Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h −0.042%

Price spread now: Backpack against Binance−0.094%7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$340.336% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.076%+$8 on $10k

Price spread, last 4 days (all we have)−0.180%−$18 · spread now −0.094%, 7d avg +0.038%

Together, before fees−0.104%−$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.131% cheaper against Binance than usual: you would sell low and buy high (spread −0.094% now, against its 7-day average of +0.038%). If the spread goes back, that is −$13 on $10k: about 26 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.076% in total) that is about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2113	0.0100	pay 0.0050% / 4h	1h 45m	$130.0M	$425.3M	75x
Short	Backpack ENA_USDC_PERP	0.2111	0.0117	get 0.0015% / 1h	45m 28s	$374K	$364K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now −0.094%Rate

Funding earned: $3.6
Price spread: −0.094% → +0.038%: −$13.14
Slippage, 4 orders: −$13.62
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$43.16
Costs to cover: 0.336%
Break-even: 91.0 days

Slippage from Binance: live order book, 13 min ago; Backpack: live order book, 18 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 Binance live order book, 13 min ago	0.23 bp	7.7 bp −$8	11.8 bp −$118	51.0 bp −$5,103	doesn't fit
Sell Backpack live order book, 18 min ago	0.23 bp	10.7 bp −$11	48.0 bp −$480	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	−0.103%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2110	−0.154%	$82K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0015%	4h	0.2109	−0.212%	$44K	$27K	10x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2114	+0.044%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.484%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2113	−0.008%	$54K	$500K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	+0.007%	$682K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2117	+0.167%	$113.8M	$71.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2109	−0.188%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	−0.120%	$412K	$516K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDTlong	+0.0100%	4h	0.2113	long leg	$130.0M	$425.3M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2115	+0.081%	$86.7M	$177.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2115	+0.100%	$20.8M	$103.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	−0.307%	$19K	$381K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2113	−0.008%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.008%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2112	−0.037%	$11.1M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2114	+0.044%	$45.6M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	+0.110%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	+0.020%	$48.2M	$58.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2113	+0.010%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2110	−0.151%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2108	−0.232%	$245K	$7.4M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	−0.214%	$350K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	−0.103%	$32K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2115	+0.072%	$186K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2060	−2.535%	$1K	$842K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2109	−0.198%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.162%	$276K	$785K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2110	−0.150%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.033%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2110	−0.150%	$74K	$4K	3x	as long as short
Backpack ENA_USDC_PERPshort	+0.0117%	1h	0.2111	−0.094%	$374K	$364K	5x
dYdX ENA-USD	+0.0138%	1h	0.2110	−0.131%	$139K	$15K	5x	as long as short
Extended ENA-USD	+0.0144%	1h	0.2113	−0.006%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0150%	1h	0.2109	−0.179%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2111	−0.126%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2111	−0.095%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0312%	1h	0.2112	−0.046%	$5.5M	$13.6M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2108	−0.240%	—	$3.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2114	+0.038%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2117	+0.167%	$832K	$1.5M	50x	as long as short