Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0153%/8h= −16.7% APRpaid last 24h −0.012%

Price spread now: HTX against GMX+0.104%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 HTX

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. HTX is 0.104% dearer against GMX than usual: you sell high and buy low (spread +0.104% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ENA/USD [ETH-USDC]	0.2098	L +0.0253% / S −0.0213%	pay 0.0032% / 1h	37m 29s	$51K	—	100x
Short	HTX ENA-USDT	0.2100	0.0100	get 0.0050% / 4h	37m 29s	$271K	$794K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.104%Rate

Funding earned: −$32.09
Price spread: +0.104% → 0.000%: $10.44
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: −$45.65
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; HTX: live order book, 46 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 HTX live order book, 46 min ago	11.52 bp	23.1 bp −$23	doesn't fit	doesn't fit	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
Backpack ENA_USDC_PERP	−0.0287%	1h	0.2096	−0.062%	$361K	$391K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2092	−0.248%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0065%	4h	0.2097	−0.029%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2098	+0.033%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2094	−0.159%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.225%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2097	−0.053%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2096	−0.072%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2092	−0.272%	$55K	$503K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	−0.127%	$47K	$110	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2091	−0.337%	$658K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2093	−0.239%	$111.3M	$73.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2096	−0.082%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2096	−0.095%	$408K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2092	−0.254%	$127.6M	$415.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2090	−0.363%	$84.8M	$175.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	−0.253%	$20.8M	$101.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2102	+0.209%	$20K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2095	−0.129%	$78K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.004%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2094	−0.153%	$11.0M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2093	−0.220%	$45.6M	$41.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2095	−0.148%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2091	−0.315%	$47.6M	$57.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2094	−0.182%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.045%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2094	−0.188%	$241K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2098	+0.014%	$353K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2093	−0.225%	$20K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2094	−0.201%	$181K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.436%	$1K	$845K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2097	−0.034%	$4K	$7K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2100	+0.104%	$271K	$794K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2096	−0.082%	$1.7M	$8.8M	50x	as long as short
dYdX ENA-USD	+0.0103%	1h	0.2096	−0.088%	$138K	$15K	5x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2092	−0.259%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2098	+0.028%	$73K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0245%	1h	0.2098	+0.005%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0253% / S −0.0213%	1h	0.2098	long leg	$51K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2093	−0.215%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2092	−0.255%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2106	+0.400%	$858K	$1.5M	50x	as long as short