Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0096%/8h= −10.6% APRpaid last 24h −0.029%

Price spread now: gTrade (Gains Network) against Paradex−0.070%7-day average — · you buy dearer than you sell

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

Long on Paradex 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—+ Points / potential airdropParadex: Active · farm boardneeds 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 0.070% cheaper against Paradex than usual: you would sell low and buy high (−$7 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	Paradex ENA-USD-PERP	0.2119	0.0100	pay 0.0100% / 8h	5h 33m	$47K	$110	10x
Short	gTrade (Gains Network) ENA/USD	0.2117	L +0.0004% / S −0.0004%	get 0.0000% / 1h	33m 02s	$82K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Paradex. 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 ParadexbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.070%Rate

Funding earned: −$20.26
Price spread: −0.070% → 0.000%: −$7.04
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$41.3
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; gTrade (Gains Network): virtual book (oracle venue), 66 min ago. 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 Paradex no order-book sample	—	—	—	—	—
Sell gTrade (Gains Network) virtual book (oracle venue), 66 min ago	130.03 bp	135.0 bp −$135	748.2 bp −$7,482	doesn't fit	doesn't fit

Paradex: 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	−0.0005%	4h	0.2114	−0.232%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2115	−0.185%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USDshort	L +0.0004% / S −0.0004%	1h	0.2117	−0.070%	$82K	—	150x
01 Exchange ENAUSD	+0.0008%	1h	0.2120	+0.037%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.212%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2119	+0.004%	$55K	$497K	50x	as long as short
dYdX ENA-USD	+0.0096%	1h	0.2117	−0.101%	$140K	$15K	5x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	−0.069%	$684K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2116	−0.133%	$113.7M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2117	−0.081%	$1.5M	$3.0M	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	0.2119	+0.015%	$414K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2114	−0.241%	$129.8M	$420.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2114	−0.255%	$86.7M	$175.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2114	−0.218%	$20.8M	$102.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2113	−0.293%	$19K	$360K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2119	+0.004%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	−0.185%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2117	−0.081%	$11.1M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	−0.081%	$45.5M	$41.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2116	−0.118%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2113	−0.274%	$48.2M	$57.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2114	−0.232%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2116	−0.152%	$374K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2113	−0.287%	$3.4M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2115	−0.195%	$244K	$7.3M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	−0.093%	$353K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	−0.137%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2119	+0.018%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2069	−2.355%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	−0.185%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2121	+0.094%	$277K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2117	−0.090%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2119	long leg	$47K	$110	10x
Extended ENA-USD	+0.0104%	1h	0.2113	−0.260%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	−0.203%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2107	−0.557%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2117	−0.085%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2117	−0.094%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	−0.090%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0392%	1h	0.2119	+0.004%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2118	−0.050%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2119	+0.004%	$833K	$1.5M	50x	as long as short