Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0097%/8h= +10.6% APRpaid last 24h +0.009%

Price spread now: GRVT against gTrade (Gains Network)−0.460%7-day average — · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$396as in the Price arb table

costs, in and out, $10k−$3503.499% of the position

Long on gTrade (Gains Network)Short on GRVT

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—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Funding pays, the price is against you. GRVT is 0.460% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.460% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$46 on $10k: about 16 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) ENA/USD	0.2105	L +0.0003% / S −0.0003%	pay 0.0000% / 1h	9m 10s	$101K	—	150x
Short	GRVT ENA_USDT_Perp	0.2096	0.0100	get 0.0050% / 4h	1h 09m	$350K	$4.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee GRVTbpOrdersPrice spread, now −0.460%Rate

Funding earned: $20.28
Price spread: −0.460% → 0.000%: −$46.01
Slippage, 4 orders: −$330.92
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$375.64
Costs to cover: 3.499%
Break-even: 136.7 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 15 min ago; GRVT: live order book, 5 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 gTrade (Gains Network) virtual book (oracle venue), 15 min ago	130.03 bp	186.1 bp −$186	1556.6 bp −$15.6K	15425.0 bp −$1.54M	doesn't fit
Sell GRVT live order book, 5 min ago	2.38 bp	17.4 bp −$17	70.1 bp −$701	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	−0.0041%	4h	0.2107	+0.062%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0018%	1h	0.2110	+0.204%	$372K	$447K	5x	as long as short
gTrade (Gains Network) ENA/USDlong	L +0.0003% / S −0.0003%	1h	0.2105	long leg	$101K	—	150x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.855%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2109	+0.157%	$2.7M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2104	−0.066%	$62K	$530K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2102	−0.148%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2104	−0.050%	$662K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2107	+0.061%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2103	−0.114%	$407K	$575K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2108	+0.121%	$130.1M	$455.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	+0.090%	$87.8M	$190.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	+0.142%	$20.4M	$111.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2099	−0.323%	$15K	$397K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	−0.066%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	−0.291%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2104	−0.047%	$10.5M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	+0.128%	$46.8M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2108	+0.119%	$24.0M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	+0.066%	$47.6M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2108	+0.114%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.391%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	−0.357%	$249K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perpshort	+0.0100%	4h	0.2096	−0.460%	$350K	$4.6M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.446%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	+0.009%	$177K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2053	−2.475%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2108	+0.123%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2104	−0.057%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2107	+0.076%	$2.0M	$9.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	+0.100%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2098	−0.332%	$5K	$356K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0130%	1h	0.2108	+0.133%	$92K	$1.8M	50x	as long as short
01 Exchange ENAUSD	+0.0144%	1h	0.2105	−0.014%	$4K	$312	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0246% / S −0.0424%	1h	0.2105	−0.014%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2103	−0.119%	$5.5M	$8.0M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2107	+0.082%	$1.6M	$4.1M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2105	−0.021%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0552%	1h	0.2111	+0.247%	$5.7M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2100	−0.252%	$827K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0590%	1h	0.2111	+0.266%	$111.5M	$78.5M	10x	as long as short
dYdX ENA-USD	+0.1983%	1h	0.2102	−0.139%	$139K	$15K	5x	as long as short