Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0205%/8h= −22.5% APRpaid last 24h −0.018%

Price spread now: Bybit against GMX−0.046%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 Bybit

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 −$6 a day on $10k at the current rate, and Bybit is 0.046% cheaper against GMX than usual: you would sell low and buy high (−$5 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]	0.2102	L +0.0305% / S −0.0358%	pay 0.0038% / 1h	32m 05s	$70K	—	100x
Short	Bybit ENAUSDT	0.2101	0.0100	get 0.0050% / 4h	3h 32m	$85.1M	$174.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$43.12
Price spread: −0.046% → 0.000%: −$4.57
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$70.69
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: 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 Bybit live order book, 2 min ago	0.24 bp	10.1 bp −$10	17.8 bp −$178	63.0 bp −$6,296	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	−0.0132%	1h	0.2102	+0.021%	$358K	$403K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0096%	4h	0.2101	−0.022%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2102	+0.026%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2101	−0.015%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.034%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0056%	1h	0.2100	−0.065%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	−0.127%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	−0.083%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2100	−0.096%	$653K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2102	+0.001%	$1.4M	$3.2M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2101	−0.022%	$400K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2101	−0.042%	$127.4M	$414.1M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2101	−0.046%	$85.1M	$174.5M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2101	−0.022%	$20.9M	$103.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	−0.098%	$22K	$332K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	−0.079%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.174%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2101	−0.027%	$11.1M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2101	−0.022%	$45.6M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2102	+0.035%	$24.9M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2099	−0.103%	$47.7M	$57.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2102	−0.003%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2095	−0.337%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	−0.279%	$240K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2097	−0.207%	$352K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	+0.016%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2101	−0.041%	$191K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.506%	$983	$852K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2101	−0.031%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	+0.059%	$272K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2102	+0.016%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2101	−0.023%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2103	+0.047%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2095	−0.293%	$8K	$274K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2103	+0.043%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0200%	1h	0.2103	+0.083%	$5.2M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0259%	1h	0.2104	+0.102%	$114.3M	$74.0M	10x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0305% / S −0.0358%	1h	0.2102	long leg	$70K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2102	+0.011%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	−0.104%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2103	+0.073%	$859K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1066%	1h	0.2101	−0.026%	$139K	$15K	5x	as long as short