Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0310%/8h= +34.0% APRpaid last 24h +0.001%

Price spread now: GMX against Bitget+0.111%7-day average — · you sell dearer than you buy

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

Long on Bitget 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 +$9 a day on $10k at the current rate, and GMX is 0.111% dearer against Bitget than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ENAUSDT	0.2091	0.0100	pay 0.0050% / 4h	1h 17m	$47.3M	$64.8M	75x
Short	GMX ENA/USD [ETH-USDC]	0.2093	L +0.0240% / S −0.0410%	get 0.0051% / 1h	17m 49s	$38K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bitget. 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 BitgetbpFee GMXbpOrdersPrice spread, now +0.111%Rate

Funding earned: $65.18
Price spread: +0.111% → 0.000%: $11.14
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $52.32
Costs to cover: 0.240%
Break-even: 1.4 days

Slippage unknown: Bitget: live order book, 1 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 Bitget live order book, 1 min ago	0.72 bp	10.3 bp −$10	16.3 bp −$163	36.2 bp −$3,621	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
Orderly PERP_ENA_USDC	−0.0050%	4h	0.2093	+0.110%	$40K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0047%	1h	0.2094	+0.124%	$370K	$450K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2094	+0.148%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2094	+0.130%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.554%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2095	+0.183%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2093	+0.100%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2092	+0.059%	$47K	$221	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2093	+0.107%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2094	+0.124%	$405K	$576K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2093	+0.113%	$129.1M	$455.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2092	+0.072%	$87.0M	$190.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2094	+0.129%	$20.2M	$111.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2095	+0.182%	$15K	$396K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2095	+0.196%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2095	+0.181%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2092	+0.053%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2093	+0.115%	$46.4M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2093	+0.110%	$23.8M	$16.5M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2091	long leg	$47.3M	$64.8M	75x
BingX ENA-USDC	+0.0100%	4h	0.2092	+0.053%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2094	+0.148%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	+0.225%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	+0.220%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	+0.196%	$32K	$710K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2094	+0.132%	$659K	$1.8M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2094	+0.139%	$177K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2043	−2.291%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2093	+0.100%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	+0.593%	$273K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2092	+0.053%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2094	+0.148%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2095	+0.177%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0128%	1h	0.2094	+0.124%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]short	L +0.0240% / S −0.0410%	1h	0.2093	+0.111%	$38K	—	100x
Extended ENA-USD	+0.0328%	1h	0.2092	+0.033%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2096	+0.239%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2093	+0.097%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0488%	1h	0.2096	+0.249%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2098	+0.335%	$826K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0580%	1h	0.2096	+0.225%	$110.6M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1960%	1h	0.2093	+0.087%	$138K	$15K	5x	as long as short