Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0114%/8h= −12.4% APRpaid last 24h −0.001%

Price spread now: SunX against GMX−2.346%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 SunX

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 −$3 a day on $10k at the current rate, and SunX is 2.346% cheaper against GMX than usual: you would sell low and buy high (−$235 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]	0.2110	L +0.0214% / S −0.0162%	pay 0.0027% / 1h	26m 07s	$50K	—	100x
Short	SunX ENA-USDT	0.2061	0.0100	get 0.0050% / 4h	2h 26m	$964	$808K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −2.346%Rate

Funding earned: −$23.85
Price spread: −2.346% → 0.000%: −$234.56
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$278.41
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: live order book, 55 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 SunX live order book, 55 min ago	260.61 bp	doesn't fit	doesn't fit	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	−0.0255%	1h	0.2111	+0.028%	$363K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2109	−0.038%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2109	−0.043%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	+0.019%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2111	+0.017%	$97K	—	150x	as long as short
Gate ENA_USDT	+0.0032%	4h	0.2110	0.000%	$10.5M	$21.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.621%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2104	−0.317%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2109	−0.062%	$60K	$540K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2109	−0.062%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2109	−0.047%	$662K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2112	+0.057%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2112	+0.058%	$407K	$595K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2110	−0.028%	$130.1M	$467.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2110	−0.024%	$88.1M	$193.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2110	−0.005%	$20.4M	$114.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2113	+0.118%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2110	−0.014%	$83K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2110	−0.009%	$45.9M	$49.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2111	+0.028%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2108	−0.095%	$47.8M	$66.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2110	−0.019%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	−0.542%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	−0.502%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2099	−0.516%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2100	−0.488%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.014%	$184K	$3.0M	10x	as long as short
SunX ENA-USDTshort	+0.0100%	4h	0.2061	−2.346%	$964	$808K	20x
SoDEX ENA-USD	+0.0100%	1h	0.2110	−0.014%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.043%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2109	−0.062%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.468%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0103%	1h	0.2111	+0.031%	$2.7M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2109	−0.042%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2110	−0.009%	$78K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0214% / S −0.0162%	1h	0.2110	long leg	$50K	—	100x
Lighter ENA	+0.0320%	1h	0.2112	+0.104%	$5.7M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0340%	1h	0.2113	+0.114%	$111.5M	$80.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2111	+0.047%	$5.5M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2109	−0.075%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2113	+0.128%	$807K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.7333%	1h	0.2111	+0.029%	$139K	$15K	5x	as long as short