Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0153%/8h= −16.7% APRpaid last 24h −0.012%

Price spread now: BingX against GMX+0.004%7-day average — · you sell dearer than you buy

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

Long on GMX Short on BingX

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ENA/USD [ETH-USDC]	0.2098	L +0.0253% / S −0.0213%	pay 0.0032% / 1h	52m 20s	$51K	—	100x
Short	BingX ENA-USDT	0.2098	0.0100	get 0.0050% / 4h	52m 20s	—	$32.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$32.08
Price spread: +0.004% → 0.000%: $0.43
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$53.65
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 1 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 BingX live order book, 1 min ago	0.95 bp	5.9 bp −$6	9.3 bp −$93	14.6 bp −$1,458	35.8 bp −$17.9K

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	−0.0162%	1h	0.2105	+0.328%	$371K	$372K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2098	−0.020%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0055%	4h	0.2098	−0.015%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2105	+0.343%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2098	−0.003%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.210%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0049%	1h	0.2102	+0.189%	$139K	$15K	5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2108	+0.486%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2097	−0.048%	$55K	$500K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2097	−0.039%	$47K	$110	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	0.2098	+0.011%	$659K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2101	+0.124%	$112.1M	$72.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2099	+0.036%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2100	+0.113%	$409K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2098	−0.005%	$128.4M	$414.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2098	−0.005%	$85.7M	$175.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	+0.023%	$20.7M	$102.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2106	+0.381%	$19K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	−0.048%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.429%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2098	+0.019%	$11.0M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	+0.052%	$45.4M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2100	+0.081%	$24.5M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	−0.053%	$47.7M	$57.2M	75x	as long as short
BingX ENA-USDTshort	+0.0100%	4h	0.2098	+0.004%	—	$32.2M	—
Variational Omni ENA	+0.0100%	4h	0.2119	+1.020%	$3.3M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2107	+0.420%	$242K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	+0.571%	$354K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	+0.619%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2098	+0.004%	$181K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2054	−2.098%	$1K	$842K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2105	+0.333%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2107	+0.424%	$272K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	+0.333%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2096	−0.118%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2099	+0.031%	$73K	$4K	3x	as long as short
Lighter ENA	+0.0112%	1h	0.2100	+0.119%	$5.2M	$13.3M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0244%	1h	0.2106	+0.390%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0253% / S −0.0213%	1h	0.2098	long leg	$51K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2105	+0.324%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	+0.026%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2112	+0.657%	$860K	$1.5M	50x	as long as short