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 +0.042%

Price spread now: Paradex against Backpack−0.140%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.140% cheaper against Backpack than usual: you would sell low and buy high, −$14 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2143	0.0100	pay 0.0013% / 1h	30m 57s	$371K	$376K	5x
Short	Paradex ENA-USD-PERP	0.2140	0.0100	get 0.0100% / 8h	6h 30m	$48K	$110	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.140%Rate

Funding earned: $0.04
Price spread: −0.140% → 0.000%: −$14.03
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$27.98
Costs to cover: 0.140%
Break-even: 4453.7 days

Slippage unknown: Backpack: live order book, 38 min ago; Paradex: 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, 38 min ago	0.69 bp	9.2 bp −$9	41.3 bp −$413	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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 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	0.2141	−0.084%	$80K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2139	−0.161%	$92K	—	150x	as long as short
dYdX ENA-USD	+0.0018%	1h	0.2141	−0.101%	$141K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.910%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0041%	4h	0.2140	−0.117%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0064%	1h	0.2142	−0.047%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2142	−0.042%	$56K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2142	−0.030%	$697K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2142	−0.049%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2140	−0.126%	$419K	$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	0.2142	−0.048%	$132.8M	$444.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2142	−0.047%	$87.8M	$186.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2142	−0.023%	$21.1M	$109.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2128	−0.700%	$19K	$411K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2141	−0.089%	$116K	$255K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2105	−1.756%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2141	−0.070%	$11.1M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2142	−0.047%	$45.7M	$44.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2143	−0.014%	$24.8M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2140	−0.117%	$48.7M	$61.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2142	−0.033%	—	$32.7M	—	as long as short
Backpack ENA_USDC_PERPlong	+0.0100%	1h	0.2143	long leg	$371K	$376K	5x
Variational Omni ENA	+0.0100%	4h	0.2140	−0.148%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2115	−1.290%	$242K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2127	−0.720%	$353K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	−0.882%	$32K	$667K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2142	−0.023%	$181K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2090	−2.464%	$866	$850K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2141	−0.089%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2143	0.000%	$277K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2141	−0.089%	$1.9M	$9.2M	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2140	−0.140%	$48K	$110	10x
Aevo ENA-PERP	+0.0104%	1h	0.2142	−0.057%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2138	−0.219%	$7K	$351K	10x	as long as short
Extended ENA-USD	+0.0240%	1h	0.2141	−0.081%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0249%	1h	0.2142	−0.051%	$2.7M	$4.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2140	−0.139%	$51K	—	100x	as long as short
Lighter ENA	+0.0384%	1h	0.2144	+0.047%	$5.6M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2140	−0.123%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0524%	1h	0.2144	+0.065%	$115.8M	$72.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2111	−1.498%	$827K	$1.7M	50x	as long as short