Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0376%/8h= +41.2% APRpaid last 24h +0.037%

Price spread now: BingX against Backpack−0.033%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$410.413% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 4 days (all we have)+0.061%+$6 · spread now −0.033%, 7d avg −0.061%

Together, before fees+0.044%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and BingX is 0.027% dearer against Backpack than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.061%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.016% in total (about -0.8% a year). A funding rate is set anew for every payment. 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	Backpack ENA_USDC_PERP	0.2101	−0.0276	get 0.0034% / 1h	17m 52s	$362K	$484K	5x
Short	BingX ENA-USDC	0.2100	0.0100	get 0.0050% / 4h	2h 17m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.033%Rate

Funding earned: $78.95
Price spread: −0.033% → −0.061%: $2.73
Slippage, 4 orders: −$21.33
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $40.35
Costs to cover: 0.413%
Break-even: 3.4 days

Slippage from Backpack: live order book, 6 min ago; BingX: live order book, 2 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, 6 min ago	0.24 bp	10.1 bp −$10	47.0 bp −$470	doesn't fit	doesn't fit
Sell BingX live order book, 2 min ago	0.48 bp	9.2 bp −$9	28.1 bp −$281	70.2 bp −$7,024	465.0 bp −$232.5K

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_PERPlong	−0.0276%	1h	0.2101	long leg	$362K	$484K	5x
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2101	+0.005%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2102	+0.052%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2102	+0.038%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2102	+0.052%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.081%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0052%	4h	0.2100	−0.038%	$10.5M	$21.7M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2107	+0.290%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2101	+0.014%	$60K	$539K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	−0.021%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2101	+0.029%	$659K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2101	+0.034%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2101	+0.024%	$406K	$593K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2101	+0.025%	$129.5M	$466.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2100	−0.024%	$87.8M	$193.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2102	+0.043%	$20.3M	$114.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2110	+0.443%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2102	+0.062%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.300%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2101	+0.024%	$46.0M	$49.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2102	+0.052%	$24.3M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2100	−0.024%	$47.5M	$66.4M	75x	as long as short
BingX ENA-USDCshort	+0.0100%	4h	0.2100	−0.033%	—	$6.5M	—
Variational Omni ENA	+0.0100%	4h	0.2104	+0.159%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	+0.218%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2112	+0.522%	$360K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2103	+0.109%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2103	+0.090%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2051	−2.366%	$847	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2101	+0.014%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2109	+0.381%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2099	−0.081%	$1.9M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2102	+0.053%	$2.6M	$5.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	+0.014%	$77K	$11K	3x	as long as short
Extended ENA-USD	+0.0136%	1h	0.2101	−0.007%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0163%	1h	0.2102	+0.044%	$50K	—	100x	as long as short
Lighter ENA	+0.0328%	1h	0.2103	+0.114%	$5.7M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	+0.081%	$5.5M	$8.2M	75x	as long as short
Hyperliquid ENA	+0.0347%	1h	0.2103	+0.105%	$110.9M	$80.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2101	+0.031%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2104	+0.138%	$803K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.6179%	1h	0.2102	+0.071%	$139K	$15K	5x	as long as short