Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.018%

Price spread now: gTrade (Gains Network) against Bitget−0.113%75s7-day average — · you buy dearer than you sell

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

Long on Bitget Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 4 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. gTrade (Gains Network) is 0.113% cheaper against Bitget than usual: you would sell low and buy high (spread −0.113% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 12 days of funding at the current rate (+$1 a day). The two prices were read 75 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	Bitget ENAUSDT	0.2116	−0.0028	get 0.0014% / 4h	2h 18m	$47.7M	$58.5M	75x
Short	gTrade (Gains Network) ENA/USD	0.2114	L +0.0004% / S −0.0004%	get 0.0000% / 1h	18m 05s	$81K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Bitget. 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 BitgetbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.113%Rate

Funding earned: $6.64
Price spread: −0.113% → 0.000%: −$11.34
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$26.7
Costs to cover: 0.220%
Break-even: 35.2 days

Slippage unknown: Bitget: live order book, 4 min ago; gTrade (Gains Network): 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 Bitget live order book, 4 min ago	0.24 bp	11.6 bp −$12	18.9 bp −$189	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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 exchanges

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
Kraken Futures PF_ENAUSD	−0.0242%	1h	0.2120	+0.161%	$2.6M	$4.2M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0171%	4h	0.2118	+0.071%	$44K	$14K	10x	as long as short
01 Exchange ENAUSD	−0.0152%	1h	0.2118	+0.057%	$4K	$169	10x	as long as short
Bitget ENAUSDTlong	−0.0028%	4h	0.2116	long leg	$47.7M	$58.5M	75x
gTrade (Gains Network) ENA/USDshort	L +0.0004% / S −0.0004%	1h	0.2114	−0.113%	$81K	—	150x
Injective ENA/USDC PERP	+0.0026%	1h	0.2122	+0.260%	$734	$57K	5.5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0033%	1h	0.2119	+0.132%	$105K	$1.1M	50x	as long as short
Bybit ENAUSDT	+0.0093%	4h	0.2115	−0.043%	$86.4M	$187.9M	50x	as long as short
Lighter ENA	+0.0096%	1h	0.2119	+0.118%	$5.0M	$13.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2119	+0.123%	$57K	$391K	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2115	−0.066%	$47K	—	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.043%	$592K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2117	+0.024%	$113.8M	$78.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2116	−0.003%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	−0.111%	$390K	$540K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	−0.030%	$127.6M	$415.7M	75x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	+0.014%	$21.0M	$103.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	−0.132%	$33K	$326K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2117	+0.028%	$79K	$239K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.350%	$103K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	0.000%	$13.7M	$27.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	+0.009%	$42.3M	$43.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	+0.142%	$25.1M	$15.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2116	−0.014%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2108	−0.382%	$3.0M	$8.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2112	−0.225%	$245K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	−0.350%	$362K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	−0.255%	$19K	$644K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2119	+0.132%	$167K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.537%	$1K	$924K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2119	+0.123%	$6K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.288%	$265K	$827K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	−0.019%	$1.9M	$9.0M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2119	+0.107%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	+0.103%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0112%	1h	0.2113	−0.180%	$13K	$306K	10x	as long as short
dYdX ENA-USD	+0.0142%	1h	0.2119	+0.119%	$140K	$15K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0756%	1h	0.2114	−0.090%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2113	−0.142%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2117	+0.017%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0496%	1h	0.2116	0.000%	$770K	$2.0M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0526%	1h	0.2118	+0.061%	$411K	$482K	5x	as long as short