Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0186%/8h= +20.4% APRpaid last 24h −0.007%

Price spread now: GMX against Gate+0.342%7-day average — · you sell dearer than you buy

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

Long on Gate 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

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and GMX is 0.342% dearer against Gate than usual: you sell high and buy low: +$34 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ENA_USDT	0.2098	−0.0028	get 0.0014% / 4h	2h 54m	$10.4M	$21.4M	50x
Short	GMX ENA/USD [ETH-USDC]	0.2105	L +0.0210% / S −0.0158%	get 0.0020% / 1h	54m 26s	$50K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Gate. 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 GatebpFee GMXbpOrdersPrice spread, now +0.342%Rate

Funding earned: $39.06
Price spread: +0.342% → 0.000%: $34.22
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee GMX: 6 bp × 2 orders: −$12
Net: $46.28
Costs to cover: 0.270%
Break-even: from the start

Slippage unknown: Gate: live order book, 4 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 Gate live order book, 4 min ago	1.66 bp	16.7 bp −$17	35.8 bp −$358	54.2 bp −$5,425	92.9 bp −$46.4K
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	−0.0530%	1h	0.2106	+0.367%	$362K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0096%	4h	0.2106	+0.376%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0080%	1h	0.2102	+0.176%	$4K	$432	10x	as long as short
Gate ENA_USDTlong	−0.0028%	4h	0.2098	long leg	$10.4M	$21.4M	50x
Phoenix ENA	0.0000%	1h	0.2107	+0.410%	$5K	$394K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2107	+0.429%	$94K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2106	+0.367%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.196%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2098	−0.014%	$59K	$546K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2099	+0.013%	$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	0.2100	+0.069%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2100	+0.098%	$1.5M	$3.5M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	+0.057%	$403K	$604K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2099	+0.042%	$130.1M	$472.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	+0.024%	$88.3M	$195.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2098	−0.005%	$20.2M	$115.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2102	+0.153%	$19K	$445K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	+0.081%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2108	+0.442%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	+0.052%	$45.3M	$48.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.057%	$24.3M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2098	−0.024%	$47.6M	$67.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2097	−0.062%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2107	+0.407%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	+0.346%	$252K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2105	+0.342%	$362K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2105	+0.319%	$32K	$714K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2101	+0.133%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−1.978%	$1K	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2106	+0.367%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2107	+0.415%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2106	+0.367%	$1.8M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2107	+0.432%	$2.7M	$5.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2097	−0.060%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	+0.389%	$77K	$11K	3x	as long as short
Lighter ENA	+0.0128%	1h	0.2102	+0.162%	$5.7M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0205%	1h	0.2102	+0.176%	$111.6M	$80.7M	10x	as long as short
GMX ENA/USD [ETH-USDC]short	L +0.0210% / S −0.0158%	1h	0.2105	+0.342%	$50K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2106	+0.367%	$5.6M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	+0.011%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2110	+0.548%	$807K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.6362%	1h	0.2101	+0.146%	$139K	$12K	5x	as long as short