Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0258%/8h= +28.2% APRpaid last 24h +0.017%

Price spread now: GMX against Bybit+0.249%7-day average — · you sell dearer than you buy

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

Long on Bybit 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 +$8 a day on $10k at the current rate, and GMX is 0.249% dearer against Bybit than usual: you sell high and buy low: +$25 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	Bybit ENAUSDT	0.2103	0.0100	pay 0.0050% / 4h	3h 19m	$85.0M	$174.4M	50x
Short	GMX ENA/USD [ETH-USDC]	0.2109	L +0.0306% / S −0.0358%	get 0.0045% / 1h	19m 48s	$70K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.249%Rate

Funding earned: $54.1
Price spread: +0.249% → 0.000%: $24.91
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $56.01
Costs to cover: 0.230%
Break-even: from the start

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	0.24 bp	10.4 bp −$10	18.3 bp −$183	63.5 bp −$6,355	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	−0.0118%	4h	0.2107	+0.195%	$44K	$26K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0101%	1h	0.2105	+0.100%	$359K	$401K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2109	+0.252%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2108	+0.238%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2109	+0.247%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.951%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2108	+0.219%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2103	−0.011%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	+0.202%	$654K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2105	+0.055%	$1.5M	$3.2M	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	0.2104	+0.020%	$401K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2103	−0.014%	$127.5M	$413.5M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2103	long leg	$85.0M	$174.4M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2104	+0.010%	$21.0M	$103.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2102	−0.048%	$22K	$332K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2109	+0.266%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.164%	$92K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2104	+0.014%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2104	+0.005%	$45.6M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	+0.086%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2102	−0.076%	$47.7M	$57.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2104	+0.029%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2105	+0.075%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	−0.159%	$241K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2102	−0.087%	$348K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	−0.067%	$20K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2108	+0.233%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2058	−2.163%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	+0.171%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.371%	$273K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2108	+0.219%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2104	+0.044%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2109	+0.251%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2102	−0.043%	$8K	$274K	10x	as long as short
Hyperliquid ENA	+0.0158%	1h	0.2105	+0.090%	$114.3M	$74.0M	10x	as long as short
Lighter ENA	+0.0168%	1h	0.2105	+0.100%	$5.2M	$13.3M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0173%	1h	0.2109	+0.247%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]short	L +0.0306% / S −0.0358%	1h	0.2109	+0.249%	$70K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2104	+0.043%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2108	+0.195%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2109	+0.261%	$863K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1161%	1h	0.2104	+0.044%	$139K	$15K	5x	as long as short