Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0892%/8h= +97.7% APRpaid last 24h +0.072%

Price spread now: GMX against Orderly−0.027%7-day average — · you buy dearer than you sell

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

Long on Orderly 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—needs both histories

Funding pays, the price is against you. GMX is 0.027% cheaper against Orderly than usual: you would sell low and buy high (spread −0.027% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 2 hours of funding at the current rate (+$27 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2141	−0.0139	get 0.0069% / 4h	2h 20m	$44K	$26K	10x
Short	GMX ENA/USD [ETH-USDC]	0.2140	L +0.0308% / S −0.0753%	get 0.0094% / 1h	20m 49s	$59K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Orderly. 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 OrderlybpFee GMXbpOrdersPrice spread, now −0.027%Rate

Funding earned: $187.28
Price spread: −0.027% → 0.000%: −$2.66
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: $166.61
Costs to cover: 0.180%
Break-even: 0.8 days

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Orderly and 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
Orderly PERP_ENA_USDClong	−0.0139%	4h	0.2141	long leg	$44K	$26K	10x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2142	+0.042%	$69K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2140	−0.027%	$83K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.808%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0048%	1h	0.2147	+0.294%	$4K	$277	10x	as long as short
Gate ENA_USDT	+0.0080%	4h	0.2148	+0.350%	$11.3M	$24.1M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2145	+0.201%	$59K	$467K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2144	+0.153%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2144	+0.152%	$664K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2150	+0.430%	$116.7M	$74.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2150	+0.453%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2145	+0.201%	$402K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2151	+0.464%	$130.4M	$420.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2149	+0.397%	$86.6M	$176.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2154	+0.598%	$21.5M	$106.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2141	0.000%	$21K	$327K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2146	+0.248%	$80K	$278K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2148	+0.355%	$47.0M	$41.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2146	+0.252%	$25.0M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2148	+0.332%	$48.9M	$58.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2149	+0.374%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2139	−0.057%	$3.1M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2121	−0.901%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2126	−0.687%	$356K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2127	−0.640%	$19K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2146	+0.229%	$190K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2088	−2.466%	$1K	$876K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2141	+0.014%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2147	+0.276%	$270K	$795K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2141	+0.014%	$1.8M	$8.9M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2132	−0.430%	$94K	−$0	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2148	+0.336%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2141	+0.009%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2103	−1.747%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0161%	1h	0.2141	+0.012%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0256%	1h	0.2151	+0.481%	$5.3M	$13.1M	10x	as long as short
dYdX ENA-USD	+0.0265%	1h	0.2151	+0.458%	$142K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]short	L +0.0308% / S −0.0753%	1h	0.2140	−0.027%	$59K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2141	+0.009%	$5.5M	$3.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2143	+0.105%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0616%	1h	0.2141	+0.028%	$360K	$401K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2144	+0.168%	$878K	$1.7M	50x	as long as short