Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0376%/8h= −41.2% APRpaid last 24h −0.026%

Price spread now: Backpack against Bitget+0.086%7-day average +0.104% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$400.401% of the position

Long on Bitget Short on Backpack

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)−0.061%−$6 · spread now +0.086%, 7d avg +0.104%

Together, before fees−0.030%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.104%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

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. 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	Bitget ENAUSDT	0.2099	0.0100	pay 0.0050% / 4h	2h 18m	$47.5M	$66.4M	75x
Short	Backpack ENA_USDC_PERP	0.2101	−0.0276	pay 0.0034% / 1h	18m 07s	$362K	$484K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now +0.086%Rate

Funding earned: −$78.95
Price spread: +0.086% → +0.104%: −$1.8
Slippage, 4 orders: −$18.11
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$120.85
Costs to cover: 0.401%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Backpack: live order book, 6 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 Bitget live order book, 1 min ago	0.48 bp	11.6 bp −$12	18.2 bp −$182	47.2 bp −$4,719	doesn't fit
Sell Backpack live order book, 6 min ago	0.24 bp	8.2 bp −$8	40.9 bp −$409	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
Backpack ENA_USDC_PERPshort	−0.0276%	1h	0.2101	+0.086%	$362K	$484K	5x
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2101	+0.091%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2102	+0.138%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2102	+0.124%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2102	+0.138%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.167%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0052%	4h	0.2100	+0.048%	$10.5M	$21.7M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2107	+0.376%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2101	+0.100%	$60K	$539K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	+0.064%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2101	+0.114%	$659K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2102	+0.129%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2101	+0.110%	$406K	$593K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2101	+0.081%	$129.5M	$466.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	+0.005%	$87.8M	$193.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2100	+0.038%	$20.3M	$113.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2110	+0.529%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2102	+0.148%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.386%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2100	+0.062%	$46.0M	$49.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2101	+0.105%	$24.3M	$16.5M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2099	long leg	$47.5M	$66.4M	75x
BingX ENA-USDT	+0.0100%	4h	0.2100	+0.062%	—	$32.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2104	+0.245%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	+0.304%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2112	+0.608%	$360K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2103	+0.195%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2103	+0.176%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2051	−2.282%	$847	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2101	+0.100%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2109	+0.467%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2099	+0.005%	$1.9M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2102	+0.139%	$2.6M	$5.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	+0.100%	$77K	$11K	3x	as long as short
Extended ENA-USD	+0.0136%	1h	0.2100	+0.064%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0163%	1h	0.2102	+0.130%	$50K	—	100x	as long as short
Lighter ENA	+0.0328%	1h	0.2103	+0.200%	$5.7M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	+0.167%	$5.5M	$8.2M	75x	as long as short
Hyperliquid ENA	+0.0347%	1h	0.2103	+0.191%	$110.9M	$80.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2101	+0.117%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2104	+0.224%	$803K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.6179%	1h	0.2102	+0.157%	$139K	$15K	5x	as long as short