Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0150%/8h= −16.5% APRpaid last 24h −0.007%

Price spread now: Bybit against GMX+0.121%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Bybit

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

The price spread pays, funding is against you. Bybit is 0.121% dearer against GMX than usual: you sell high and buy low (spread +0.121% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ENA/USD [ETH-USDC]	0.2124	L +0.0250% / S −0.0434%	pay 0.0031% / 1h	30m 58s	$38K	—	100x
Short	Bybit ENAUSDT	0.2126	0.0100	get 0.0050% / 4h	3h 30m	$89.5M	$185.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.121%Rate

Funding earned: −$31.56
Price spread: +0.121% → 0.000%: $12.05
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$42.51
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.24 bp	9.8 bp −$10	16.3 bp −$163	55.4 bp −$5,544	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 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2124	+0.008%	$81K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2124	+0.012%	$97K	—	150x	as long as short
Backpack ENA_USDC_PERP	+0.0015%	1h	0.2125	+0.088%	$378K	$415K	5x	as long as short
dYdX ENA-USD	+0.0027%	1h	0.2121	−0.142%	$140K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0029%	4h	0.2123	−0.011%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.011%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2123	−0.030%	$63K	$520K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2123	−0.028%	$675K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2126	+0.108%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2123	−0.016%	$411K	$552K	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	0.2126	+0.109%	$131.9M	$443.4M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2126	+0.121%	$89.5M	$185.4M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2127	+0.158%	$20.8M	$109.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2116	−0.379%	$15K	$399K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2125	+0.064%	$105K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.336%	$89K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2124	+0.022%	$10.8M	$20.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2124	+0.022%	$46.0M	$44.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2125	+0.078%	$24.5M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2123	−0.035%	$48.2M	$61.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2124	+0.017%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2123	−0.015%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	−0.483%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2113	−0.512%	$356K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	−0.360%	$34K	$687K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2124	+0.040%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2074	−2.347%	$938	$828K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2124	+0.017%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2125	+0.069%	$276K	$1.2M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2124	+0.017%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2123	−0.020%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2124	+0.002%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2116	−0.369%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0224%	1h	0.2126	+0.102%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0235%	1h	0.2125	+0.055%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0250% / S −0.0434%	1h	0.2124	long leg	$38K	—	100x
Extended ENA-USD	+0.0280%	1h	0.2123	−0.046%	$1.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2123	−0.030%	$5.6M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	+0.018%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2125	+0.059%	$839K	$1.8M	50x	as long as short
Lighter ENA	+0.0672%	1h	0.2127	+0.139%	$5.6M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0720%	1h	0.2128	+0.196%	$114.8M	$75.4M	10x	as long as short