Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0153%/8h= −16.8% APRpaid last 24h −0.019%

Price spread now: Phemex against GMX−0.033%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 Phemex

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 −$5 a day on $10k at the current rate, and Phemex is 0.033% cheaper against GMX than usual: you would sell low and buy high (−$3 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]	0.2117	L +0.0253% / S −0.0213%	pay 0.0032% / 1h	26m 03s	$51K	—	100x
Short	Phemex ENAUSDT	0.2116	0.0100	get 0.0050% / 4h	26m 03s	$1.8M	$8.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$32.23
Price spread: −0.033% → 0.000%: −$3.26
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$59.49
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 3 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 Phemex live order book, 3 min ago	7.09 bp	24.8 bp −$25	73.0 bp −$730	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
Backpack ENA_USDC_PERP	−0.0196%	1h	0.2119	+0.086%	$365K	$396K	5x	as long as short
01 Exchange ENAUSD	−0.0088%	1h	0.2117	+0.015%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0068%	4h	0.2116	−0.023%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2117	+0.005%	$79K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2117	0.000%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.317%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2114	−0.113%	$8K	$266K	10x	as long as short
dYdX ENA-USD	+0.0091%	1h	0.2118	+0.050%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2120	+0.171%	$5.2M	$13.5M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	+0.015%	$56K	$476K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	−0.012%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.017%	$653K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2122	+0.232%	$115.6M	$75.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2117	+0.036%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	+0.090%	$405K	$516K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2118	+0.075%	$129.0M	$416.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2118	+0.052%	$85.5M	$175.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	+0.038%	$20.8M	$103.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	−0.056%	$18K	$316K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2117	+0.015%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2093	−1.119%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2118	+0.062%	$11.1M	$22.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2119	+0.133%	$46.2M	$41.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2120	+0.171%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2115	−0.089%	$48.1M	$57.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2118	+0.052%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2116	−0.016%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2111	−0.251%	$243K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2113	−0.197%	$349K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	+0.345%	$20K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	+0.005%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.343%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	+0.015%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	+0.109%	$274K	$791K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2116	−0.033%	$1.8M	$8.8M	50x
Extended ENA-USD	+0.0104%	1h	0.2117	+0.035%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	−0.027%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2120	+0.134%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0253% / S −0.0213%	1h	0.2117	long leg	$51K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2117	0.000%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2116	−0.026%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2121	+0.213%	$868K	$1.6M	50x	as long as short