Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.020%

Price spread now: GRVT against BingX+0.278%99s7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as 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−$350.348% of the position

Long on BingX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 7 days−0.316%−$32 · spread now +0.278%, 7d avg +0.031%

Together, before fees−0.343%+ Points / potential airdropGRVT: Active · farm board−$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: GRVT is 0.247% dearer against BingX than usual: you sell high and buy low, +$25 on $10k if it goes back to its 7-day average of +0.031%. The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDT	0.2119	0.0100	pay 0.0050% / 4h	31m 54s	—	$32.6M	—
Short	GRVT ENA_USDT_Perp	0.2125	0.0100	get 0.0050% / 4h	31m 54s	$361K	$4.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against BingX. 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 BingXbpFee GRVTbpOrdersPrice spread, now +0.278%Rate

Funding earned: $0
Price spread: +0.278% → +0.031%: $24.73
Slippage, 4 orders: −$15.77
Fee BingX: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$10.04
Costs to cover: 0.348%
Break-even: never at this rate

Slippage from BingX: live order book, 7 min ago; GRVT: live order book, 2 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 BingX live order book, 7 min ago	0.70 bp	5.7 bp −$6	8.2 bp −$82	12.6 bp −$1,263	33.0 bp −$16.5K
Sell GRVT live order book, 2 min ago	2.36 bp	12.6 bp −$13	34.6 bp −$346	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	−0.0018%	4h	0.2121	+0.080%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2122	+0.142%	$92K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2123	+0.175%	$105K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.203%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0055%	1h	0.2122	+0.160%	$375K	$447K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	+0.231%	$64K	$521K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	+0.229%	$681K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2122	+0.146%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2124	+0.224%	$411K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2120	+0.040%	$131.2M	$452.8M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2119	−0.024%	$89.0M	$189.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2119	−0.009%	$20.5M	$111.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	+0.241%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2125	+0.278%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2129	+0.467%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2120	+0.052%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2121	+0.071%	$46.8M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	+0.151%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2118	−0.071%	$48.0M	$64.0M	75x	as long as short
BingX ENA-USDTlong	+0.0100%	4h	0.2119	long leg	—	$32.6M	—
Variational Omni ENA	+0.0100%	4h	0.2126	+0.312%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.298%	$253K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perpshort	+0.0100%	4h	0.2125	+0.278%	$361K	$4.6M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2123	+0.184%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2124	+0.241%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.275%	$871	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	+0.090%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.481%	$277K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2121	+0.090%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2123	+0.162%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	+0.128%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2124	+0.255%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2125	+0.302%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2123	+0.190%	$2.7M	$5.4M	50x	as long as short
Extended ENA-USD	+0.0248%	1h	0.2121	+0.075%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2122	+0.160%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2122	+0.137%	$5.6M	$7.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2122	+0.129%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0536%	1h	0.2124	+0.236%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.595%	$842K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0799%	1h	0.2122	+0.156%	$114.1M	$78.7M	10x	as long as short
dYdX ENA-USD	+0.1717%	1h	0.2124	+0.237%	$140K	$15K	5x	as long as short