ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0771%/8h= +84.5% APRnext payment +$0.96 per $10,000 · paid last 24h +0.181%

Price spread now: Coinbase International against Backpack+0.147%7-day average +0.119% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$620.617% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.417%+$42 on $10k

Price spread, last 4 days (all we have)+0.372%+$37 · spread now +0.147%, 7d avg +0.119%

Together, before fees+0.789%+$79 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Coinbase International is 0.028% dearer against Backpack than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.119%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.417% in total (about 21.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.96 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	Backpack ENA_USDC_PERP	0.2109	−0.0139	get 0.0017% / 1h	54m 34s	$372K	$372K	5x
Short	Coinbase International ENA-PERP-INTX	0.2112	0.0632	get 0.0079% / 1h	54m 34s	$860K	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.147%Rate

Funding earned: $162
Price spread: +0.147% → +0.119%: $2.85
Slippage, 4 orders: −$41.73
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $103.11
Costs to cover: 0.617%
Break-even: 2.5 days

Slippage from Backpack: live order book, 4 min ago; Coinbase International: live order book, 4 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, 4 min ago	0.95 bp	7.3 bp −$7	40.7 bp −$407	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	13.01 bp	21.4 bp −$21	30.7 bp −$307	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_PERPlong	−0.0139%	1h	0.2109	long leg	$372K	$372K	5x
01 Exchange ENAUSD	−0.0120%	1h	0.2107	−0.057%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0051%	4h	0.2107	−0.076%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2108	−0.033%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2108	−0.055%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.697%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0069%	1h	0.2108	−0.031%	$139K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2107	−0.081%	$55K	$500K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	−0.138%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2107	−0.062%	$662K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2109	+0.014%	$112.5M	$72.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2108	−0.046%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2107	−0.080%	$411K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2107	−0.082%	$128.9M	$415.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2106	−0.133%	$86.0M	$175.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.104%	$20.8M	$102.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	+0.247%	$19K	$324K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	−0.081%	$78K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.081%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2106	−0.133%	$11.1M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	−0.095%	$45.6M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2107	−0.095%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2106	−0.128%	$47.9M	$57.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2107	−0.090%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	+0.507%	$3.3M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2108	−0.037%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	+0.062%	$354K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	+0.109%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2107	−0.071%	$187K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−2.461%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	−0.081%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2110	+0.052%	$273K	$798K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2108	−0.033%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2107	−0.071%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	−0.081%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0120%	1h	0.2109	+0.019%	$5.2M	$13.3M	10x	as long as short
Phoenix ENA	+0.0150%	1h	0.2110	+0.076%	$8K	$266K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0243%	1h	0.2109	+0.017%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2108	−0.034%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2109	−0.009%	$5.6M	$3.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.107%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0632%	1h	0.2112	+0.147%	$860K	$1.5M	50x