Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h +0.004%

Price spread now: GMX against Binance−0.297%50s7-day average — · you buy dearer than you sell

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

Long on Binance Short on GMX

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

Funding pays, the price is against you. GMX is 0.297% cheaper against Binance than usual: you would sell low and buy high (spread −0.297% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$30 on $10k: about 9.3 days of funding at the current rate (+$3 a day). The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2113	0.0100	pay 0.0050% / 4h	2h 44m	$131.6M	$445.4M	75x
Short	GMX ENA/USD [ETH-USDC]	0.2107	L +0.0250% / S −0.0206%	get 0.0026% / 1h	44m 33s	$50K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Binance. 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 BinancebpFee GMXbpOrdersPrice spread, now −0.297%Rate

Funding earned: $22.27
Price spread: −0.297% → 0.000%: −$29.7
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$29.44
Costs to cover: 0.220%
Break-even: 16.3 days

Slippage unknown: Binance: live order book, 14 min ago; GMX: no order-book sample. 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 Binance live order book, 14 min ago	0.23 bp	8.0 bp −$8	14.5 bp −$145	63.6 bp −$6,362	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	0.2108	−0.262%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2107	−0.288%	$90K	—	150x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2113	−0.039%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.472%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0034%	1h	0.2113	−0.034%	$140K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0038%	4h	0.2107	−0.318%	$41K	$23K	10x	as long as short
Backpack ENA_USDC_PERP	+0.0084%	1h	0.2110	−0.143%	$365K	$383K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2113	−0.034%	$5.5M	$13.6M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2114	+0.027%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2114	+0.018%	$699K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2110	−0.161%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	−0.094%	$414K	$548K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2113	long leg	$131.6M	$445.4M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2114	+0.051%	$86.6M	$187.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2114	+0.051%	$21.0M	$108.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	−0.120%	$16K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2114	+0.027%	$115K	$253K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2111	−0.134%	$10.9M	$21.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2112	−0.082%	$44.5M	$43.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2113	−0.025%	$24.4M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2112	−0.077%	$47.8M	$61.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2112	−0.068%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2109	−0.206%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	+0.136%	$242K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2130	+0.784%	$360K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.122%	$32K	$691K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	+0.013%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−2.665%	$1K	$845K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	−0.304%	$3K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	−0.105%	$273K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2107	−0.304%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	+0.158%	$93K	$4K	10x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	−0.121%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	−0.319%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2117	+0.160%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]short	L +0.0250% / S −0.0206%	1h	0.2107	−0.297%	$50K	—	100x
Kraken Futures PF_ENAUSD	+0.0253%	1h	0.2109	−0.187%	$2.6M	$4.9M	50x	as long as short
Extended ENA-USD	+0.0288%	1h	0.2112	−0.081%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	+0.898%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2112	−0.083%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0435%	1h	0.2113	−0.039%	$113.7M	$74.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2111	−0.120%	$829K	$1.7M	50x	as long as short