Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0479%/8h= −52.4% APRpaid last 24h −0.045%

Price spread now: Bitget against GMX−0.126%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 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 against this trade now: funding costs −$14 a day on $10k at the current rate, and Bitget is 0.126% cheaper against GMX than usual: you would sell low and buy high (−$13 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	GMX ENA/USD [ETH-USDC]	0.2084	L +0.0521% / S −0.0754%	pay 0.0065% / 1h	47m 41s	$57K	—	100x
Short	Bitget ENAUSDT	0.2081	0.0042	get 0.0021% / 4h	47m 41s	$47.2M	$53.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against GMX. 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 GMXbpFee BitgetbpOrdersPrice spread, now −0.126%Rate

Funding earned: −$100.52
Price spread: −0.126% → 0.000%: −$12.57
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$137.09
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 4 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 GMX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 4 min ago	0.24 bp	12.1 bp −$12	19.3 bp −$193	50.9 bp −$5,093	doesn't fit

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 exchanges

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	−0.0161%	4h	0.2084	+0.023%	$43K	$16K	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0100%	1h	0.2086	+0.107%	$2.6M	$3.0M	50x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2086	+0.071%	$4K	$60	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2086	+0.095%	$55K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2084	+0.014%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+1.818%	$734	$57K	5.5x	as long as short
Phoenix ENA	+0.0038%	1h	0.2079	−0.241%	$13K	$290K	10x	as long as short
Bitget ENAUSDTshort	+0.0042%	4h	0.2081	−0.126%	$47.2M	$53.8M	75x
Lighter ENA	+0.0096%	1h	0.2084	+0.009%	$5.0M	$12.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2085	+0.047%	$53K	$388K	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2088	+0.176%	$47K	—	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2084	−0.018%	$538K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2083	−0.030%	$111.3M	$74.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2084	+0.020%	$1.2M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2088	+0.196%	$377K	$491K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2083	−0.030%	$124.4M	$398.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2082	−0.092%	$83.5M	$181.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2083	−0.063%	$20.5M	$96.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2073	−0.519%	$37K	$308K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2085	+0.047%	$77K	$215K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2083	−0.072%	$102K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2083	−0.030%	$14.1M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2083	−0.039%	$42.8M	$39.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2084	+0.023%	$24.8M	$14.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2083	−0.059%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2085	+0.047%	$402K	$458K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2074	−0.481%	$2.8M	$7.6M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2072	−0.572%	$238K	$6.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2072	−0.562%	$347K	$4.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2073	−0.529%	$18K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2084	−0.015%	$122K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2035	−2.347%	$1K	$931K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2085	+0.047%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2087	+0.167%	$269K	$742K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2086	+0.095%	$1.8M	$9.2M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2082	−0.105%	$1.6M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2085	+0.034%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0105%	1h	0.2087	+0.136%	$138K	$17K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2081	−0.159%	$5.5M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2083	−0.055%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0520%	1h	0.2079	−0.236%	$760K	$1.7M	50x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0521% / S −0.0754%	1h	0.2084	long leg	$57K	—	100x