Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.042%

Price spread now: Ondo Perps against Backpack−0.598%7-day average +0.003% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 4 days (all we have)+0.573%+$57 · spread now −0.598%, 7d avg +0.003%

Together, before fees+0.529%+ Points / potential airdropOndo Perps: Active · farm board+$53 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: Ondo Perps is 0.600% cheaper against Backpack than usual: you would sell low and buy high, −$60 on $10k if it goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2158	0.0100	pay 0.0013% / 1h	19m 31s	$384K	$410K	5x
Short	Ondo Perps ENA-USD.P	0.2145	0.0100	get 0.0013% / 1h	19m 31s	$16K	$411K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.598%Rate

Funding earned: $0
Price spread: −0.598% → +0.003%: −$60.05
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$75.05
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 54 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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, 54 min ago	0.23 bp	9.4 bp −$9	38.7 bp −$387	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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-PERPETUAL	0.0000%	1h	0.2159	+0.046%	$81K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2159	+0.016%	$102K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.612%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0034%	4h	0.2158	0.000%	$42K	$23K	10x	as long as short
dYdX ENA-USD	+0.0036%	1h	0.2151	−0.350%	$142K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2156	−0.102%	$63K	$518K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2159	+0.042%	$715K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2154	−0.211%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2150	−0.358%	$423K	$553K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2157	−0.065%	$133.9M	$443.1M	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	0.2156	−0.083%	$89.0M	$187.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2157	−0.070%	$21.2M	$110.6M	50x	as long as short
Ondo Perps ENA-USD.Pshort	+0.0100%	1h	0.2145	−0.598%	$16K	$411K	5x
Arcus ENA-USD	+0.0100%	1h	0.2154	−0.195%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2143	−0.704%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2151	−0.315%	$11.0M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2153	−0.236%	$45.9M	$44.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2153	−0.250%	$24.8M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2153	−0.222%	$48.9M	$61.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2154	−0.213%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERPlong	+0.0100%	1h	0.2158	long leg	$384K	$410K	5x
Variational Omni ENA	+0.0100%	4h	0.2144	−0.635%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2144	−0.640%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2145	−0.627%	$357K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2146	−0.565%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2159	+0.028%	$186K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2108	−2.335%	$1K	$832K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2158	−0.009%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2160	+0.088%	$280K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2158	−0.009%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2152	−0.297%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2159	+0.022%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2147	−0.500%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2156	−0.120%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0231%	1h	0.2160	+0.087%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0320%	1h	0.2153	−0.221%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0334% / S −0.0430%	1h	0.2158	+0.010%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2146	−0.570%	$5.6M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2158	−0.018%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2150	−0.385%	$852K	$1.8M	50x	as long as short
Lighter ENA	+0.0696%	1h	0.2155	−0.158%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0767%	1h	0.2155	−0.125%	$116.4M	$74.2M	10x	as long as short