Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0150%/8h= −16.4% APRpaid last 24h −0.004%

Price spread now: OKX against GMX+0.094%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 OKX

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. OKX is 0.094% dearer against GMX than usual: you sell high and buy low (spread +0.094% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ENA/USD [ETH-USDC]	0.2123	L +0.0250% / S −0.0434%	pay 0.0031% / 1h	41m 51s	$38K	—	100x
Short	OKX ENA-USDT-SWAP	0.2125	0.0100	get 0.0050% / 4h	41m 51s	$20.5M	$112.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.094%Rate

Funding earned: −$31.52
Price spread: +0.094% → 0.000%: $9.37
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$44.15
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; OKX: live order book, 2 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 OKX live order book, 2 min ago	0.23 bp	8.5 bp −$9	16.1 bp −$161	79.9 bp −$7,991	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	−0.0025%	4h	0.2124	+0.023%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2125	+0.084%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2124	+0.024%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.014%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0090%	1h	0.2124	+0.047%	$375K	$448K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2123	−0.005%	$63K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	+0.037%	$683K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2124	+0.038%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2125	+0.106%	$411K	$567K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2124	+0.026%	$131.3M	$454.7M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2124	+0.037%	$89.1M	$190.9M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2125	+0.094%	$20.5M	$112.1M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2126	+0.117%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2125	+0.089%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2125	+0.111%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2124	+0.023%	$10.9M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2123	+0.004%	$46.9M	$45.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2123	+0.004%	$24.5M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2121	−0.085%	$48.1M	$64.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2124	+0.032%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2126	+0.117%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.106%	$253K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	+0.095%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	+0.136%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2123	−0.010%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.436%	$1K	$825K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2124	+0.042%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2136	+0.593%	$278K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2124	+0.042%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2124	+0.040%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2125	+0.078%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.282%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2124	+0.037%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2125	+0.084%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0250% / S −0.0434%	1h	0.2123	long leg	$38K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2125	+0.070%	$5.6M	$7.0M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2122	−0.037%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2122	−0.044%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2135	+0.536%	$843K	$2.1M	50x	as long as short
Lighter ENA	+0.0608%	1h	0.2127	+0.179%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0848%	1h	0.2127	+0.174%	$114.3M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1749%	1h	0.2127	+0.164%	$140K	$15K	5x	as long as short