Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0334%/8h= +36.6% APRpaid last 24h +0.014%

Price spread now: GMX against GRVT+0.053%69s7-day average — · you sell dearer than you buy

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

Long on GRVT Short on GMX

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 for this trade now. Funding pays +$10 a day on $10k at the current rate, and GMX is 0.053% dearer against GRVT than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 69 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ENA_USDT_Perp	0.2127	0.0100	pay 0.0050% / 4h	3m 56s	$361K	$4.7M	10x
Short	GMX ENA/USD [ETH-USDC]	0.2128	L +0.0250% / S −0.0434%	get 0.0054% / 1h	3m 56s	$38K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.053%Rate

Funding earned: $70.13
Price spread: +0.053% → 0.000%: $5.27
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee GMX: 6 bp × 2 orders: −$12
Net: $54.4
Costs to cover: 0.210%
Break-even: 1.6 days

Slippage unknown: GRVT: live order book, 5 min ago; GMX: 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, 5 min ago	2.35 bp	17.3 bp −$17	33.8 bp −$338	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2129	+0.080%	$95K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2128	+0.047%	$97K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0012%	4h	0.2127	+0.014%	$41K	$24K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.169%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0055%	1h	0.2130	+0.150%	$378K	$443K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2128	+0.047%	$63K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2128	+0.049%	$681K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2129	+0.085%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2128	+0.038%	$411K	$559K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2128	+0.043%	$131.9M	$449.7M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2129	+0.071%	$89.4M	$189.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2129	+0.085%	$20.7M	$110.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2122	−0.259%	$15K	$389K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2129	+0.094%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	−0.051%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	+0.009%	$10.8M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2128	+0.042%	$46.5M	$45.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2130	+0.122%	$24.7M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2127	+0.009%	$48.2M	$63.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2128	+0.066%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2121	−0.265%	$3.9M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2122	−0.233%	$246K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perplong	+0.0100%	4h	0.2127	long leg	$361K	$4.7M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2121	−0.282%	$34K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2129	+0.080%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2078	−2.313%	$928	$829K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2128	+0.047%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.348%	$277K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	0.000%	$1.9M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2127	+0.014%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2128	+0.068%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2125	−0.108%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2130	+0.132%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2130	+0.140%	$2.7M	$5.2M	50x	as long as short
Extended ENA-USD	+0.0248%	1h	0.2127	−0.014%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]short	L +0.0250% / S −0.0434%	1h	0.2128	+0.053%	$38K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2125	−0.113%	$5.6M	$4.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2127	+0.023%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.212%	$842K	$1.9M	50x	as long as short
Lighter ENA	+0.0560%	1h	0.2131	+0.193%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0745%	1h	0.2132	+0.221%	$114.9M	$78.3M	10x	as long as short
dYdX ENA-USD	+0.1117%	1h	0.2126	−0.044%	$140K	$15K	5x	as long as short