Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0088%/8h= +9.7% APRpaid last 24h +0.040%

Price spread now: edgeX against Backpack−0.460%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$420.425% of the position

Long on Backpack Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.018%−$2 on $10k

Price spread, last 4 days (all we have)+0.493%+$49 · spread now −0.460%, 7d avg +0.001%

Together, before fees+0.475%+ Points / potential airdropedgeX: Active · farm board+$47 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.461% cheaper against Backpack than usual: you would sell low and buy high (spread −0.460% now, against its 7-day average of +0.001%). If the spread goes back, that is −$46 on $10k: about 17 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2122	0.0012	pay 0.0001% / 1h	59m 32s	$375K	$447K	5x
Short	edgeX ENAUSDC	0.2112	0.0100	get 0.0050% / 4h	59m 32s	$251K	$7.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.460%Rate

Funding earned: $18.57
Price spread: −0.460% → +0.001%: −$46.05
Slippage, 4 orders: −$23.49
Fee Backpack: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$69.97
Costs to cover: 0.425%
Break-even: 33.4 days

Slippage from Backpack: live order book, 19 min ago; edgeX: live order book, 5 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, 19 min ago	0.24 bp	10.3 bp −$10	39.8 bp −$398	doesn't fit	doesn't fit
Sell edgeX live order book, 5 min ago	7.10 bp	11.6 bp −$12	13.1 bp −$131	44.3 bp −$4,425	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	−0.0036%	4h	0.2120	−0.066%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2121	−0.024%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2121	−0.033%	$105K	—	150x	as long as short
Backpack ENA_USDC_PERPlong	+0.0012%	1h	0.2122	long leg	$375K	$447K	5x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.085%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0065%	1h	0.2122	+0.037%	$2.7M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2116	−0.264%	$63K	$530K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2122	+0.040%	$666K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	−0.071%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	−0.124%	$410K	$573K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2117	−0.232%	$130.9M	$455.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2117	−0.231%	$88.9M	$191.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	−0.269%	$20.5M	$112.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2117	−0.198%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	−0.170%	$83K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	0.000%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2118	−0.179%	$10.8M	$21.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2118	−0.165%	$46.6M	$45.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2121	−0.028%	$24.1M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2117	−0.212%	$48.0M	$64.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2118	−0.189%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2115	−0.303%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2112	−0.460%	$251K	$7.7M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	−0.218%	$351K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	−0.500%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	+0.019%	$178K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2069	−2.498%	$1K	$819K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	−0.028%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.075%	$275K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2119	−0.123%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.206%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2121	−0.042%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2109	−0.570%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2117	−0.193%	$4K	$312	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2121	−0.049%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	−0.222%	$5.6M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2116	−0.248%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	−0.057%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0452%	1h	0.2124	+0.098%	$112.3M	$78.6M	10x	as long as short
Lighter ENA	+0.0560%	1h	0.2121	−0.019%	$5.7M	$12.8M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2124	+0.137%	$839K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.1980%	1h	0.2120	−0.094%	$140K	$15K	5x	as long as short