Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.042%

Price spread now: Backpack against edgeX+0.121%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$420.417% of the position

Long on edgeX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.034%+$3 on $10k

Price spread, last 4 days (all we have)−0.320%−$32 · spread now +0.121%, 7d avg +0.003%

Together, before fees−0.286%+ Points / potential airdropedgeX: Active · farm board−$29 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.118% dearer against edgeX than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ENAUSDC	0.2144	0.0100	pay 0.0050% / 4h	3h 21m	$248K	$7.5M	20x
Short	Backpack ENA_USDC_PERP	0.2147	0.0100	get 0.0013% / 1h	21m 00s	$382K	$412K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against edgeX. 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 edgeXbpFee BackpackbpOrdersPrice spread, now +0.121%Rate

Funding earned: $0
Price spread: +0.121% → +0.003%: $11.81
Slippage, 4 orders: −$22.71
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$29.9
Costs to cover: 0.417%
Break-even: never at this rate

Slippage from edgeX: live order book, 3 min ago; Backpack: live order book, 53 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 edgeX live order book, 3 min ago	7.00 bp	14.6 bp −$15	17.3 bp −$173	48.9 bp −$4,888	doesn't fit
Sell Backpack live order book, 53 min ago	0.23 bp	6.2 bp −$6	38.8 bp −$388	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2146	+0.102%	$80K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2145	+0.043%	$103K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.971%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0034%	4h	0.2145	+0.032%	$41K	$23K	10x	as long as short
dYdX ENA-USD	+0.0038%	1h	0.2145	+0.020%	$142K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2144	−0.010%	$63K	$518K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2144	−0.015%	$710K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2146	+0.087%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2145	+0.046%	$421K	$549K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2146	+0.085%	$133.3M	$444.0M	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	0.2147	+0.139%	$88.6M	$187.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2154	+0.471%	$21.1M	$110.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2145	+0.051%	$16K	$411K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2146	+0.083%	$106K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2143	−0.056%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2145	+0.037%	$10.9M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2145	+0.060%	$45.8M	$44.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2147	+0.121%	$24.7M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2154	+0.461%	$48.9M	$61.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2145	+0.046%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERPshort	+0.0100%	1h	0.2147	+0.121%	$382K	$412K	5x
Variational Omni ENA	+0.0100%	4h	0.2144	+0.013%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDClong	+0.0100%	4h	0.2144	long leg	$248K	$7.5M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2155	+0.503%	$363K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2146	+0.083%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2145	+0.032%	$185K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2094	−2.346%	$1K	$832K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2146	+0.083%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2147	+0.130%	$279K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2145	+0.037%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2144	+0.001%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2146	+0.082%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2147	+0.149%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2144	+0.009%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0233%	1h	0.2147	+0.147%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0320%	1h	0.2155	+0.480%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2145	+0.035%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2146	+0.079%	$5.6M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2144	+0.010%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2150	+0.265%	$852K	$1.8M	50x	as long as short
Lighter ENA	+0.0704%	1h	0.2149	+0.233%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0768%	1h	0.2149	+0.219%	$116.1M	$74.1M	10x	as long as short