Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.022%

Price spread now: GRVT against Backpack−0.760%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$122as in the Price arb table

costs, in and out, $10k−$460.462% of the position

Long on Backpack Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 4 days (all we have)+1.083%+$108 · spread now −0.760%, 7d avg +0.001%

Together, before fees+1.019%+ Points / potential airdropGRVT: Active · farm board+$102 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: GRVT is 0.760% cheaper against Backpack than usual: you would sell low and buy high, −$76 on $10k if it goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2136	0.0100	pay 0.0013% / 1h	33m 17s	$369K	$378K	5x
Short	GRVT ENA_USDT_Perp	0.2120	0.0100	get 0.0050% / 4h	2h 33m	$357K	$4.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.760%Rate

Funding earned: $0
Price spread: −0.760% → +0.001%: −$76.04
Slippage, 4 orders: −$27.17
Fee Backpack: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$122.21
Costs to cover: 0.462%
Break-even: never at this rate

Slippage from Backpack: live order book, 35 min ago; GRVT: live order book, 6 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, 35 min ago	0.69 bp	9.2 bp −$9	41.3 bp −$413	doesn't fit	doesn't fit
Sell GRVT live order book, 6 min ago	2.37 bp	15.8 bp −$16	58.2 bp −$582	doesn't fit	doesn't fit

ENA on 41 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-PERPETUAL	0.0000%	1h	0.2128	−0.393%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2127	−0.401%	$91K	—	150x	as long as short
dYdX ENA-USD	+0.0020%	1h	0.2127	−0.421%	$141K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.590%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0041%	4h	0.2128	−0.389%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0056%	1h	0.2125	−0.520%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	−0.562%	$57K	$525K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	−0.545%	$691K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2128	−0.375%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2126	−0.490%	$416K	$548K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2126	−0.449%	$131.8M	$446.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2126	−0.482%	$87.2M	$187.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2127	−0.398%	$21.1M	$108.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2102	−1.573%	$19K	$406K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	−0.468%	$116K	$255K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2105	−1.439%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	−0.445%	$11.0M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2126	−0.482%	$45.3M	$44.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2127	−0.426%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2126	−0.454%	$48.3M	$61.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2127	−0.403%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERPlong	+0.0100%	1h	0.2136	long leg	$369K	$378K	5x
Variational Omni ENA	+0.0100%	4h	0.2114	−1.052%	$3.7M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2115	−0.971%	$242K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perpshort	+0.0100%	4h	0.2120	−0.760%	$357K	$4.8M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	−0.562%	$32K	$667K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2126	−0.487%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.809%	$890	$851K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	−0.421%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	−0.328%	$275K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2126	−0.468%	$1.9M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2125	−0.511%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2128	−0.390%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2107	−1.358%	$7K	$351K	10x	as long as short
Extended ENA-USD	+0.0240%	1h	0.2127	−0.422%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0251%	1h	0.2128	−0.379%	$2.7M	$4.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2128	−0.393%	$50K	—	100x	as long as short
Lighter ENA	+0.0320%	1h	0.2128	−0.365%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2125	−0.509%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0520%	1h	0.2130	−0.304%	$115.0M	$72.8M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2111	−1.180%	$827K	$1.7M	50x	as long as short