Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0225%/8h= +24.7% APRpaid last 24h +0.040%

Price spread now: HTX against Backpack−0.118%7-day average +0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$840.840% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)+0.328%+$33 · spread now −0.118%, 7d avg +0.042%

Together, before fees+0.310%+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.160% cheaper against Backpack than usual: you would sell low and buy high (spread −0.118% now, against its 7-day average of +0.042%). If the spread goes back, that is −$16 on $10k: about 2.4 days of funding at the current rate (+$7 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.018% in total (about -0.9% a year). A funding rate is set anew for every payment. 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	0.2122	−0.0125	get 0.0016% / 1h	57m 33s	$375K	$447K	5x
Short	HTX ENA-USDT	0.2120	0.0100	get 0.0050% / 4h	57m 33s	$275K	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.118%Rate

Funding earned: $47.31
Price spread: −0.118% → +0.042%: −$16
Slippage, 4 orders: −$62.05
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$52.73
Costs to cover: 0.840%
Break-even: 14.8 days

Slippage from Backpack: live order book, 21 min ago; HTX: live order book, 1 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, 21 min ago	0.24 bp	10.3 bp −$10	39.8 bp −$398	doesn't fit	doesn't fit
Sell HTX live order book, 1 min ago	16.24 bp	22.8 bp −$23	doesn't fit	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	−0.0125%	1h	0.2122	long leg	$375K	$447K	5x
Orderly PERP_ENA_USDC	−0.0036%	4h	0.2119	−0.151%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2121	−0.057%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2120	−0.098%	$105K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.061%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2122	−0.005%	$63K	$531K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.113%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2122	+0.005%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2122	−0.001%	$410K	$573K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2122	−0.028%	$131.2M	$455.6M	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	0.2122	0.000%	$89.2M	$191.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	+0.005%	$20.5M	$112.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2117	−0.221%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2123	+0.042%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	−0.023%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2122	−0.005%	$10.8M	$21.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2121	−0.033%	$46.7M	$45.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2123	+0.024%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2122	−0.024%	$48.1M	$64.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2123	+0.061%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2115	−0.327%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2118	−0.210%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	−0.241%	$351K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	−0.523%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2121	−0.066%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2069	−2.526%	$1K	$820K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2120	−0.099%	$4K	$14K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2120	−0.118%	$275K	$1.5M	50x
Phemex ENAUSDT	+0.0100%	4h	0.2120	−0.099%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2122	+0.006%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2120	−0.113%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2122	+0.005%	$5K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0160%	1h	0.2124	+0.085%	$4K	$312	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2122	−0.012%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2119	−0.125%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	−0.264%	$5.5M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2123	+0.020%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	−0.095%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0514%	1h	0.2125	+0.141%	$112.4M	$78.7M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2125	+0.132%	$839K	$2.2M	50x	as long as short
Lighter ENA	+0.0592%	1h	0.2124	+0.108%	$5.7M	$12.8M	10x	as long as short
dYdX ENA-USD	+0.1936%	1h	0.2122	−0.010%	$140K	$15K	5x	as long as short