Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.029%

Price spread now: gTrade (Gains Network) against HTX−0.059%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$392as in the Price arb table

costs, in and out, $10k−$3863.859% of the position

Long on HTX Short on gTrade (Gains Network)

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 gTrade (Gains Network) is 0.059% cheaper against HTX than usual: you would sell low and buy high (−$6 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	HTX ENA-USDT	0.2118	0.0100	pay 0.0050% / 4h	54m 36s	$275K	$1.5M	50x
Short	gTrade (Gains Network) ENA/USD	0.2117	L +0.0003% / S −0.0003%	get 0.0000% / 1h	54m 36s	$105K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against HTX. 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 HTXbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.059%Rate

Funding earned: −$20.27
Price spread: −0.059% → 0.000%: −$5.95
Slippage, 4 orders: −$363.89
Fee HTX: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$412.11
Costs to cover: 3.859%
Break-even: never at this rate

Slippage from HTX: live order book, 4 min ago; gTrade (Gains Network): virtual book (oracle venue), 29 min ago.

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 HTX live order book, 4 min ago	16.24 bp	42.0 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 29 min ago	130.03 bp	135.0 bp −$135	748.2 bp −$7,482	doesn't fit	doesn't fit

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	−0.0071%	1h	0.2117	−0.047%	$374K	$447K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0035%	4h	0.2116	−0.085%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2117	−0.052%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USDshort	L +0.0003% / S −0.0003%	1h	0.2117	−0.059%	$105K	—	150x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.260%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2113	−0.231%	$63K	$529K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.224%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2114	−0.173%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	−0.205%	$409K	$573K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2114	−0.208%	$130.6M	$455.0M	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	0.2113	−0.236%	$88.7M	$190.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2114	−0.203%	$20.5M	$111.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	0.000%	$16K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2114	−0.184%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	+0.175%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2113	−0.227%	$10.8M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2113	−0.222%	$46.4M	$45.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	−0.132%	$24.4M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2111	−0.307%	$47.9M	$64.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2113	−0.246%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	+0.031%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2122	+0.193%	$251K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2123	+0.224%	$352K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2123	+0.241%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	−0.033%	$178K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2066	−2.451%	$1K	$820K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	−0.090%	$4K	$14K	10x	as long as short
HTX ENA-USDTlong	+0.0100%	4h	0.2118	long leg	$275K	$1.5M	50x
Phemex ENAUSDT	+0.0100%	4h	0.2116	−0.090%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.286%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2117	−0.053%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2120	+0.118%	$5K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0136%	1h	0.2114	−0.161%	$4K	$312	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2117	−0.059%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2116	−0.072%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	−0.057%	$5.6M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2113	−0.238%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2116	−0.082%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0487%	1h	0.2118	−0.005%	$112.0M	$77.8M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2125	+0.331%	$839K	$2.1M	50x	as long as short
Lighter ENA	+0.0560%	1h	0.2115	−0.118%	$5.7M	$12.8M	10x	as long as short
dYdX ENA-USD	+0.1725%	1h	0.2116	−0.087%	$140K	$15K	5x	as long as short