Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0334%/8h= +36.6% APRpaid last 24h +0.002%

Price spread now: GMX against Phemex+0.011%7-day average — · you sell dearer than you buy

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

Long on Phemex 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2128	0.0100	pay 0.0050% / 4h	46m 06s	$2.0M	$9.2M	50x
Short	GMX ENA/USD [ETH-USDC]	0.2128	L +0.0250% / S −0.0434%	get 0.0054% / 1h	46m 06s	$38K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Phemex. 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 PhemexbpFee GMXbpOrdersPrice spread, now +0.011%Rate

Funding earned: $70.13
Price spread: +0.011% → 0.000%: $1.08
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $47.21
Costs to cover: 0.240%
Break-even: 2.3 days

Slippage unknown: Phemex: 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 Phemex live order book, 3 min ago	9.41 bp	18.9 bp −$19	64.7 bp −$647	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 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	−0.0026%	4h	0.2129	+0.047%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2130	+0.080%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2129	+0.029%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.216%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2126	−0.094%	$64K	$522K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	−0.174%	$687K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2129	+0.047%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	−0.032%	$412K	$567K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2127	−0.052%	$131.4M	$454.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2126	−0.080%	$89.2M	$190.8M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2127	−0.047%	$20.6M	$112.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	−0.179%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2127	−0.047%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2125	−0.119%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	−0.047%	$10.9M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2127	−0.061%	$47.0M	$45.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2128	−0.009%	$24.5M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2126	−0.113%	$48.1M	$64.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2127	−0.056%	—	$32.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2128	+0.014%	$376K	$447K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	−0.193%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.017%	$253K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.067%	$355K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	−0.188%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2126	−0.075%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2075	−2.500%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2128	0.000%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2130	+0.113%	$277K	$1.5M	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2128	long leg	$2.0M	$9.2M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	−0.095%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2130	+0.089%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2125	−0.127%	$6K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2128	−0.009%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2129	+0.037%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]short	L +0.0250% / S −0.0434%	1h	0.2128	+0.011%	$38K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2127	−0.033%	$5.6M	$7.0M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2128	+0.022%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2126	−0.102%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2135	+0.305%	$843K	$2.1M	50x	as long as short
Lighter ENA	+0.0648%	1h	0.2130	+0.099%	$5.7M	$12.8M	10x	as long as short
Hyperliquid ENA	+0.0847%	1h	0.2131	+0.141%	$114.5M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1771%	1h	0.2127	−0.061%	$140K	$15K	5x	as long as short