Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0181%/8h= +19.8% APRpaid last 24h +0.644%

Price spread now: dYdX against KuCoin+0.087%7-day average −0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$433as in the Funding arb table

Net, price: spread back to 7d avg − costs−$533as in the Price arb table

costs, in and out, $10k−$5445.445% of the position

Long on KuCoin Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.114%+$111 on $10k

Price spread, last 4 days (all we have)+0.024%+$2 · spread now +0.087%, 7d avg −0.025%

Together, before fees+1.138%+$114 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and dYdX is 0.112% dearer against KuCoin than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2104	0.0100	pay 0.0050% / 4h	2h 26m	$24.5M	$15.6M	75x
Short	dYdX ENA-USD	0.2105	0.0281	get 0.0035% / 1h	26m 17s	$139K	$16K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against KuCoin. 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 KuCoinbpFee dYdXbpOrdersPrice spread, now +0.087%Rate

Funding earned: $37.97
Price spread: +0.087% → −0.025%: $11.17
Slippage, 4 orders: −$522.46
Fee KuCoin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$495.32
Costs to cover: 5.445%
Break-even: 98.3 days

Slippage from KuCoin: live order book, 3 min ago; dYdX: live order book, 23 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 KuCoin live order book, 3 min ago	2.13 bp	26.2 bp −$26	50.8 bp −$508	doesn't fit	doesn't fit
Sell dYdX live order book, 23 min ago	145.57 bp	322.7 bp −$323	626.1 bp −$6,261	1159.1 bp −$115.9K	1803.7 bp −$901.9K

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	−0.0142%	4h	0.2103	−0.048%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2103	−0.029%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2103	−0.051%	$82K	—	150x	as long as short
Gate ENA_USDT	+0.0028%	4h	0.2102	−0.067%	$11.1M	$23.8M	50x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2102	−0.086%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.941%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2101	−0.124%	$57K	$467K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2103	−0.036%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2103	−0.033%	$651K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2104	+0.024%	$114.1M	$74.4M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2104	+0.010%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2105	+0.068%	$395K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2103	−0.048%	$127.5M	$418.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2102	−0.057%	$85.1M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2103	−0.024%	$21.1M	$103.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2117	+0.627%	$20K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	+0.019%	$78K	$276K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2103	−0.043%	$46.1M	$41.3M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2104	long leg	$24.5M	$15.6M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2101	−0.105%	$47.7M	$57.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2103	−0.048%	—	$31.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2111	+0.353%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2117	+0.653%	$243K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	+0.644%	$351K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	+0.685%	$19K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2103	−0.029%	$189K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2053	−2.424%	$1K	$872K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2103	−0.029%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.338%	$266K	$795K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2102	−0.076%	$1.8M	$8.9M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2118	+0.685%	$93K	−$0	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2102	−0.073%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2103	−0.044%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2115	+0.551%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0163%	1h	0.2104	+0.011%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0216%	1h	0.2105	+0.081%	$5.2M	$13.0M	10x	as long as short
dYdX ENA-USDshort	+0.0281%	1h	0.2105	+0.087%	$139K	$16K	5x
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0753%	1h	0.2103	−0.032%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2106	+0.119%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2103	−0.034%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0575%	1h	0.2105	+0.067%	$356K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2123	+0.927%	$869K	$1.7M	50x	as long as short