ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0854%/8h= −93.5% APRnext payment −$1.07 per $10,000 · paid last 24h −0.162%

Price spread now: Backpack against Coinbase International−0.307%52s7-day average −0.112% · you buy dearer than you sell

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$560.561% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.400%−$40 on $10k

Price spread, last 3 days (all we have)−0.212%−$21 · spread now −0.307%, 7d avg −0.112%

Together, before fees−0.612%−$61 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and Backpack is 0.195% cheaper against Coinbase International than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.112%). Swap the legs. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.400% in total (about -20.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.07 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	Coinbase International ENA-PERP-INTX	0.2116	0.0456	pay 0.0057% / 1h	0m 21s	$809K	$2.2M	50x
Short	Backpack ENA_USDC_PERP	0.2110	−0.0398	pay 0.0050% / 1h	0m 21s	$363K	$489K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now −0.307%Rate

Funding earned: −$179.33
Price spread: −0.307% → −0.112%: −$19.48
Slippage, 4 orders: −$36.1
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$254.91
Costs to cover: 0.561%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Backpack: live order book, 28 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 Coinbase International live order book, 3 min ago	10.89 bp	22.5 bp −$23	26.8 bp −$268	doesn't fit	doesn't fit
Sell Backpack live order book, 28 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	−0.0398%	1h	0.2110	−0.307%	$363K	$489K	5x
Orderly PERP_ENA_USDC	−0.0099%	4h	0.2108	−0.383%	$42K	$23K	10x	as long as short
Gate ENA_USDT	−0.0018%	4h	0.2108	−0.378%	$10.4M	$22.8M	50x	as long as short
Phoenix ENA	0.0000%	1h	0.2110	−0.284%	$5K	$391K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2110	−0.321%	$94K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2110	−0.316%	$97K	—	150x	as long as short
Kraken Futures PF_ENAUSD	+0.0015%	1h	0.2110	−0.280%	$2.7M	$6.1M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.331%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0048%	1h	0.2109	−0.331%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2109	−0.350%	$60K	$549K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2108	−0.415%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	−0.411%	$657K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2110	−0.298%	$1.5M	$3.5M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2109	−0.359%	$405K	$603K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2109	−0.353%	$131.0M	$475.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2108	−0.387%	$88.8M	$196.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	−0.383%	$20.3M	$117.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2110	−0.307%	$19K	$447K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2109	−0.350%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2108	−0.417%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2109	−0.331%	$45.6M	$51.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	−0.350%	$24.4M	$16.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2108	−0.378%	$47.9M	$67.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2109	−0.359%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	−0.185%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2109	−0.347%	$253K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	−0.350%	$362K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2110	−0.302%	$33K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	−0.255%	$184K	$3.1M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.722%	$1K	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2108	−0.397%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	−0.246%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2109	−0.350%	$1.8M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2109	−0.326%	$78K	$11K	3x	as long as short
Extended ENA-USD	+0.0120%	1h	0.2108	−0.400%	$1.6M	$4.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0210% / S −0.0157%	1h	0.2110	−0.324%	$50K	—	100x	as long as short
Lighter ENA	+0.0304%	1h	0.2111	−0.269%	$5.7M	$13.6M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2111	−0.250%	$5.6M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2109	−0.340%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0456%	1h	0.2116	long leg	$809K	$2.2M	50x
Hyperliquid ENA	+0.0597%	1h	0.2112	−0.203%	$112.2M	$81.4M	10x	as long as short
dYdX ENA-USD	+0.7807%	1h	0.2110	−0.305%	$139K	$12K	5x	as long as short