Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.020%

Price spread now: Bulk against GRVT−0.034%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GRVT Short on Bulk

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.034% cheaper against GRVT than usual: you would sell low and buy high, −$3 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ENA_USDT_Perp	0.2095	0.0100	pay 0.0050% / 4h	1h 17m	$353K	$4.6M	10x
Short	Bulk ENA-USD	0.2095	0.0100	get 0.0013% / 1h	17m 12s	$88K	$500	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against GRVT. 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 GRVTbpFee BulkbpOrdersPrice spread, now −0.034%Rate

Funding earned: $0
Price spread: −0.034% → 0.000%: −$3.44
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$19.44
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 2 min ago; Bulk: 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 GRVT live order book, 2 min ago	2.39 bp	9.8 bp −$10	64.7 bp −$647	doesn't fit	doesn't fit
Sell Bulk no order-book sample	—	—	—	—	—

Bulk: 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	−0.0049%	4h	0.2092	−0.163%	$40K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0046%	1h	0.2093	−0.115%	$369K	$450K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2093	−0.129%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2092	−0.157%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.336%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2094	−0.057%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2093	−0.115%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2092	−0.157%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2092	−0.158%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2092	−0.145%	$1.5M	$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	0.2094	−0.091%	$405K	$576K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2093	−0.109%	$129.1M	$455.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2092	−0.187%	$87.0M	$190.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	−0.148%	$20.2M	$111.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2095	−0.034%	$15K	$396K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2094	−0.067%	$82K	$220K	10x	as long as short
Bulk ENA-USDshort	+0.0100%	1h	0.2095	−0.034%	$88K	$500	10x
Gate ENA_USDT	+0.0100%	4h	0.2092	−0.163%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2092	−0.139%	$46.4M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2093	−0.134%	$23.8M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2090	−0.249%	$47.3M	$64.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2092	−0.163%	—	$32.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2094	−0.068%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	+0.009%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perplong	+0.0100%	4h	0.2095	long leg	$353K	$4.6M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	−0.019%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2092	−0.139%	$177K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2042	−2.535%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2092	−0.163%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2094	−0.048%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2092	−0.163%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2092	−0.163%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2097	+0.095%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0136%	1h	0.2094	−0.053%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0240% / S −0.0412%	1h	0.2092	−0.168%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0328%	1h	0.2092	−0.182%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2093	−0.115%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2091	−0.200%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0488%	1h	0.2095	−0.010%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2098	+0.119%	$826K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0580%	1h	0.2095	0.000%	$110.6M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1960%	1h	0.2093	−0.128%	$138K	$15K	5x	as long as short