Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0151%/8h= −16.5% APRpaid last 24h −0.007%

Price spread now: Binance against GMX−0.062%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Binance

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 against this trade now: funding costs −$5 a day on $10k at the current rate, and Binance is 0.062% cheaper against GMX than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ENA/USD [ETH-USDC]	0.2114	L +0.0251% / S −0.0206%	pay 0.0031% / 1h	5m 50s	$50K	—	100x
Short	Binance ENAUSDT	0.2113	0.0100	get 0.0050% / 4h	2h 05m	$130.3M	$434.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against GMX. 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 GMXbpFee BinancebpOrdersPrice spread, now −0.062%Rate

Funding earned: −$31.63
Price spread: −0.062% → 0.000%: −$6.2
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$59.83
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 8 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Binance live order book, 8 min ago	0.24 bp	10.4 bp −$10	16.1 bp −$161	50.0 bp −$4,997	doesn't fit

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 41 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	0.2115	+0.056%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	+0.024%	$87K	—	150x	as long as short
dYdX ENA-USD	+0.0011%	1h	0.2116	+0.079%	$140K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.439%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0035%	4h	0.2114	+0.004%	$44K	$27K	10x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2115	+0.037%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2114	−0.005%	$54K	$507K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2115	+0.044%	$680K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2115	+0.061%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2115	+0.037%	$413K	$530K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDTshort	+0.0100%	4h	0.2113	−0.062%	$130.3M	$434.6M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2113	−0.048%	$86.5M	$180.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2113	−0.043%	$20.8M	$104.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.076%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2115	+0.042%	$78K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+0.565%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2113	−0.062%	$11.0M	$21.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2112	−0.076%	$44.7M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	−0.029%	$24.5M	$16.0M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2112	−0.123%	$48.0M	$59.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2113	−0.071%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2116	+0.094%	$382K	$370K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	+0.003%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	−0.420%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	−0.466%	$355K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2105	−0.431%	$32K	$654K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	+0.009%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.337%	$1K	$847K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	+0.042%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.397%	$276K	$812K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	+0.042%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2113	−0.054%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	+0.030%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0184%	1h	0.2112	−0.095%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2118	+0.165%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0251% / S −0.0206%	1h	0.2114	long leg	$50K	—	100x
Kraken Futures PF_ENAUSD	+0.0252%	1h	0.2116	+0.092%	$2.7M	$4.3M	50x	as long as short
Lighter ENA	+0.0384%	1h	0.2117	+0.156%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2114	−0.006%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0473%	1h	0.2117	+0.151%	$113.8M	$71.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2115	+0.056%	$830K	$1.6M	50x	as long as short