ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1652%/8h= −180.9% APRnext payment −$2.06 per $10,000 · paid last 24h −0.734%

Price spread now: Backpack against dYdX+0.008%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$522as in the Funding arb table

Net, price: spread back to 7d avg − costs−$426as in the Price arb table

costs, in and out, $10k−$4224.223% of the position

Long on dYdX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.997%−$100 on $10k

Price spread, last 4 days (all we have)−0.145%−$15 · spread now +0.008%, 7d avg +0.048%

Together, before fees−1.142%−$114 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$50 a day on $10k at the current rate, and Backpack is 0.040% cheaper against dYdX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.048%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.997% in total (about -52.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.06 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	dYdX ENA-USD	0.2124	0.1711	pay 0.0214% / 1h	33m 45s	$140K	$15K	5x
Short	Backpack ENA_USDC_PERP	0.2124	0.0059	get 0.0007% / 1h	33m 45s	$375K	$447K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against dYdX. 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 dYdXbpFee BackpackbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$346.87
Price spread: +0.008% → +0.048%: −$4.02
Slippage, 4 orders: −$402.28
Fee dYdX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$773.16
Costs to cover: 4.223%
Break-even: never at this rate

Slippage from dYdX: live order book, 45 min ago; Backpack: live order book, 45 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 dYdX live order book, 45 min ago	76.39 bp	295.2 bp −$295	838.6 bp −$8,386	1395.7 bp −$139.6K	1715.3 bp −$857.6K
Sell Backpack live order book, 45 min ago	0.24 bp	8.9 bp −$9	38.6 bp −$386	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
Orderly PERP_ENA_USDC	−0.0019%	4h	0.2123	−0.062%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2124	−0.015%	$92K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2124	−0.011%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.034%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERPshort	+0.0059%	1h	0.2124	+0.008%	$375K	$447K	5x
Popdex ENAUSDT	+0.0096%	1h	0.2123	−0.053%	$63K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2125	+0.029%	$681K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2124	−0.008%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2123	−0.068%	$411K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2122	−0.090%	$131.3M	$453.4M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2122	−0.119%	$89.2M	$189.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	−0.086%	$20.5M	$111.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	+0.004%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2124	−0.006%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2129	+0.230%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2122	−0.095%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2122	−0.091%	$46.9M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2124	−0.025%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2121	−0.142%	$48.1M	$64.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2123	−0.058%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2126	+0.074%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.060%	$253K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	+0.041%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	+0.041%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2124	−0.001%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2072	−2.435%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2123	−0.053%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	+0.503%	$278K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2123	−0.053%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2122	−0.108%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2124	−0.014%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2128	+0.201%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2124	+0.018%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2125	+0.034%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2123	−0.034%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0264%	1h	0.2123	−0.073%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2122	−0.100%	$5.6M	$7.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2123	−0.036%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0544%	1h	0.2124	+0.018%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.357%	$842K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0813%	1h	0.2126	+0.088%	$114.3M	$78.7M	10x	as long as short
dYdX ENA-USDlong	+0.1711%	1h	0.2124	long leg	$140K	$15K	5x