Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h −0.012%

Price spread now: GMX against Binance+0.002%7-day average — · you sell dearer than you buy

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

Long on Binance Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2094	0.0100	pay 0.0050% / 4h	2h 35m	$129.2M	$467.3M	75x
Short	GMX ENA/USD [ETH-USDC]	0.2094	L +0.0212% / S −0.0160%	get 0.0020% / 1h	35m 14s	$50K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Binance. 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 BinancebpFee GMXbpOrdersPrice spread, now +0.002%Rate

Funding earned: $12.7
Price spread: +0.002% → 0.000%: $0.24
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$9.06
Costs to cover: 0.220%
Break-even: 12.0 days

Slippage unknown: Binance: live order book, 9 min ago; GMX: 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 Binance live order book, 9 min ago	0.24 bp	7.3 bp −$7	11.6 bp −$116	37.0 bp −$3,698	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
Backpack ENA_USDC_PERP	−0.0347%	1h	0.2095	+0.053%	$361K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0083%	4h	0.2094	−0.014%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2094	−0.024%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0006%	4h	0.2094	−0.033%	$10.4M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	+0.014%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2095	+0.019%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.389%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2095	+0.038%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2093	−0.062%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2094	−0.031%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2093	−0.079%	$656K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2095	+0.023%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2094	−0.003%	$402K	$585K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2094	long leg	$129.2M	$467.3M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2094	−0.014%	$87.6M	$193.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	+0.033%	$20.2M	$114.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2091	−0.181%	$19K	$433K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2094	−0.014%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	−0.014%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	−0.010%	$44.7M	$48.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2095	+0.033%	$24.2M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2093	−0.072%	$47.4M	$66.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2094	−0.010%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2092	−0.111%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	−0.161%	$248K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	−0.047%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2093	−0.062%	$32K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	+0.081%	$181K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2044	−2.392%	$1K	$806K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2094	−0.014%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2096	+0.086%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2094	−0.014%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2093	−0.073%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	+0.019%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2096	+0.059%	$2.7M	$5.8M	50x	as long as short
GMX ENA/USD [ETH-USDC]short	L +0.0212% / S −0.0160%	1h	0.2094	+0.002%	$50K	—	100x
Lighter ENA	+0.0264%	1h	0.2097	+0.115%	$5.7M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0298%	1h	0.2097	+0.115%	$110.7M	$80.8M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	+0.029%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2094	−0.001%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.310%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.9219%	1h	0.2094	−0.018%	$138K	$12K	5x	as long as short