Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0153%/8h= −16.7% APRpaid last 24h −0.009%

Price spread now: Binance against GMX−0.078%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Binance

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

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Binance is 0.078% cheaper against GMX than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ENA/USD [ETH-USDC]	0.2109	L +0.0253% / S −0.0213%	pay 0.0032% / 1h	9m 20s	$51K	—	100x
Short	Binance ENAUSDT	0.2107	0.0100	get 0.0050% / 4h	1h 09m	$129.1M	$417.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.078%Rate

Funding earned: −$32.11
Price spread: −0.078% → 0.000%: −$7.84
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$61.94
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: 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 Binance live order book, 4 min ago	0.24 bp	8.3 bp −$8	17.9 bp −$179	64.1 bp −$6,413	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	−0.0037%	4h	0.2107	−0.073%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2108	−0.064%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2108	−0.026%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2108	−0.022%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.686%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2108	−0.045%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	−0.066%	$661K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2110	+0.036%	$113.6M	$71.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2109	0.000%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2108	−0.059%	$412K	$501K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDTshort	+0.0100%	4h	0.2107	−0.078%	$129.1M	$417.0M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2108	−0.035%	$86.2M	$175.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	−0.007%	$20.7M	$102.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	+0.121%	$19K	$333K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	−0.045%	$78K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2120	+0.524%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2108	−0.045%	$11.1M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	−0.049%	$45.8M	$42.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2110	+0.031%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	−0.101%	$48.0M	$57.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2108	−0.030%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2112	+0.136%	$374K	$362K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	+0.166%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2112	+0.140%	$244K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	+0.231%	$356K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2119	+0.477%	$22K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2108	−0.054%	$187K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−2.453%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	−0.092%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.107%	$276K	$786K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2109	+0.003%	$1.8M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2107	−0.088%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2108	−0.063%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2108	−0.045%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2119	+0.468%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0253% / S −0.0213%	1h	0.2109	long leg	$51K	—	100x
Kraken Futures PF_ENAUSD	+0.0286%	1h	0.2108	−0.049%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0288%	1h	0.2110	+0.041%	$5.3M	$13.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2107	−0.073%	$5.6M	$3.1M	75x	as long as short
dYdX ENA-USD	+0.0370%	1h	0.2110	+0.031%	$139K	$15K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2107	−0.088%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2115	+0.306%	$832K	$1.5M	50x	as long as short