Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0150%/8h= +16.4% APRpaid last 24h +0.039%

Price spread now: OKX against Backpack−0.024%7-day average −0.050% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$390.395% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.110%−$11 on $10k

Price spread, last 4 days (all we have)+0.072%+$7 · spread now −0.024%, 7d avg −0.050%

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

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and OKX is 0.026% dearer against Backpack than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.050%. Mind the row above: over the last 7 days funding on this pair cost −0.110%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2101	−0.0050	get 0.0006% / 1h	40m 10s	$362K	$481K	5x
Short	OKX ENA-USDT-SWAP	0.2101	0.0100	get 0.0050% / 4h	1h 40m	$20.3M	$112.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.024%Rate

Funding earned: $31.41
Price spread: −0.024% → −0.050%: $2.63
Slippage, 4 orders: −$19.49
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$5.44
Costs to cover: 0.395%
Break-even: 8.2 days

Slippage from Backpack: live order book, 44 min ago; OKX: 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, 44 min ago	0.24 bp	10.1 bp −$10	47.0 bp −$470	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.24 bp	10.4 bp −$10	21.8 bp −$218	90.2 bp −$9,022	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	−0.0067%	4h	0.2099	−0.081%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERPlong	−0.0050%	1h	0.2101	long leg	$362K	$481K	5x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2100	−0.043%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2100	−0.061%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.061%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2100	−0.064%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2099	−0.124%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2097	−0.195%	$59K	$537K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2097	−0.200%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2097	−0.209%	$659K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2100	−0.033%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2098	−0.158%	$406K	$582K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2100	−0.035%	$129.4M	$460.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	−0.076%	$87.3M	$191.9M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2101	−0.024%	$20.3M	$112.7M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	−0.143%	$21K	$415K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2098	−0.148%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.155%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2099	−0.086%	$10.5M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2101	−0.019%	$45.1M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2101	−0.005%	$24.0M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2099	−0.095%	$47.6M	$65.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2100	−0.052%	—	$32.9M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2096	−0.233%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	−0.154%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.285%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.243%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2098	−0.129%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.589%	$958	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	−0.052%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	+0.081%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2100	−0.052%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	−0.289%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2099	−0.100%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0226% / S −0.0377%	1h	0.2100	−0.049%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0288%	1h	0.2099	−0.086%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2097	−0.190%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2098	−0.166%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0528%	1h	0.2103	+0.090%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0569%	1h	0.2104	+0.114%	$111.1M	$80.0M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2102	+0.029%	$803K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1904%	1h	0.2098	−0.170%	$139K	$15K	5x	as long as short