Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0058%/8h= +6.3% APRpaid last 24h −0.002%

Price spread now: GMX against Bitget−0.028%7-day average — · you buy dearer than you sell

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

Long on Bitget 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

Funding pays, the price is against you. GMX is 0.028% cheaper against Bitget than usual: you would sell low and buy high (spread −0.028% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 39 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ENAUSDT	0.2107	0.0100	pay 0.0050% / 4h	2h 56m	$47.8M	$67.4M	75x
Short	GMX ENA/USD [ETH-USDC]	0.2106	L +0.0210% / S −0.0158%	get 0.0020% / 1h	56m 56s	$50K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.028%Rate

Funding earned: $12.13
Price spread: −0.028% → 0.000%: −$2.85
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$14.72
Costs to cover: 0.240%
Break-even: 15.5 days

Slippage unknown: Bitget: live order book, 2 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 Bitget live order book, 2 min ago	0.24 bp	10.1 bp −$10	15.4 bp −$154	39.5 bp −$3,950	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	−0.0570%	1h	0.2107	−0.009%	$363K	$488K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0098%	4h	0.2105	−0.114%	$42K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0040%	1h	0.2106	−0.047%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0028%	4h	0.2106	−0.066%	$10.4M	$21.4M	50x	as long as short
Phoenix ENA	0.0000%	1h	0.2107	−0.005%	$5K	$394K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2106	−0.038%	$94K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2107	−0.009%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.778%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2105	−0.095%	$60K	$549K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2104	−0.120%	$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	0.2104	−0.121%	$656K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2106	−0.027%	$1.5M	$3.5M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2106	−0.062%	$404K	$604K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2107	−0.019%	$130.8M	$474.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2108	+0.047%	$88.7M	$195.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	+0.071%	$20.2M	$116.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2106	−0.066%	$19K	$446K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2105	−0.095%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2108	+0.028%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2106	−0.038%	$45.5M	$48.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2107	0.000%	$24.4M	$16.7M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2107	long leg	$47.8M	$67.4M	75x
BingX ENA-USDT	+0.0100%	4h	0.2106	−0.062%	—	$32.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	+0.260%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2108	+0.032%	$253K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2107	−0.002%	$362K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2107	0.000%	$32K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2108	+0.033%	$184K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2056	−2.416%	$1K	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2105	−0.095%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.204%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	−0.095%	$1.9M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2108	+0.034%	$2.7M	$5.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2108	+0.041%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	−0.047%	$77K	$11K	3x	as long as short
Lighter ENA	+0.0168%	1h	0.2109	+0.071%	$5.7M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]short	L +0.0210% / S −0.0158%	1h	0.2106	−0.028%	$50K	—	100x
Hyperliquid ENA	+0.0267%	1h	0.2109	+0.076%	$112.0M	$81.4M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2106	−0.038%	$5.6M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.058%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2116	+0.446%	$809K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.5344%	1h	0.2106	−0.036%	$139K	$12K	5x	as long as short