ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0501%/8h= −54.8% APRnext payment −$0.63 per $10,000 · paid last 24h −0.031%

Price spread now: Backpack against Arcus+0.024%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$450.446% of the position

Long on Arcus Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.092%+$9 on $10k

Price spread, last 4 days (all we have)+0.031%+$3 · spread now +0.024%, 7d avg +0.003%

Together, before fees+0.123%+$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.020% dearer against Arcus than usual: you sell high and buy low (spread +0.024% now, against its 7-day average of +0.003%): +$2 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 3 hours. Mind the row above: over the last 3 days funding on this pair paid +0.092%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.092% in total (about 10.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.63 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus ENA-USD	0.2109	0.0100	pay 0.0013% / 1h	59m 51s	$84K	$222K	10x
Short	Backpack ENA_USDC_PERP	0.2109	−0.0401	pay 0.0050% / 1h	59m 51s	$363K	$489K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Arcus. 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 ArcusbpFee BackpackbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$105.18
Price spread: +0.024% → +0.003%: $2.04
Slippage, 4 orders: −$30.09
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$147.73
Costs to cover: 0.446%
Break-even: never at this rate

Slippage from Arcus: live order book, 28 min ago; Backpack: live order book, 29 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 Arcus live order book, 28 min ago	4.69 bp	16.6 bp −$17	26.7 bp −$267	doesn't fit	doesn't fit
Sell Backpack live order book, 29 min ago	1.64 bp	8.6 bp −$9	41.9 bp −$419	doesn't fit	doesn't fit

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_PERPshort	−0.0401%	1h	0.2109	+0.024%	$363K	$489K	5x
Orderly PERP_ENA_USDC	−0.0099%	4h	0.2108	−0.033%	$42K	$23K	10x	as long as short
Gate ENA_USDT	−0.0018%	4h	0.2109	0.000%	$10.4M	$22.8M	50x	as long as short
Phoenix ENA	0.0000%	1h	0.2110	+0.066%	$5K	$391K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2110	+0.028%	$94K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2110	+0.034%	$97K	—	150x	as long as short
Kraken Futures PF_ENAUSD	+0.0015%	1h	0.2110	+0.069%	$2.7M	$6.1M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.683%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0048%	1h	0.2109	+0.019%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2109	0.000%	$60K	$549K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2108	−0.066%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	−0.062%	$657K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2110	+0.061%	$1.5M	$3.5M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2109	−0.009%	$405K	$603K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2109	+0.019%	$131.0M	$475.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2109	+0.005%	$88.8M	$196.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	+0.009%	$20.3M	$117.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2110	+0.043%	$19K	$447K	5x	as long as short
Arcus ENA-USDlong	+0.0100%	1h	0.2109	long leg	$84K	$222K	10x
Bulk ENA-USD	+0.0100%	1h	0.2108	−0.067%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2109	+0.019%	$45.6M	$51.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2110	+0.071%	$24.4M	$16.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2109	−0.009%	$47.9M	$67.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2109	+0.005%	—	$32.2M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	+0.165%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2109	+0.002%	$253K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	0.000%	$362K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2110	+0.047%	$33K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.095%	$184K	$3.1M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.380%	$1K	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2108	−0.047%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.104%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2109	0.000%	$1.8M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2109	+0.024%	$78K	$11K	3x	as long as short
Extended ENA-USD	+0.0120%	1h	0.2109	+0.018%	$1.6M	$4.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0210% / S −0.0157%	1h	0.2110	+0.026%	$50K	—	100x	as long as short
Lighter ENA	+0.0304%	1h	0.2111	+0.081%	$5.7M	$13.6M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2111	+0.100%	$5.6M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2109	+0.009%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0456%	1h	0.2116	+0.351%	$809K	$2.2M	50x	as long as short
Hyperliquid ENA	+0.0595%	1h	0.2111	+0.114%	$112.2M	$81.4M	10x	as long as short
dYdX ENA-USD	+0.7807%	1h	0.2110	+0.045%	$139K	$12K	5x	as long as short