Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h −0.005%

Price spread now: Orderly against Backpack−0.089%7-day average — · you buy dearer than you sell

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

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.089% cheaper against Backpack than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2147	0.0100	pay 0.0013% / 1h	20m 49s	$382K	$412K	5x
Short	Orderly PERP_ENA_USDC	0.2145	0.0034	get 0.0017% / 4h	3h 20m	$41K	$23K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.089%Rate

Funding earned: −$13.78
Price spread: −0.089% → 0.000%: −$8.85
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$38.63
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 53 min ago; Orderly: 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, 53 min ago	0.23 bp	9.4 bp −$9	38.7 bp −$387	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	0.2146	−0.019%	$80K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2145	−0.077%	$103K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.090%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDCshort	+0.0034%	4h	0.2145	−0.089%	$41K	$23K	10x
dYdX ENA-USD	+0.0038%	1h	0.2145	−0.101%	$142K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2144	−0.130%	$63K	$518K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2144	−0.135%	$710K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2147	−0.009%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2145	−0.075%	$421K	$549K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2156	+0.409%	$133.9M	$444.5M	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	0.2155	+0.368%	$88.9M	$187.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2154	+0.335%	$21.2M	$110.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2145	−0.070%	$16K	$411K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2146	−0.037%	$106K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2143	−0.177%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2156	+0.415%	$11.0M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2156	+0.429%	$46.1M	$44.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2147	+0.019%	$24.7M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2152	+0.247%	$48.8M	$61.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2155	+0.401%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERPlong	+0.0100%	1h	0.2147	long leg	$382K	$412K	5x
Variational Omni ENA	+0.0100%	4h	0.2144	−0.107%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2144	−0.121%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2155	+0.382%	$363K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2146	−0.037%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2145	−0.089%	$185K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2094	−2.464%	$1K	$832K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2146	−0.037%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2147	+0.009%	$279K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2145	−0.084%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2144	−0.119%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2146	−0.039%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2147	+0.028%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2144	−0.112%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0233%	1h	0.2147	+0.026%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0320%	1h	0.2155	+0.359%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2145	−0.085%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2146	−0.042%	$5.6M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2144	−0.111%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2150	+0.144%	$852K	$1.8M	50x	as long as short
Lighter ENA	+0.0704%	1h	0.2149	+0.112%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0767%	1h	0.2157	+0.488%	$116.5M	$74.1M	10x	as long as short