Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0656%/8h= +71.8% APRpaid last 24h +0.063%

Price spread now: GMX against OKX+0.119%182s7-day average — · you sell dearer than you buy

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

Long on OKX Short on GMX

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

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and GMX is 0.119% dearer against OKX than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 182 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	OKX ENA-USDT-SWAP	0.2099	0.0100	pay 0.0050% / 4h	1h 49m	$20.8M	$98.9M	50x
Short	GMX ENA/USD [ETH-USDC]	0.2102	L +0.0305% / S −0.0756%	get 0.0094% / 1h	49m 22s	$58K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against OKX. 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 OKXbpFee GMXbpOrdersPrice spread, now +0.119%Rate

Funding earned: $137.69
Price spread: +0.119% → 0.000%: $11.91
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $127.6
Costs to cover: 0.220%
Break-even: 0.5 days

Slippage unknown: OKX: live order book, 3 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 OKX live order book, 3 min ago	0.24 bp	11.8 bp −$12	23.2 bp −$232	doesn't fit	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 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
Orderly PERP_ENA_USDC	−0.0178%	4h	0.2098	−0.052%	$44K	$14K	10x	as long as short
01 Exchange ENAUSD	−0.0176%	1h	0.2098	−0.062%	$4K	$60	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0133%	1h	0.2099	0.000%	$2.6M	$3.8M	50x	as long as short
Bitget ENAUSDT	−0.0042%	4h	0.2098	−0.067%	$47.3M	$55.7M	75x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2099	−0.010%	$104K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2102	+0.142%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+1.077%	$734	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2099	+0.010%	$4.9M	$12.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	−0.014%	$55K	$390K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2097	−0.105%	$47K	—	10x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2099	−0.038%	$586K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2100	+0.038%	$113.3M	$77.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2099	−0.015%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2097	−0.086%	$386K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2098	−0.055%	$126.1M	$405.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2098	−0.067%	$86.3M	$183.9M	50x	as long as short
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2099	long leg	$20.8M	$98.9M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	−0.062%	$27K	$330K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2099	−0.014%	$78K	$235K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	+0.604%	$103K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2099	−0.024%	$13.7M	$26.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	−0.010%	$41.9M	$40.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2100	+0.014%	$24.9M	$15.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2098	−0.043%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2100	+0.029%	$3.0M	$7.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	+0.034%	$242K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	+0.224%	$356K	$4.4M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	+0.129%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2100	+0.019%	$166K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2052	−2.253%	$1K	$916K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	−0.062%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2106	+0.319%	$263K	$785K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2098	−0.062%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2098	−0.064%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2098	−0.039%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2101	+0.086%	$13K	$278K	10x	as long as short
GMX ENA/USD [ETH-USDC]short	L +0.0305% / S −0.0756%	1h	0.2102	+0.119%	$58K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2100	+0.014%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2100	+0.042%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0480%	1h	0.2104	+0.214%	$775K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0574%	1h	0.2099	−0.010%	$403K	$473K	5x	as long as short
dYdX ENA-USD	+0.1170%	1h	0.2099	−0.018%	$139K	$15K	5x	as long as short