Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0137%/8h= +15.0% APRpaid last 24h +0.037%

Price spread now: Bybit against Backpack−0.081%55s7-day average −0.086% · 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—prices read too far apart to compare

costs, in and out, $10k−$360.356% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.107%−$11 on $10k

Price spread, last 4 days (all we have)+0.134%+$13 · spread now −0.081%, 7d avg −0.086%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.086%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.107%, so the current rate has only just turned in your favour. 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	0.2098	−0.0037	get 0.0005% / 1h	41m 11s	$362K	$481K	5x
Short	Bybit ENAUSDT	0.2097	0.0100	get 0.0050% / 4h	1h 41m	$87.2M	$191.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.081%Rate

Funding earned: $28.8
Price spread: −0.081% → −0.086%: $0.51
Slippage, 4 orders: −$14.63
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$6.33
Costs to cover: 0.356%
Break-even: 8.5 days

Slippage from Backpack: live order book, 43 min ago; Bybit: live order book, 3 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, 43 min ago	0.24 bp	10.1 bp −$10	47.0 bp −$470	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.24 bp	8.3 bp −$8	15.0 bp −$150	53.8 bp −$5,381	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	−0.0067%	4h	0.2097	−0.067%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERPlong	−0.0037%	1h	0.2098	long leg	$362K	$481K	5x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2098	−0.029%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2098	−0.018%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.191%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2099	+0.005%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0088%	1h	0.2099	+0.005%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2097	−0.067%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2097	−0.064%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2097	−0.079%	$659K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2100	+0.095%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2097	−0.043%	$406K	$582K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2098	−0.030%	$129.2M	$460.6M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2097	−0.081%	$87.2M	$191.9M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2098	−0.024%	$20.3M	$112.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	−0.014%	$21K	$415K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2099	+0.029%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.026%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	−0.052%	$10.5M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	−0.024%	$45.0M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.024%	$24.0M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	−0.091%	$47.5M	$65.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2098	−0.019%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.450%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	−0.026%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.156%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.114%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2098	0.000%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.430%	$958	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	−0.019%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2107	+0.405%	$275K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2097	−0.067%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	−0.155%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2099	+0.029%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0225% / S −0.0375%	1h	0.2098	−0.021%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2097	−0.082%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2097	−0.062%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	−0.049%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0488%	1h	0.2100	+0.095%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0568%	1h	0.2101	+0.129%	$110.9M	$80.0M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2102	+0.157%	$803K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1898%	1h	0.2098	−0.042%	$139K	$15K	5x	as long as short