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 −0.028%

Price spread now: gTrade (Gains Network) against OKX+0.171%7-day average +0.027% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$324as in the Price arb table

costs, in and out, $10k−$3393.387% of the position

Long on OKX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.086%−$9 on $10k

Price spread, last 3 days (all we have)−0.020%−$2 · spread now +0.171%, 7d avg +0.027%

Together, before fees−0.106%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.144% dearer against OKX than usual: you sell high and buy low (spread +0.171% now, against its 7-day average of +0.027%): +$14 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ENA-USDT-SWAP	0.2127	0.0100	pay 0.0050% / 4h	48m 40s	$20.6M	$112.2M	50x
Short	gTrade (Gains Network) ENA/USD	0.2130	L +0.0003% / S −0.0003%	get 0.0000% / 1h	48m 40s	$106K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against OKX. 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 OKXbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.171%Rate

Funding earned: −$20.27
Price spread: +0.171% → +0.027%: $14.42
Slippage, 4 orders: −$318.7
Fee OKX: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$344.55
Costs to cover: 3.387%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; gTrade (Gains Network): virtual book (oracle venue), 35 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 OKX live order book, 5 min ago	0.23 bp	8.7 bp −$9	20.2 bp −$202	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 35 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
Orderly PERP_ENA_USDC	−0.0029%	4h	0.2127	+0.038%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2128	+0.061%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USDshort	L +0.0003% / S −0.0003%	1h	0.2130	+0.171%	$106K	—	150x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.146%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0080%	1h	0.2130	+0.165%	$376K	$447K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2129	+0.118%	$63K	$525K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2130	+0.141%	$684K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2128	+0.067%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	+0.002%	$412K	$567K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2127	+0.027%	$131.4M	$455.2M	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	0.2126	−0.042%	$89.0M	$191.0M	50x	as long as short
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2127	long leg	$20.6M	$112.2M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2128	+0.085%	$15K	$401K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2127	+0.024%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2125	−0.048%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	+0.019%	$10.9M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2126	−0.019%	$47.0M	$45.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2127	+0.047%	$24.5M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2125	−0.071%	$48.2M	$64.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2126	−0.019%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	−0.123%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2124	−0.114%	$253K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.100%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	−0.118%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2130	+0.174%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2078	−2.262%	$1K	$823K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2128	+0.071%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2132	+0.268%	$276K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	+0.024%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	−0.028%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	+0.023%	$78K	$11K	3x	as long as short
01 Exchange ENAUSD	+0.0168%	1h	0.2131	+0.212%	$4K	$302	10x	as long as short
Phoenix ENA	+0.0189%	1h	0.2125	−0.056%	$6K	$347K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2128	+0.091%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2130	+0.171%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.061%	$5.6M	$7.4M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2126	−0.027%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2130	+0.142%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2135	+0.376%	$843K	$2.1M	50x	as long as short
Lighter ENA	+0.0640%	1h	0.2129	+0.127%	$5.7M	$12.8M	10x	as long as short
Hyperliquid ENA	+0.0820%	1h	0.2131	+0.207%	$114.5M	$78.8M	10x	as long as short
dYdX ENA-USD	+0.1740%	1h	0.2127	+0.010%	$140K	$15K	5x	as long as short