Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0239%/8h= −26.2% APRpaid last 24h −0.039%

Price spread now: Backpack against Bybit+0.133%7-day average +0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$360.361% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.122%+$12 on $10k

Price spread, last 4 days (all we have)−0.357%−$36 · spread now +0.133%, 7d avg +0.085%

Together, before fees−0.235%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.048% dearer against Bybit than usual: you sell high and buy low (spread +0.133% now, against its 7-day average of +0.085%): +$5 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 16 hours. Mind the row above: over the last 7 days funding on this pair paid +0.122%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.122% in total (about 6.4% 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	Bybit ENAUSDT	0.2106	0.0100	pay 0.0050% / 4h	54m 37s	$86.0M	$175.9M	50x
Short	Backpack ENA_USDC_PERP	0.2109	−0.0139	pay 0.0017% / 1h	54m 37s	$372K	$372K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.133%Rate

Funding earned: −$50.28
Price spread: +0.133% → +0.085%: $4.82
Slippage, 4 orders: −$15.13
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$81.59
Costs to cover: 0.361%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Backpack: live order book, 4 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 Bybit live order book, 4 min ago	0.24 bp	7.8 bp −$8	15.8 bp −$158	56.5 bp −$5,655	doesn't fit
Sell Backpack live order book, 4 min ago	0.95 bp	9.8 bp −$10	52.3 bp −$523	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	−0.0139%	1h	0.2109	+0.133%	$372K	$372K	5x
01 Exchange ENAUSD	−0.0120%	1h	0.2107	+0.076%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0051%	4h	0.2107	+0.057%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2108	+0.100%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2108	+0.078%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.831%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0069%	1h	0.2108	+0.102%	$139K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2107	+0.052%	$55K	$500K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	−0.005%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2107	+0.071%	$662K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2109	+0.147%	$112.5M	$72.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2108	+0.087%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2107	+0.053%	$411K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2107	+0.051%	$128.9M	$415.1M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2106	long leg	$86.0M	$175.9M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	+0.028%	$20.8M	$102.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	+0.380%	$19K	$324K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	+0.052%	$78K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.052%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2106	0.000%	$11.1M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	+0.038%	$45.6M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2107	+0.038%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2106	+0.005%	$47.9M	$57.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2107	+0.043%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	+0.641%	$3.3M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2108	+0.096%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	+0.195%	$354K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	+0.242%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2107	+0.062%	$187K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−2.332%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	+0.052%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2110	+0.185%	$273K	$798K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2108	+0.100%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2107	+0.062%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	+0.052%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0120%	1h	0.2109	+0.152%	$5.2M	$13.3M	10x	as long as short
Phoenix ENA	+0.0150%	1h	0.2110	+0.209%	$8K	$266K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0243%	1h	0.2109	+0.150%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2108	+0.099%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2109	+0.123%	$5.6M	$3.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	+0.026%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2112	+0.280%	$860K	$1.5M	50x	as long as short