Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0034%/8h= +3.8% APRpaid last 24h +0.060%

Price spread now: BloFin against GMX+0.014%51s7-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 BloFin

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: +$1 a day on $10k at the current rate. 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	GMX ENA/USD [ETH-USDC]	0.2108	L +0.0306% / S −0.0358%	pay 0.0038% / 1h	56m 29s	$70K	—	100x
Short	BloFin ENA-USDT	0.2108	0.0340	get 0.0170% / 4h	3h 56m	$5.5M	$3.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.014%Rate

Funding earned: $7.23
Price spread: +0.014% → 0.000%: $1.38
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$15.4
Costs to cover: 0.240%
Break-even: 21.9 days

Slippage unknown: GMX: no order-book sample; BloFin: live order book, 2 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 BloFin live order book, 2 min ago	0.47 bp	12.9 bp −$13	18.8 bp −$188	71.1 bp −$7,105	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 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	−0.0265%	1h	0.2110	+0.104%	$361K	$401K	5x	as long as short
Phemex ENAUSDT	−0.0227%	4h	0.2109	+0.066%	$1.8M	$8.9M	50x	as long as short
Gate ENA_USDT	−0.0088%	4h	0.2107	−0.038%	$11.1M	$22.0M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0083%	4h	0.2109	+0.042%	$44K	$25K	10x	as long as short
dYdX ENA-USD	0.0000%	1h	0.2109	+0.056%	$139K	$15K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2109	+0.085%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2107	−0.015%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.749%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0064%	1h	0.2108	+0.014%	$4K	$302	10x	as long as short
Phoenix ENA	+0.0076%	1h	0.2117	+0.422%	$8K	$265K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ENAUSDT	+0.0096%	1h	0.2106	−0.076%	$56K	$464K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2107	−0.049%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2106	−0.072%	$656K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2108	+0.028%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2108	+0.019%	$402K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2107	−0.005%	$128.2M	$415.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.053%	$85.0M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.034%	$21.0M	$103.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	+0.336%	$20K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	+0.019%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.053%	$92K	$4K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	−0.048%	$45.9M	$40.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2108	+0.033%	$24.9M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2105	−0.143%	$47.7M	$57.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2107	−0.010%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	+0.297%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2114	+0.324%	$244K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	+0.303%	$352K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2115	+0.351%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2108	0.000%	$177K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2060	−2.278%	$1K	$851K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2109	+0.066%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.427%	$274K	$793K	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2106	−0.073%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2109	+0.077%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0120%	1h	0.2110	+0.123%	$5.2M	$13.2M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0173%	1h	0.2111	+0.143%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0306% / S −0.0358%	1h	0.2108	long leg	$70K	—	100x
BloFin ENA-USDTshort	+0.0340%	4h	0.2108	+0.014%	$5.5M	$3.0M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.090%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0431%	1h	0.2110	+0.100%	$115.0M	$74.8M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2120	+0.597%	$866K	$1.7M	50x	as long as short