Funding you earn now, next payment 22:00 UTC−0.0280%/8h= −30.7% APRnext payment −$0.35 per $10,000 · paid last 24h −0.005%
Price spread now: Backpack against Deribit+0.139%50s7-day average −0.004% · you sell dearer than you buy
Net, funding: paid 7d − costs−$21as 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−$390.391% of the position
Funding, last 7 days+0.183%+$18 on $10k
+Price spread, last 3 days (all we have)−0.693%−$69 · spread now +0.139%, 7d avg −0.004%
=The price spread pays, funding is against you. Backpack is 0.142% dearer against Deribit than usual: you sell high and buy low (spread +0.139% now, against its 7-day average of −0.004%): +$14 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 41 hours. Mind the row above: over the last 7 days funding on this pair paid +0.183%, so the current rate has only just turned against you. The two prices were read 50 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 0.183% in total (about 9.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.35 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 | Deribit ENA_USDC-PERPETUAL | 0.2092 | 0 | get 0.0000% / 1h | 13m 20s | $92K | $1.8M | 50x |
| Short | Backpack ENA_USDC_PERP | 0.2094 | −0.0280 | pay 0.0035% / 1h | 13m 20s | $360K | $484K | 5x |
Deribit ENA_USDC-PERPETUAL
Backpack ENA_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$58.86
- Price spread: +0.139% → −0.004%
- $14.24
- Slippage, 4 orders
- −$22.05
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$83.67
- Costs to cover
- 0.391%
- Break-even
- never at this rate
Slippage from Deribit: live order book, 1 min ago; Backpack: live order book, 10 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 Deribit live order book, 1 min ago | 3.82 bp | 7.3 bp −$7 | 15.0 bp −$150 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 10 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 | −0.0280% | 1h | 0.2094 | +0.139% | $360K | $484K | 5x | |
| Orderly PERP_ENA_USDC | −0.0083% | 4h | 0.2091 | −0.024% | $41K | $23K | 10x | as long as short |
| 01 Exchange ENAUSD | −0.0008% | 1h | 0.2091 | −0.019% | $4K | $432 | 10x | as long as short |
| Deribit ENA_USDC-PERPETUALlong | 0.0000% | 1h | 0.2092 | long leg | $92K | $1.8M | 50x | |
| gTrade (Gains Network) ENA/USD | L +0.0003% / S −0.0003% | 1h | 0.2091 | −0.005% | $96K | — | 150x | as long as short |
| Injective ENA/USDC PERP | +0.0033% | 1h | 0.2123 | +1.525% | $522 | $57K | 5.5x | as long as short |
| Gate ENA_USDT | +0.0058% | 4h | 0.2091 | −0.048% | $10.4M | $21.7M | 50x | as long as short |
| Phoenix ENA | +0.0076% | 1h | 0.2094 | +0.143% | $5K | $394K | 10x | as long as short |
| Popdex ENAUSDT | +0.0096% | 1h | 0.2090 | −0.072% | $59K | $538K | 50x | as long as short |
| Paradex ENA-USD-PERP | +0.0100% | 8h | 0.2091 | −0.043% | $47K | $221 | 10x | as long as short |
Orderly PERP_ENA_USDC
01 Exchange ENAUSD
gTrade (Gains Network) ENA/USD
Injective ENA/USDC PERP
Gate ENA_USDT
Phoenix ENA
Popdex ENAUSDT
Paradex ENA-USD-PERPShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado ENA-PERP | +0.0100% | 1h | 0.2091 | −0.010% | $656K | $1.8M | 10x | as long as short |
| Aster ENAUSDT | +0.0100% | 4h | 0.2093 | +0.077% | $1.5M | $3.3M | 50x | as long as short |
| Pacifica ENA | +0.0100% | 1h | 0.2092 | +0.026% | $405K | $593K | 10x | as long as short |
| Binance ENAUSDT | +0.0100% | 4h | 0.2091 | −0.043% | $128.9M | $465.5M | 75x | as long as short |
| Bybit ENAUSDT | +0.0100% | 4h | 0.2090 | −0.086% | $87.2M | $193.4M | 50x | as long as short |
| OKX ENA-USDT-SWAP | +0.0100% | 4h | 0.2091 | −0.038% | $20.2M | $113.4M | 50x | as long as short |
| Ondo Perps ENA-USD.P | +0.0100% | 1h | 0.2100 | +0.426% | $19K | $424K | 5x | as long as short |
| Arcus ENA-USD | +0.0100% | 1h | 0.2092 | +0.024% | $82K | $223K | 10x | as long as short |
| Bulk ENA-USD | +0.0100% | 1h | 0.2107 | +0.741% | $89K | $2K | 10x | as long as short |
| MEXC ENA_USDT | +0.0100% | 4h | 0.2091 | −0.048% | $45.8M | $49.3M | 200x | as long as short |
| KuCoin ENAUSDTM | +0.0100% | 4h | 0.2092 | +0.043% | $24.2M | $16.5M | 75x | as long as short |
| Bitget ENAUSDT | +0.0100% | 4h | 0.2090 | −0.067% | $47.3M | $66.1M | 75x | as long as short |
| BingX ENA-USDT | +0.0100% | 4h | 0.2091 | −0.024% | — | $32.0M | — | as long as short |
| Variational Omni ENA | +0.0100% | 4h | 0.2096 | +0.237% | $3.8M | $10.4M | — | as long as short |
| edgeX ENAUSDC | +0.0100% | 4h | 0.2098 | +0.292% | $249K | $8.0M | 20x | as long as short |
| GRVT ENA_USDT_Perp | +0.0100% | 4h | 0.2100 | +0.389% | $351K | $4.6M | 10x | as long as short |
| ApeX Omni ENAUSDT | +0.0100% | 1h | 0.2098 | +0.311% | $32K | $711K | 50x | as long as short |
| Polymarket Perps ENA-USD | +0.0100% | 1h | 0.2091 | −0.005% | $182K | $3.0M | 10x | as long as short |
| SunX ENA-USDT | +0.0100% | 4h | 0.2040 | −2.453% | $925 | $809K | 20x | as long as short |
| SoDEX ENA-USD | +0.0100% | 1h | 0.2091 | −0.024% | $4K | $14K | 10x | as long as short |
| HTX ENA-USDT | +0.0100% | 4h | 0.2096 | +0.210% | $272K | $1.6M | 50x | as long as short |
| Phemex ENAUSDT | +0.0100% | 4h | 0.2091 | −0.024% | $1.9M | $9.3M | 50x | as long as short |
| Aevo ENA-PERP | +0.0104% | 1h | 0.2092 | +0.020% | $77K | $11K | 3x | as long as short |
| Kraken Futures PF_ENAUSD | +0.0104% | 1h | 0.2092 | +0.006% | $2.6M | $5.8M | 50x | as long as short |
| Extended ENA-USD | +0.0176% | 1h | 0.2090 | −0.074% | $1.6M | $4.2M | 50x | as long as short |
| GMX ENA/USD [ETH-USDC] | L +0.0214% / S −0.0163% | 1h | 0.2091 | −0.014% | $50K | — | 100x | as long as short |
| Lighter ENA | +0.0312% | 1h | 0.2094 | +0.105% | $5.6M | $13.2M | 10x | as long as short |
| BloFin ENA-USDT | +0.0340% | 4h | 0.2091 | −0.010% | $5.5M | $8.1M | 75x | as long as short |
| Hyperliquid ENA | +0.0350% | 1h | 0.2094 | +0.096% | $110.4M | $80.8M | 10x | as long as short |
| Reya ENARUSDPERP | +0.0412% | 1h | 0.2090 | −0.071% | $1K | $5K | 15x | as long as short |
| Coinbase International ENA-PERP-INTX | +0.0536% | 1h | 0.2103 | +0.550% | $805K | $2.1M | 50x | as long as short |
| dYdX ENA-USD | +0.5658% | 1h | 0.2094 | +0.140% | $138K | $15K | 5x | as long as short |
Nado ENA-PERP
Aster ENAUSDT
Pacifica ENA
Binance ENAUSDT
Bybit ENAUSDT
OKX ENA-USDT-SWAP
Ondo Perps ENA-USD.P
Arcus ENA-USD
Bulk ENA-USD
MEXC ENA_USDT
KuCoin ENAUSDTM
Bitget ENAUSDT
BingX ENA-USDT
Variational Omni ENA
edgeX ENAUSDC
GRVT ENA_USDT_Perp
ApeX Omni ENAUSDT
Polymarket Perps ENA-USD
SunX ENA-USDT
SoDEX ENA-USD
HTX ENA-USDT
Phemex ENAUSDT
Aevo ENA-PERP
Kraken Futures PF_ENAUSD
Extended ENA-USD
GMX ENA/USD [ETH-USDC]
Lighter ENA
BloFin ENA-USDT
Hyperliquid ENA
Reya ENARUSDPERP
Coinbase International ENA-PERP-INTX
dYdX ENA-USD