Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0206%/8h= −22.6% APRpaid last 24h −0.021%

Price spread now: GRVT against GMX−0.111%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 GRVT

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 airdropGRVT: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and GRVT is 0.111% cheaper against GMX than usual: you would sell low and buy high (−$11 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]	0.2113	L +0.0306% / S −0.0753%	pay 0.0038% / 1h	7m 24s	$58K	—	100x
Short	GRVT ENA_USDT_Perp	0.2111	0.0100	get 0.0050% / 4h	1h 07m	$351K	$4.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.111%Rate

Funding earned: −$43.26
Price spread: −0.111% → 0.000%: −$11.08
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$75.34
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; GRVT: live order book, 7 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 GRVT live order book, 7 min ago	2.35 bp	14.6 bp −$15	50.3 bp −$503	doesn't fit	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	−0.0100%	4h	0.2113	−0.035%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2113	−0.021%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	−0.016%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2109	−0.201%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.476%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2109	−0.205%	$55K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	−0.363%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2111	−0.101%	$559K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2114	+0.022%	$114.4M	$75.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2113	−0.025%	$1.4M	$3.3M	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	0.2107	−0.311%	$399K	$542K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2113	−0.018%	$128.1M	$426.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2112	−0.049%	$90.6M	$186.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2114	+0.036%	$21.1M	$107.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	−0.125%	$33K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	−0.253%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	+0.406%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2112	−0.068%	$12.5M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2113	−0.011%	$38.4M	$43.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2113	−0.002%	$24.7M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2110	−0.172%	$47.8M	$59.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2113	−0.026%	—	$31.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	+0.266%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	−0.027%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perpshort	+0.0100%	4h	0.2111	−0.111%	$351K	$4.9M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2113	−0.016%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2112	−0.073%	$183K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.420%	$1K	$901K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2112	−0.063%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.183%	$266K	$816K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2112	−0.063%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2105	−0.380%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2113	−0.035%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2120	+0.306%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0152%	1h	0.2108	−0.238%	$5.0M	$13.7M	10x	as long as short
dYdX ENA-USD	+0.0239%	1h	0.2108	−0.272%	$139K	$16K	5x	as long as short
Backpack ENA_USDC_PERP	+0.0267%	1h	0.2114	+0.041%	$392K	$437K	5x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0306% / S −0.0753%	1h	0.2113	long leg	$58K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2111	−0.115%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2111	−0.101%	$1K	—	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0446%	1h	0.2114	+0.026%	$2.6M	$4.4M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2135	+1.049%	$881K	$1.8M	50x	as long as short