Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.042%

Price spread now: Backpack against ApeX Omni−0.421%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$580.575% of the position

Long on ApeX Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 4 days (all we have)+0.168%+$17 · spread now −0.421%, 7d avg −0.009%

Together, before fees+0.212%+$21 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.411% cheaper against ApeX Omni than usual: you would sell low and buy high, −$41 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ENAUSDT	0.2116	0.0100	pay 0.0013% / 1h	8m 40s	$32K	$654K	50x
Short	Backpack ENA_USDC_PERP	0.2107	0.0100	get 0.0013% / 1h	8m 40s	$379K	$377K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against ApeX Omni. 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 ApeX OmnibpFee BackpackbpOrdersPrice spread, now −0.421%Rate

Funding earned: $0
Price spread: −0.421% → −0.009%: −$41.14
Slippage, 4 orders: −$37.53
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$98.66
Costs to cover: 0.575%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 60 min ago; Backpack: live order book, 60 min ago.

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 ApeX Omni live order book, 60 min ago	11.52 bp	20.7 bp −$21	140.9 bp −$1,409	doesn't fit	doesn't fit
Sell Backpack live order book, 60 min ago	0.69 bp	7.1 bp −$7	43.2 bp −$432	doesn't fit	doesn't fit

ENA on 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2106	−0.482%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2104	−0.554%	$86K	—	150x	as long as short
dYdX ENA-USD	+0.0012%	1h	0.2107	−0.445%	$139K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.350%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0035%	4h	0.2106	−0.468%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2104	−0.562%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2103	−0.614%	$54K	$507K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2103	−0.631%	$676K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2107	−0.434%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2106	−0.471%	$411K	$530K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2106	−0.480%	$129.8M	$439.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2105	−0.506%	$86.1M	$182.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2106	−0.463%	$20.7M	$104.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.165%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2106	−0.473%	$78K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+0.475%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2107	−0.425%	$11.0M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2105	−0.510%	$44.5M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2106	−0.458%	$24.4M	$16.2M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	−0.581%	$47.8M	$59.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2107	−0.449%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERPshort	+0.0100%	1h	0.2107	−0.421%	$379K	$377K	5x
Variational Omni ENA	+0.0100%	4h	0.2114	−0.105%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2117	+0.050%	$247K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2116	0.000%	$358K	$4.9M	10x	as long as short
ApeX Omni ENAUSDTlong	+0.0100%	1h	0.2116	long leg	$32K	$654K	50x
Polymarket Perps ENA-USD	+0.0100%	1h	0.2104	−0.548%	$182K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2058	−2.750%	$1K	$852K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2106	−0.473%	$3K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	−0.250%	$275K	$822K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	−0.520%	$1.9M	$9.1M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2105	−0.515%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	−0.584%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2118	+0.076%	$7K	$351K	10x	as long as short
Extended ENA-USD	+0.0192%	1h	0.2105	−0.528%	$1.6M	$4.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2104	−0.551%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0253%	1h	0.2107	−0.423%	$2.6M	$4.4M	50x	as long as short
Lighter ENA	+0.0384%	1h	0.2108	−0.383%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2104	−0.575%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0480%	1h	0.2107	−0.406%	$113.3M	$71.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2108	−0.378%	$827K	$1.6M	50x	as long as short