Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0330%/8h= +36.1% APRpaid last 24h +0.003%

Price spread now: GMX against Bybit−0.204%51s7-day average — · you buy dearer than you sell

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

Long on Bybit 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 0.204% cheaper against Bybit than usual: you would sell low and buy high (spread −0.204% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$20 on $10k: about 2.1 days of funding at the current rate (+$10 a day). The two prices were read 51 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	Bybit ENAUSDT	0.2164	0.0100	pay 0.0050% / 4h	3h 14m	$89.2M	$187.2M	50x
Short	GMX ENA/USD [ETH-USDC]	0.2160	L +0.0334% / S −0.0430%	get 0.0054% / 1h	14m 32s	$81K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now −0.204%Rate

Funding earned: $69.24
Price spread: −0.204% → 0.000%: −$20.38
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $25.86
Costs to cover: 0.230%
Break-even: 4.4 days

Slippage unknown: Bybit: live order book, 5 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 Bybit live order book, 5 min ago	0.23 bp	10.4 bp −$10	19.9 bp −$199	69.1 bp −$6,913	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2160	−0.185%	$81K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2160	−0.206%	$104K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0032%	4h	0.2158	−0.254%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.876%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0066%	1h	0.2161	−0.142%	$143K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2164	0.000%	$63K	$517K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2159	−0.243%	$715K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2163	−0.055%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2163	−0.053%	$426K	$553K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2165	+0.024%	$134.9M	$442.5M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDTlong	+0.0100%	4h	0.2164	long leg	$89.2M	$187.2M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2164	−0.009%	$21.2M	$110.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2156	−0.384%	$16K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2164	0.000%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2150	−0.643%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2162	−0.074%	$11.0M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2162	−0.083%	$46.0M	$44.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2163	−0.051%	$24.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2161	−0.143%	$49.0M	$61.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2162	−0.097%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2161	−0.143%	$384K	$403K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2157	−0.314%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2155	−0.408%	$250K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2154	−0.483%	$356K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2154	−0.462%	$33K	$687K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2160	−0.208%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2108	−2.597%	$1K	$833K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2159	−0.231%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2161	−0.134%	$281K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2160	−0.185%	$2.0M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2162	−0.099%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2159	−0.220%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2153	−0.522%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0176%	1h	0.2164	−0.014%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0231%	1h	0.2161	−0.138%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0320%	1h	0.2161	−0.121%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]short	L +0.0334% / S −0.0430%	1h	0.2160	−0.204%	$81K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2160	−0.185%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2159	−0.246%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2159	−0.222%	$855K	$1.8M	50x	as long as short
Lighter ENA	+0.0712%	1h	0.2165	+0.051%	$5.7M	$12.7M	10x	as long as short
Hyperliquid ENA	+0.0770%	1h	0.2165	+0.046%	$117.7M	$74.7M	10x	as long as short