Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.018%

Price spread now: gTrade (Gains Network) against Bitget+0.109%7-day average +0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$340as in the Price arb table

costs, in and out, $10k−$3433.429% of the position

Long on Bitget Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.076%−$8 on $10k

Price spread, last 3 days (all we have)+0.072%+$7 · spread now +0.109%, 7d avg +0.082%

Together, before fees−0.003%$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.027% dearer against Bitget than usual: you sell high and buy low (spread +0.109% now, against its 7-day average of +0.082%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ENAUSDT	0.2119	0.0100	pay 0.0050% / 4h	7m 26s	$48.0M	$63.4M	75x
Short	gTrade (Gains Network) ENA/USD	0.2121	L +0.0003% / S −0.0003%	get 0.0000% / 1h	7m 26s	$97K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Bitget. 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 BitgetbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.109%Rate

Funding earned: −$20.38
Price spread: +0.109% → +0.082%: $2.7
Slippage, 4 orders: −$320.88
Fee Bitget: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$360.55
Costs to cover: 3.429%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; gTrade (Gains Network): virtual book (oracle venue), 77 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 Bitget live order book, 2 min ago	0.23 bp	11.6 bp −$12	17.6 bp −$176	41.1 bp −$4,113	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 77 min ago	130.03 bp	135.0 bp −$135	748.2 bp −$7,482	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	+0.387%	$95K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USDshort	L +0.0003% / S −0.0003%	1h	0.2121	+0.109%	$97K	—	150x
Orderly PERP_ENA_USDC	+0.0007%	4h	0.2120	+0.071%	$41K	$24K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.212%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0055%	1h	0.2127	+0.359%	$377K	$444K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2119	+0.005%	$62K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2121	+0.090%	$678K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2122	+0.156%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2123	+0.213%	$410K	$559K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2121	+0.104%	$131.4M	$449.8M	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	0.2120	+0.076%	$89.1M	$188.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	+0.123%	$20.6M	$110.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2123	+0.212%	$15K	$390K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2123	+0.193%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+0.331%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2120	+0.071%	$10.7M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2121	+0.085%	$46.4M	$45.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2121	+0.104%	$24.6M	$16.3M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2119	long leg	$48.0M	$63.4M	75x
BingX ENA-USDC	+0.0100%	4h	0.2120	+0.076%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2121	+0.096%	$3.9M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.293%	$246K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2127	+0.382%	$361K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2127	+0.382%	$34K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2121	+0.080%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2077	−1.987%	$1K	$827K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2126	+0.335%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.481%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2125	+0.288%	$1.9M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2122	+0.147%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	+0.383%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2127	+0.373%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2124	+0.217%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2128	+0.442%	$2.7M	$5.2M	50x	as long as short
Extended ENA-USD	+0.0240%	1h	0.2121	+0.117%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2121	+0.107%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.411%	$5.6M	$4.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	+0.047%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2126	+0.330%	$839K	$1.9M	50x	as long as short
Lighter ENA	+0.0560%	1h	0.2125	+0.311%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0748%	1h	0.2124	+0.236%	$114.5M	$78.3M	10x	as long as short
dYdX ENA-USD	+0.1181%	1h	0.2126	+0.314%	$140K	$15K	5x	as long as short