Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0061%/8h= +6.6% APRpaid last 24h −0.012%

Price spread now: GMX against SunX+2.539%55s7-day average — · you sell dearer than you buy

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

Long on SunX 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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and GMX is 2.539% dearer against SunX than usual: you sell high and buy low: +$254 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ENA-USDT	0.2044	0.0100	pay 0.0050% / 4h	2h 34m	$1K	$806K	20x
Short	GMX ENA/USD [ETH-USDC]	0.2096	L +0.0212% / S −0.0161%	get 0.0020% / 1h	34m 28s	$50K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against SunX. 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 SunXbpFee GMXbpOrdersPrice spread, now +2.539%Rate

Funding earned: $12.73
Price spread: +2.539% → 0.000%: $253.94
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: $246.67
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: SunX: live order book, 47 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 SunX live order book, 47 min ago	260.61 bp	doesn't fit	doesn't fit	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	−0.0347%	1h	0.2095	+2.505%	$361K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0083%	4h	0.2094	+2.436%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2096	+2.519%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	+2.466%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2096	+2.524%	$96K	—	150x	as long as short
Gate ENA_USDT	+0.0006%	4h	0.2094	+2.456%	$10.4M	$21.5M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+3.874%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2095	+2.490%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	+2.485%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2096	+2.513%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2094	+2.415%	$657K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2095	+2.494%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	+2.501%	$402K	$585K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2096	+2.515%	$129.2M	$467.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2095	+2.470%	$87.7M	$193.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2096	+2.534%	$20.2M	$114.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2091	+2.265%	$19K	$433K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2096	+2.534%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	+2.436%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2095	+2.510%	$44.7M	$48.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	+2.549%	$24.3M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2094	+2.441%	$47.4M	$66.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2095	+2.495%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2092	+2.337%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	+2.286%	$248K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	+2.403%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2093	+2.387%	$32K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	+2.558%	$181K	$3.0M	10x	as long as short
SunX ENA-USDTlong	+0.0100%	4h	0.2044	long leg	$1K	$806K	20x
SoDEX ENA-USD	+0.0100%	1h	0.2094	+2.436%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2096	+2.539%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2094	+2.436%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2095	+2.476%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	+2.470%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2096	+2.511%	$2.7M	$5.8M	50x	as long as short
GMX ENA/USD [ETH-USDC]short	L +0.0212% / S −0.0161%	1h	0.2096	+2.539%	$50K	—	100x
Lighter ENA	+0.0272%	1h	0.2098	+2.612%	$5.7M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0299%	1h	0.2098	+2.632%	$110.7M	$80.8M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	+2.480%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	+2.470%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+2.769%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.9157%	1h	0.2094	+2.432%	$138K	$15K	5x	as long as short