Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0150%/8h= −16.4% APRpaid last 24h −0.005%

Price spread now: Paradex against GMX−0.213%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 Paradex

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—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Paradex is 0.213% cheaper against GMX than usual: you would sell low and buy high (−$21 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]	0.2116	L +0.0250% / S −0.0434%	pay 0.0031% / 1h	50m 29s	$38K	—	100x
Short	Paradex ENA-USD-PERP	0.2112	0.0100	get 0.0100% / 8h	7h 50m	$47K	$221	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.213%Rate

Funding earned: −$31.52
Price spread: −0.213% → 0.000%: −$21.34
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$68.86
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Paradex: 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 GMX no order-book sample	—	—	—	—	—
Sell Paradex no order-book sample	—	—	—	—	—

GMX and Paradex: 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	−0.0081%	1h	0.2115	−0.086%	$376K	$419K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	−0.030%	$94K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2117	+0.015%	$104K	—	150x	as long as short
Gate ENA_USDT	+0.0006%	4h	0.2112	−0.205%	$10.8M	$20.6M	50x	as long as short
Orderly PERP_ENA_USDC	+0.0018%	4h	0.2114	−0.091%	$41K	$24K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.329%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0085%	1h	0.2113	−0.146%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.209%	$63K	$525K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.167%	$678K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2114	−0.135%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2113	−0.156%	$409K	$560K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2113	−0.175%	$131.1M	$447.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2112	−0.200%	$88.9M	$187.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2113	−0.162%	$20.6M	$109.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2122	+0.273%	$15K	$394K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2114	−0.115%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+0.452%	$90K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2113	−0.181%	$46.0M	$44.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	−0.096%	$24.3M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2112	−0.228%	$48.0M	$62.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2112	−0.186%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2115	−0.057%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2120	+0.172%	$245K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2120	+0.155%	$353K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2120	+0.169%	$34K	$714K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	−0.172%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.331%	$1K	$828K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	−0.068%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.301%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2114	−0.115%	$1.9M	$9.3M	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2112	−0.213%	$47K	$221	10x
Aevo ENA-PERP	+0.0104%	1h	0.2116	−0.020%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2124	+0.334%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0208%	1h	0.2115	−0.068%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0236%	1h	0.2117	+0.012%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0250% / S −0.0434%	1h	0.2116	long leg	$38K	—	100x
Extended ENA-USD	+0.0256%	1h	0.2113	−0.174%	$1.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2116	−0.006%	$5.6M	$4.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.173%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0608%	1h	0.2115	−0.053%	$5.6M	$12.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2116	−0.001%	$836K	$1.9M	50x	as long as short
Hyperliquid ENA	+0.0624%	1h	0.2116	−0.025%	$114.1M	$76.2M	10x	as long as short