Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0099%/8h= +10.9% APRpaid last 24h +0.029%

Price spread now: Bitget against Backpack−0.047%7-day average −0.106% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$420.421% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.035%−$3 on $10k

Price spread, last 4 days (all we have)+0.007%+$1 · spread now −0.047%, 7d avg −0.106%

Together, before fees−0.028%−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bitget is 0.059% dearer against Backpack than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.106%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2112	0.0001	pay 0.0000% / 1h	2m 58s	$373K	$447K	5x
Short	Bitget ENAUSDT	0.2111	0.0100	get 0.0050% / 4h	1h 02m	$47.8M	$64.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.047%Rate

Funding earned: $20.83
Price spread: −0.047% → −0.106%: $5.86
Slippage, 4 orders: −$20.14
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$15.44
Costs to cover: 0.421%
Break-even: 12.2 days

Slippage from Backpack: live order book, 16 min ago; Bitget: live order book, 1 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, 16 min ago	0.24 bp	10.3 bp −$10	39.8 bp −$398	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	0.71 bp	10.9 bp −$11	17.5 bp −$175	38.2 bp −$3,821	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	−0.0038%	4h	0.2110	−0.099%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	−0.057%	$92K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERPlong	+0.0001%	1h	0.2112	long leg	$373K	$447K	5x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2111	−0.051%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.540%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2112	−0.014%	$2.7M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2111	−0.047%	$62K	$530K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	+0.011%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2111	−0.060%	$664K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2112	0.000%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2114	+0.084%	$409K	$575K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2112	−0.005%	$130.6M	$455.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2112	0.000%	$88.2M	$190.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2112	+0.014%	$20.4M	$111.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2105	−0.312%	$15K	$398K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2114	+0.095%	$83K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	−0.603%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2111	−0.028%	$10.7M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2112	+0.005%	$46.5M	$47.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2113	+0.038%	$24.0M	$16.3M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2111	−0.047%	$47.8M	$64.7M	75x
BingX ENA-USDC	+0.0100%	4h	0.2111	−0.052%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2109	−0.125%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2107	−0.233%	$250K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2107	−0.237%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2109	−0.142%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2112	−0.009%	$177K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2060	−2.481%	$1K	$819K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2111	−0.047%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2112	0.000%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2111	−0.047%	$2.0M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2110	−0.109%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2109	−0.118%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0144%	1h	0.2112	+0.005%	$4K	$312	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0249% / S −0.0433%	1h	0.2111	−0.070%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2112	−0.024%	$5.5M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2112	−0.015%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2111	−0.037%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0560%	1h	0.2114	+0.085%	$5.7M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2113	+0.033%	$835K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0583%	1h	0.2114	+0.104%	$111.7M	$78.5M	10x	as long as short
dYdX ENA-USD	+0.1976%	1h	0.2113	+0.024%	$140K	$15K	5x	as long as short