Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0369%/8h= −40.4% APRpaid last 24h −0.651%

Price spread now: Phemex against dYdX−0.045%7-day average +0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$263as in the Funding arb table

Net, price: spread back to 7d avg − costs−$166as in the Price arb table

costs, in and out, $10k−$1561.560% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−1.071%−$107 on $10k

Price spread, last 4 days (all we have)+0.354%+$35 · spread now −0.045%, 7d avg +0.054%

Together, before fees−0.717%−$72 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Phemex is 0.099% cheaper against dYdX than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.054%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2102	0.0469	pay 0.0059% / 1h	49m 15s	$139K	$15K	5x
Short	Phemex ENAUSDT	0.2101	0.0100	get 0.0050% / 4h	2h 49m	$1.7M	$8.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$77.51
Price spread: −0.045% → +0.054%: −$9.91
Slippage, 4 orders: −$133.95
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$243.37
Costs to cover: 1.560%
Break-even: never at this rate

Slippage from dYdX: live order book, 65 min ago; Phemex: 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	50.64 bp	55.6 bp −$56	314.7 bp −$3,147	692.6 bp −$69.3K	1581.0 bp −$790.5K
Sell Phemex live order book, 5 min ago	7.18 bp	26.6 bp −$27	83.5 bp −$835	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
ApeX Omni ENAUSDT	−0.0291%	1h	0.2103	+0.050%	$20K	$649K	50x	as long as short
Orderly PERP_ENA_USDC	−0.0138%	4h	0.2102	−0.012%	$44K	$25K	10x	as long as short
Gate ENA_USDT	−0.0054%	4h	0.2101	−0.064%	$10.9M	$23.4M	50x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2102	+0.021%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2102	+0.007%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2103	+0.033%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.020%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2102	+0.002%	$56K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2103	+0.038%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2103	+0.059%	$652K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2104	+0.074%	$113.8M	$74.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2103	+0.035%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2103	+0.057%	$395K	$522K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2101	−0.029%	$127.7M	$416.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2101	−0.031%	$85.2M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2101	−0.026%	$21.1M	$103.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2099	−0.150%	$22K	$320K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2102	+0.002%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2096	−0.260%	$92K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2101	−0.031%	$45.4M	$40.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2103	+0.045%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2100	−0.088%	$47.8M	$57.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2101	−0.045%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2102	−0.008%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.416%	$238K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2102	+0.019%	$355K	$5.0M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2103	+0.055%	$188K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2052	−2.353%	$1K	$867K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2101	−0.045%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2105	+0.159%	$274K	$777K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2101	−0.045%	$1.7M	$8.9M	50x
Extended ENA-USD	+0.0104%	1h	0.2101	−0.027%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2102	+0.004%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2104	+0.083%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0163%	1h	0.2104	+0.092%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0248%	1h	0.2104	+0.078%	$5.2M	$13.0M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2103	+0.050%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2103	+0.031%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2102	+0.019%	$1K	$5K	15x	as long as short
dYdX ENA-USDlong	+0.0469%	1h	0.2102	long leg	$139K	$15K	5x
Backpack ENA_USDC_PERP	+0.0551%	1h	0.2102	+0.002%	$358K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2100	−0.093%	$860K	$1.7M	50x	as long as short