ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0050%/8h= −5.5% APRnext payment −$0.06 per $10,000 · paid last 24h +0.009%

Price spread now: Deribit against Backpack+0.024%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$320.320% of the position

Long on Backpack Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.185%−$18 on $10k

Price spread, last 3 days (all we have)+0.223%+$22 · spread now +0.024%, 7d avg +0.003%

Together, before fees+0.038%+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.021% dearer against Backpack than usual: you sell high and buy low (spread +0.024% now, against its 7-day average of +0.003%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2122	0.0050	pay 0.0006% / 1h	11m 06s	$376K	$444K	5x
Short	Deribit ENA_USDC-PERPETUAL	0.2122	0	get 0.0000% / 1h	11m 06s	$94K	$1.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$10.52
Price spread: +0.024% → +0.003%: $2.05
Slippage, 4 orders: −$15.01
Fee Backpack: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$40.48
Costs to cover: 0.320%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Deribit: 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, 3 min ago	0.23 bp	9.4 bp −$9	38.7 bp −$387	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	4.70 bp	8.2 bp −$8	15.9 bp −$159	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
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2122	+0.024%	$94K	$1.7M	50x
Orderly PERP_ENA_USDC	+0.0003%	4h	0.2121	−0.009%	$41K	$24K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2122	+0.006%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.090%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERPlong	+0.0050%	1h	0.2122	long leg	$376K	$444K	5x
Popdex ENAUSDT	+0.0096%	1h	0.2120	−0.071%	$62K	$528K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.085%	$678K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2122	+0.033%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2122	+0.029%	$410K	$561K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2120	−0.057%	$131.0M	$450.4M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2120	−0.066%	$89.1M	$189.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2121	−0.042%	$20.6M	$110.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2123	+0.090%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2121	−0.024%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2121	−0.024%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2120	−0.066%	$10.9M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2120	−0.052%	$46.4M	$45.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	0.000%	$24.5M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	−0.118%	$48.1M	$63.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2120	−0.052%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2121	−0.026%	$3.9M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.286%	$246K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.354%	$364K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2129	+0.354%	$34K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2123	+0.052%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.390%	$1K	$827K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	−0.024%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.080%	$275K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	−0.071%	$1.9M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2120	−0.070%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	+0.009%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.335%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2122	+0.005%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0232%	1h	0.2121	−0.031%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2123	+0.052%	$2.7M	$5.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2122	+0.010%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2121	−0.014%	$5.6M	$4.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2122	+0.009%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0552%	1h	0.2123	+0.085%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2127	+0.240%	$840K	$1.9M	50x	as long as short
Hyperliquid ENA	+0.0754%	1h	0.2124	+0.123%	$114.4M	$78.4M	10x	as long as short
dYdX ENA-USD	+0.1280%	1h	0.2124	+0.125%	$140K	$15K	5x	as long as short