Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0835%/8h= −91.4% APRpaid last 24h −0.097%

Price spread now: Backpack against BloFin−0.062%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.402%−$40 on $10k

Price spread, last 3 days (all we have)−1.233%−$123 · spread now −0.062%, 7d avg −0.050%

Together, before fees−1.636%−$164 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.050%, so right now this pair is about funding alone: −$25 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 -0.402% in total (about -21.0% 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	BloFin ENA-USDT	0.2109	0.0340	pay 0.0170% / 4h	2h 58m	$5.6M	$8.2M	75x
Short	Backpack ENA_USDC_PERP	0.2107	−0.0495	pay 0.0062% / 1h	58m 16s	$363K	$489K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now −0.062%Rate

Funding earned: −$175.38
Price spread: −0.062% → −0.050%: −$1.13
Slippage, 4 orders: −$14.83
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$213.34
Costs to cover: 0.368%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; Backpack: live order book, 30 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 BloFin live order book, 5 min ago	0.71 bp	10.7 bp −$11	20.0 bp −$200	75.8 bp −$7,577	doesn't fit
Sell Backpack live order book, 30 min ago	1.64 bp	8.6 bp −$9	41.9 bp −$419	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	−0.0495%	1h	0.2107	−0.062%	$363K	$489K	5x
Orderly PERP_ENA_USDC	−0.0099%	4h	0.2105	−0.166%	$42K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0048%	1h	0.2107	−0.081%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0020%	4h	0.2106	−0.142%	$10.4M	$21.4M	50x	as long as short
Phoenix ENA	0.0000%	1h	0.2110	+0.081%	$5K	$389K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2107	−0.100%	$94K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2107	−0.091%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.697%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	−0.128%	$60K	$549K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2107	−0.103%	$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	0.2107	−0.081%	$656K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2108	−0.047%	$1.5M	$3.5M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2107	−0.076%	$404K	$604K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2105	−0.175%	$130.7M	$474.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2105	−0.161%	$88.6M	$196.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2105	−0.175%	$20.2M	$116.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2110	+0.057%	$19K	$447K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	−0.081%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2108	−0.053%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	−0.100%	$45.5M	$48.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2108	−0.043%	$24.4M	$16.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	−0.228%	$47.7M	$67.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2105	−0.156%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	+0.179%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2109	+0.017%	$253K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	+0.014%	$362K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2110	+0.062%	$33K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2108	−0.038%	$184K	$3.1M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−2.428%	$1K	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2105	−0.175%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2112	+0.175%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	−0.175%	$1.8M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2107	−0.059%	$2.7M	$5.9M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2105	−0.152%	$77K	$11K	3x	as long as short
Extended ENA-USD	+0.0112%	1h	0.2105	−0.196%	$1.6M	$4.1M	50x	as long as short
Lighter ENA	+0.0200%	1h	0.2108	−0.047%	$5.7M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0210% / S −0.0158%	1h	0.2106	−0.121%	$50K	—	100x	as long as short
Hyperliquid ENA	+0.0249%	1h	0.2109	+0.028%	$112.1M	$81.4M	10x	as long as short
BloFin ENA-USDTlong	+0.0340%	4h	0.2109	long leg	$5.6M	$8.2M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2105	−0.160%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2116	+0.365%	$809K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.4854%	1h	0.2108	−0.035%	$139K	$12K	5x	as long as short