ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1863%/8h= −204.0% APRnext payment −$2.33 per $10,000 · paid last 24h −0.676%

Price spread now: Phoenix against dYdX+0.032%46s7-day average +0.125% · you sell dearer than you buy

Net, funding: paid 7d − costs−$527as 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−$4364.361% of the position

Long on dYdX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.913%−$91 on $10k

Price spread, last 3 days (all we have)+0.236%+$24 · spread now +0.032%, 7d avg +0.125%

Together, before fees−0.677%−$68 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$56 a day on $10k at the current rate, and Phoenix is 0.093% cheaper against dYdX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.125%). Swap the legs. The two prices were read 46 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 -0.913% in total (about -47.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.33 per $10,000. 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	0.2097	0.1978	pay 0.0247% / 1h	12m 33s	$139K	$15K	5x
Short	Phoenix ENA	0.2097	0.0115	get 0.0014% / 1h	12m 33s	$5K	$356K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$391.2
Price spread: +0.032% → +0.125%: −$9.33
Slippage, 4 orders: −$419.12
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$836.66
Costs to cover: 4.361%
Break-even: never at this rate

Slippage from dYdX: live order book, 6 min ago; Phoenix: 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, 6 min ago	76.39 bp	295.2 bp −$295	838.6 bp −$8,386	1395.7 bp −$139.6K	1715.3 bp −$857.6K
Sell Phoenix live order book, 3 min ago	1.91 bp	16.6 bp −$17	51.7 bp −$517	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
Orderly PERP_ENA_USDC	−0.0045%	4h	0.2096	−0.035%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0031%	1h	0.2099	+0.085%	$370K	$448K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	−0.011%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2096	−0.036%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.272%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2097	+0.028%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2098	+0.061%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2098	+0.070%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2096	−0.031%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2099	+0.091%	$1.5M	$3.3M	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	0.2099	+0.098%	$406K	$576K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2099	+0.104%	$129.5M	$454.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2098	+0.061%	$87.2M	$190.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	+0.089%	$20.2M	$111.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2095	−0.068%	$15K	$396K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2099	+0.108%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2095	−0.097%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2098	+0.080%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	+0.104%	$46.6M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.104%	$23.9M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	+0.032%	$47.4M	$64.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2099	+0.094%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2091	−0.269%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.195%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	−0.199%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2092	−0.225%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2095	−0.063%	$176K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2046	−2.424%	$1K	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	−0.035%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2106	+0.428%	$273K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2095	−0.082%	$1.9M	$9.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	−0.006%	$77K	$11K	3x	as long as short
Phoenix ENAshort	+0.0115%	1h	0.2097	+0.032%	$5K	$356K	10x
01 Exchange ENAUSD	+0.0144%	1h	0.2099	+0.132%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0243% / S −0.0418%	1h	0.2096	−0.045%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0336%	1h	0.2098	+0.052%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	−0.063%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	−0.103%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0528%	1h	0.2101	+0.218%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2100	+0.161%	$827K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0587%	1h	0.2101	+0.207%	$110.9M	$78.9M	10x	as long as short
dYdX ENA-USDlong	+0.1978%	1h	0.2097	long leg	$139K	$15K	5x