Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0286%/8h= +31.3% APRpaid last 24h −0.003%

Price spread now: GMX against Phemex−0.074%7-day average — · you buy dearer than you sell

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

Long on Phemex 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 0.074% cheaper against Phemex than usual: you would sell low and buy high (spread −0.074% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 21 hours of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2094	0.0100	pay 0.0050% / 4h	1h 33m	$1.9M	$9.2M	50x
Short	GMX ENA/USD [ETH-USDC]	0.2092	L +0.0229% / S −0.0386%	get 0.0048% / 1h	33m 59s	$38K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Phemex. 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 PhemexbpFee GMXbpOrdersPrice spread, now −0.074%Rate

Funding earned: $59.98
Price spread: −0.074% → 0.000%: −$7.4
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $28.57
Costs to cover: 0.240%
Break-even: 3.7 days

Slippage unknown: Phemex: 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 Phemex live order book, 5 min ago	4.77 bp	17.8 bp −$18	73.5 bp −$735	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
Backpack ENA_USDC_PERP	−0.0084%	1h	0.2096	+0.100%	$362K	$481K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0063%	4h	0.2093	−0.038%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	+0.043%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2093	−0.043%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.404%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2096	+0.093%	$2.6M	$5.6M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2088	−0.287%	$59K	$536K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2090	−0.203%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2089	−0.248%	$657K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2094	+0.020%	$1.5M	$3.3M	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	0.2091	−0.158%	$404K	$581K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2097	+0.138%	$129.2M	$458.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2095	+0.057%	$87.2M	$191.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2096	+0.110%	$20.2M	$112.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2094	+0.010%	$15K	$416K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2091	−0.143%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.184%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2095	+0.053%	$10.4M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	+0.172%	$45.2M	$46.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2095	+0.067%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2095	+0.062%	$47.4M	$65.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2097	+0.134%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2091	−0.152%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	+0.061%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	+0.048%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2100	+0.287%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2089	−0.234%	$188K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2038	−2.665%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2095	+0.048%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2096	+0.115%	$273K	$1.5M	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2094	long leg	$1.9M	$9.2M	50x
01 Exchange ENAUSD	+0.0104%	1h	0.2089	−0.244%	$4K	$432	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2094	+0.007%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2095	+0.029%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]short	L +0.0229% / S −0.0386%	1h	0.2092	−0.074%	$38K	—	100x
Extended ENA-USD	+0.0288%	1h	0.2095	+0.063%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2093	−0.062%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2088	−0.298%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0504%	1h	0.2098	+0.196%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0567%	1h	0.2099	+0.220%	$110.9M	$79.6M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	+0.124%	$806K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1905%	1h	0.2090	−0.168%	$138K	$15K	5x	as long as short