Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.6122%/8h= +670.4% APRpaid last 24h +0.575%

Price spread now: dYdX against Phemex+0.126%7-day average −0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$311as in the Funding arb table

Net, price: spread back to 7d avg − costs−$377as in the Price arb table

costs, in and out, $10k−$3973.966% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.853%+$85 on $10k

Price spread, last 3 days (all we have)−0.972%−$97 · spread now +0.126%, 7d avg −0.067%

Together, before fees−0.119%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$184 a day on $10k at the current rate, and dYdX is 0.193% dearer against Phemex than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.067%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.853% in total (about 44.5% 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	Phemex ENAUSDT	0.2135	0.0100	pay 0.0050% / 4h	3h 32m	$1.9M	$9.3M	50x
Short	dYdX ENA-USD	0.2138	0.6222	get 0.0778% / 1h	32m 38s	$141K	$12K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Phemex. 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 PhemexbpFee dYdXbpOrdersPrice spread, now +0.126%Rate

Funding earned: $1,285.64
Price spread: +0.126% → −0.067%: $19.31
Slippage, 4 orders: −$374.6
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: $908.35
Costs to cover: 3.966%
Break-even: 2.1 days

Slippage from Phemex: live order book, 2 min ago; dYdX: live order book, 17 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 Phemex live order book, 2 min ago	4.70 bp	20.0 bp −$20	66.2 bp −$662	doesn't fit	doesn't fit
Sell dYdX live order book, 17 min ago	59.00 bp	116.6 bp −$117	602.4 bp −$6,024	1550.5 bp −$155.1K	2009.7 bp −$1.00M

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	−0.0429%	1h	0.2140	+0.211%	$368K	$493K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0123%	4h	0.2131	−0.183%	$42K	$23K	10x	as long as short
Phoenix ENA	0.0000%	1h	0.2131	−0.173%	$6K	$391K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2132	−0.141%	$95K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2131	−0.166%	$98K	—	150x	as long as short
Kraken Futures PF_ENAUSD	+0.0015%	1h	0.2132	−0.121%	$2.7M	$6.1M	50x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2139	+0.164%	$4K	$432	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.543%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0084%	4h	0.2137	+0.117%	$10.6M	$22.6M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2137	+0.094%	$58K	$551K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2137	+0.111%	$48K	$221	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2140	+0.213%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2138	+0.153%	$411K	$611K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2137	+0.089%	$132.5M	$473.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2136	+0.066%	$90.7M	$196.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2138	+0.136%	$20.5M	$118.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2138	+0.145%	$20K	$452K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2138	+0.141%	$85K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2137	+0.085%	$90K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2138	+0.136%	$46.9M	$50.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2139	+0.178%	$23.8M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2136	+0.033%	$48.6M	$67.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2138	+0.122%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2127	−0.376%	$3.7M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2124	−0.497%	$253K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	−0.460%	$360K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2131	−0.187%	$31K	$716K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2130	−0.237%	$660K	$1.8M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2131	−0.197%	$187K	$3.1M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2081	−2.548%	$969	$794K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2131	−0.187%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2140	+0.248%	$277K	$1.7M	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2135	long leg	$1.9M	$9.3M	50x
Extended ENA-USD	+0.0104%	1h	0.2137	+0.077%	$1.7M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2132	−0.140%	$78K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0194% / S −0.0296%	1h	0.2131	−0.166%	$38K	—	100x	as long as short
Lighter ENA	+0.0320%	1h	0.2140	+0.258%	$5.8M	$13.5M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	−0.379%	$5.6M	$8.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2130	−0.253%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0456%	1h	0.2132	−0.117%	$815K	$2.4M	50x	as long as short
Hyperliquid ENA	+0.0598%	1h	0.2141	+0.295%	$114.0M	$80.3M	10x	as long as short
dYdX ENA-USDshort	+0.6222%	1h	0.2138	+0.126%	$141K	$12K	5x