ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0439%/8h= −48.1% APRnext payment −$0.55 per $10,000 · paid last 24h +0.044%

Price spread now: Phoenix against Backpack+0.236%7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$490.492% of the position

Long on Backpack Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 4 days (all we have)−0.051%−$5 · spread now +0.236%, 7d avg +0.068%

Together, before fees−0.019%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.168% dearer against Backpack than usual: you sell high and buy low (spread +0.236% now, against its 7-day average of +0.068%): +$17 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 31 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.032% in total (about 1.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.55 per $10,000. 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	0.2116	0.0592	pay 0.0074% / 1h	32m 25s	$358K	$400K	5x
Short	Phoenix ENA	0.2121	0.0153	get 0.0019% / 1h	32m 25s	$8K	$278K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.236%Rate

Funding earned: −$92.25
Price spread: +0.236% → +0.068%: $16.83
Slippage, 4 orders: −$32.23
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$124.66
Costs to cover: 0.492%
Break-even: never at this rate

Slippage from Backpack: live order book, 16 min ago; Phoenix: live order book, 13 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, 16 min ago	0.71 bp	7.1 bp −$7	42.1 bp −$421	doesn't fit	doesn't fit
Sell Phoenix live order book, 13 min ago	1.89 bp	16.8 bp −$17	51.7 bp −$517	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
Orderly PERP_ENA_USDC	−0.0144%	4h	0.2112	−0.161%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2114	−0.099%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2114	−0.105%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2118	+0.090%	$4K	$277	10x	as long as short
Gate ENA_USDT	+0.0016%	4h	0.2114	−0.095%	$11.1M	$23.7M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.359%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	+0.057%	$57K	$467K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	+0.057%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2115	−0.053%	$655K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2117	+0.061%	$115.0M	$74.3M	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	0.2115	−0.042%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2118	+0.092%	$397K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2114	−0.067%	$128.2M	$417.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2113	−0.113%	$85.5M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2112	−0.156%	$21.2M	$104.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	+0.090%	$20K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	+0.104%	$79K	$276K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2114	−0.071%	$46.7M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	−0.014%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2115	−0.043%	$48.0M	$57.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2114	−0.080%	—	$31.2M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2122	+0.275%	$3.1M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2126	+0.485%	$244K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2118	+0.104%	$353K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	+0.482%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	+0.085%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.510%	$1K	$870K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2114	−0.085%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2120	+0.184%	$267K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2114	−0.085%	$1.8M	$8.9M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2118	+0.104%	$93K	−$0	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2116	+0.018%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2113	−0.112%	$74K	$4K	3x	as long as short
Phoenix ENAshort	+0.0153%	1h	0.2121	+0.236%	$8K	$278K	10x
Kraken Futures PF_ENAUSD	+0.0162%	1h	0.2115	−0.044%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0192%	1h	0.2120	+0.199%	$5.2M	$13.0M	10x	as long as short
dYdX ENA-USD	+0.0305%	1h	0.2118	+0.100%	$140K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0358%	1h	0.2113	−0.128%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2114	−0.104%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2114	−0.077%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERPlong	+0.0592%	1h	0.2116	long leg	$358K	$400K	5x
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2131	+0.709%	$872K	$1.7M	50x	as long as short