Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.042%

Price spread now: Binance against Backpack−0.078%55s7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$330.334% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 4 days (all we have)+0.352%+$35 · spread now −0.078%, 7d avg −0.038%

Together, before fees+0.276%+$28 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: Binance is 0.040% cheaper against Backpack than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.038%. The two prices were read 55 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	Backpack ENA_USDC_PERP	0.2121	0.0100	pay 0.0013% / 1h	22m 13s	$375K	$363K	5x
Short	Binance ENAUSDT	0.2119	0.0100	get 0.0050% / 4h	1h 22m	$129.9M	$419.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now −0.078%Rate

Funding earned: $0
Price spread: −0.078% → −0.038%: −$4.04
Slippage, 4 orders: −$13.38
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$37.42
Costs to cover: 0.334%
Break-even: never at this rate

Slippage from Backpack: live order book, 41 min ago; Binance: live order book, 7 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 Backpack live order book, 41 min ago	0.23 bp	6.1 bp −$6	39.4 bp −$394	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	0.24 bp	8.5 bp −$8	14.8 bp −$148	48.2 bp −$4,816	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
Orderly PERP_ENA_USDC	−0.0017%	4h	0.2121	+0.024%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2121	+0.005%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2120	−0.020%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2121	0.000%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.118%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	−0.042%	$55K	$494K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.019%	$681K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2123	+0.116%	$114.1M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2122	+0.032%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2121	+0.011%	$414K	$506K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDTshort	+0.0100%	4h	0.2119	−0.078%	$129.9M	$419.0M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2119	−0.094%	$86.8M	$175.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2119	−0.071%	$20.9M	$102.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2109	−0.585%	$19K	$365K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2121	+0.005%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.673%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2121	+0.005%	$11.1M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2120	−0.038%	$45.9M	$42.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	+0.038%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	−0.085%	$48.3M	$57.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2121	−0.009%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERPlong	+0.0100%	1h	0.2121	long leg	$375K	$363K	5x
Variational Omni ENA	+0.0100%	4h	0.2101	−0.933%	$3.4M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.718%	$242K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2102	−0.906%	$351K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2108	−0.608%	$22K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2121	0.000%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2070	−2.386%	$872	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2120	−0.042%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.094%	$277K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	−0.042%	$1.8M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2121	−0.014%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2120	−0.034%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2121	+0.020%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2107	−0.665%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2121	−0.011%	$51K	—	100x	as long as short
dYdX ENA-USD	+0.0281%	1h	0.2120	−0.062%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2121	+0.010%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2121	+0.009%	$5.7M	$3.1M	75x	as long as short
Lighter ENA	+0.0408%	1h	0.2123	+0.099%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	−0.041%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2114	−0.330%	$831K	$1.5M	50x	as long as short