Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0206%/8h= −22.5% APRpaid last 24h −0.025%

Price spread now: edgeX against GMX+0.077%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 edgeX

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—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

The price spread pays, funding is against you. edgeX is 0.077% dearer against GMX than usual: you sell high and buy low (spread +0.077% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ENA/USD [ETH-USDC]	0.2094	L +0.0306% / S −0.0754%	pay 0.0038% / 1h	35m 23s	$58K	—	100x
Short	edgeX ENAUSDC	0.2096	0.0100	get 0.0050% / 4h	35m 23s	$253K	$7.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.077%Rate

Funding earned: −$43.16
Price spread: +0.077% → 0.000%: $7.72
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$56.44
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; edgeX: 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 edgeX live order book, 4 min ago	9.52 bp	14.0 bp −$14	15.5 bp −$155	46.8 bp −$4,677	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
Orderly PERP_ENA_USDC	−0.0093%	4h	0.2094	−0.002%	$43K	$17K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2095	+0.031%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	+0.031%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2094	+0.018%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.402%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2094	−0.002%	$51K	$483K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	+0.042%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2093	−0.043%	$557K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2096	+0.107%	$113.7M	$74.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2095	+0.067%	$1.4M	$3.3M	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	0.2095	+0.052%	$404K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	+0.033%	$127.2M	$425.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2093	−0.036%	$89.7M	$187.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	+0.041%	$21.0M	$106.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2096	+0.107%	$38K	$316K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2094	−0.002%	$77K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2096	+0.080%	$91K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2094	+0.017%	$12.7M	$27.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	+0.012%	$39.0M	$42.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	+0.079%	$24.7M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2093	−0.045%	$47.5M	$59.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2094	−0.007%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2098	+0.184%	$406K	$492K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2095	+0.066%	$3.0M	$10.1M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2096	+0.077%	$253K	$7.1M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2100	+0.274%	$362K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	+0.045%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2094	+0.012%	$185K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2044	−2.390%	$1K	$906K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2095	+0.045%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2102	+0.399%	$264K	$814K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	+0.093%	$1.8M	$8.8M	50x	as long as short
Lighter ENA	+0.0104%	1h	0.2097	+0.136%	$4.9M	$13.8M	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2094	+0.008%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2098	+0.174%	$73K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0150%	1h	0.2096	+0.116%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2100	+0.270%	$8K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0306% / S −0.0754%	1h	0.2094	long leg	$58K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2095	+0.041%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2094	−0.005%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2102	+0.384%	$869K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0869%	1h	0.2096	+0.073%	$138K	$16K	5x	as long as short