Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0207%/8h= −22.7% APRpaid last 24h −0.029%

Price spread now: Paradex against GMX+0.062%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Paradex is 0.062% dearer against GMX than usual: you sell high and buy low (spread +0.062% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ENA/USD [ETH-USDC]	0.2133	L +0.0308% / S −0.0754%	pay 0.0038% / 1h	52m 31s	$59K	—	100x
Short	Paradex ENA-USD-PERP	0.2134	0.0100	get 0.0100% / 8h	7h 52m	$48K	$110	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.062%Rate

Funding earned: −$43.57
Price spread: +0.062% → 0.000%: $6.17
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$53.39
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Paradex: no order-book sample. 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 Paradex no order-book sample	—	—	—	—	—

GMX and Paradex: 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
Phemex ENAUSDT	−0.1477%	4h	0.2134	+0.069%	$1.9M	$9.0M	50x	as long as short
01 Exchange ENAUSD	−0.0096%	1h	0.2135	+0.130%	$4K	$277	10x	as long as short
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2131	−0.081%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2133	+0.004%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2130	−0.100%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.428%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2135	+0.116%	$53K	$488K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2133	+0.025%	$572K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2135	+0.102%	$115.8M	$75.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2135	+0.127%	$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	0.2135	+0.127%	$412K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2135	+0.116%	$129.7M	$426.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2135	+0.107%	$89.1M	$192.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2134	+0.074%	$21.3M	$108.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2131	−0.076%	$33K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2133	+0.023%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.282%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2136	+0.154%	$13.4M	$26.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2134	+0.051%	$39.7M	$42.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2136	+0.168%	$25.1M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2132	−0.043%	$48.4M	$60.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2136	+0.149%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2123	−0.456%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2121	−0.557%	$257K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2122	−0.472%	$361K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2122	−0.493%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2136	+0.144%	$176K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2083	−2.317%	$866	$914K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2131	−0.071%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2136	+0.158%	$268K	$807K	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2134	+0.062%	$48K	$110	10x
Lighter ENA	+0.0104%	1h	0.2136	+0.149%	$5.0M	$12.6M	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2135	+0.129%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2132	−0.004%	$75K	$4K	3x	as long as short
dYdX ENA-USD	+0.0124%	1h	0.2133	+0.018%	$141K	$16K	5x	as long as short
Phoenix ENA	+0.0150%	1h	0.2133	+0.018%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0196%	1h	0.2132	−0.005%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0308% / S −0.0754%	1h	0.2133	long leg	$59K	—	100x
Backpack ENA_USDC_PERP	+0.0311%	1h	0.2133	+0.008%	$413K	$480K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	−0.006%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2132	−0.031%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2138	+0.243%	$803K	$2.0M	50x	as long as short