Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0208%/8h= −22.7% APRpaid last 24h −0.025%

Price spread now: edgeX against GMX−0.782%70s7-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 edgeX

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—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and edgeX is 0.782% cheaper against GMX than usual: you would sell low and buy high (−$78 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 70 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]	0.2131	L +0.0308% / S −0.0754%	pay 0.0038% / 1h	59m 37s	$58K	—	100x
Short	edgeX ENAUSDC	0.2114	0.0100	get 0.0050% / 4h	3h 59m	$255K	$7.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.782%Rate

Funding earned: −$43.63
Price spread: −0.782% → 0.000%: −$78.23
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$142.85
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; edgeX: live order book, 4 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 edgeX live order book, 4 min ago	7.09 bp	11.6 bp −$12	13.1 bp −$131	44.2 bp −$4,419	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
Orderly PERP_ENA_USDC	−0.0083%	4h	0.2129	−0.101%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2130	−0.035%	$61K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2131	−0.020%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.354%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0080%	1h	0.2125	−0.289%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2130	−0.045%	$54K	$487K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2130	−0.047%	$572K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2131	+0.012%	$115.6M	$74.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2130	−0.045%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2130	−0.055%	$411K	$564K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2129	−0.070%	$129.6M	$426.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2128	−0.124%	$89.7M	$191.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2128	−0.148%	$21.3M	$108.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	−0.162%	$33K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2125	−0.279%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2118	−0.584%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2128	−0.134%	$13.3M	$26.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2129	−0.077%	$39.5M	$42.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2130	−0.040%	$25.0M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2125	−0.256%	$48.2M	$60.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2127	−0.190%	—	$31.4M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2134	+0.120%	$413K	$483K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2127	−0.182%	$3.1M	$9.9M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2114	−0.782%	$255K	$7.0M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	−0.745%	$358K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2115	−0.748%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2131	+0.002%	$175K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2080	−2.405%	$1K	$911K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2130	−0.045%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2132	+0.063%	$268K	$808K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2130	−0.045%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	−0.148%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2125	−0.284%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	−0.011%	$75K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0147%	1h	0.2131	−0.004%	$2.6M	$4.4M	50x	as long as short
Lighter ENA	+0.0184%	1h	0.2132	+0.031%	$5.0M	$12.5M	10x	as long as short
Phoenix ENA	+0.0190%	1h	0.2129	−0.073%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0308% / S −0.0754%	1h	0.2131	long leg	$58K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2128	−0.153%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2130	−0.068%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2134	+0.157%	$802K	$2.0M	50x	as long as short
dYdX ENA-USD	+0.0747%	1h	0.2131	−0.011%	$141K	$16K	5x	as long as short