%	1h	0.2140	+0.028%	$380K	$416K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2145	+0.261%	$63K	$520K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2142	+0.133%	$711K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2143	+0.161%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2141	+0.088%	$421K	$549K	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	0.2141	+0.087%	$132.9M	$444.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2142	+0.126%	$88.5M	$187.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2143	+0.154%	$21.0M	$110.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2141	+0.056%	$15K	$409K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2145	+0.261%	$106K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2143	+0.168%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2141	+0.088%	$10.9M	$20.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2142	+0.126%	$46.1M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2142	+0.131%	$24.6M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2142	+0.107%	$48.6M	$61.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2143	+0.154%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2123	−0.752%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	−0.784%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.737%	$357K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	−1.094%	$34K	$687K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2143	+0.177%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2089	−2.361%	$1K	$830K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2139	−0.019%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2142	+0.116%	$278K	$1.2M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2139	−0.019%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2140	+0.034%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2140	+0.028%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2116	−1.103%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0216%	1h	0.2147	+0.332%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0233%	1h	0.2140	+0.034%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0272%	1h	0.2143	+0.167%	$1.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0332% / S −0.0206%	1h	0.2140	+0.045%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2141	+0.079%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2140	+0.019%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2143	+0.187%	$848K	$1.8M	50x	as long as short
Lighter ENA	+0.0712%	1h	0.2144	+0.215%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0741%	1h	0.2144	+0.205%	$115.6M	$75.4M	10x	as long as short