Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0315%/8h= −34.5% APRpaid last 24h −0.031%

Price spread now: Backpack against Gate+0.071%7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$500.497% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now +0.071%, 7d avg +0.058%

Together, before fees−0.031%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.058%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.068%, 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 0.068% in total (about 3.5% 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	Gate ENA_USDT	0.2100	0.0044	pay 0.0022% / 4h	2h 19m	$10.5M	$21.7M	50x
Short	Backpack ENA_USDC_PERP	0.2102	−0.0271	pay 0.0034% / 1h	19m 40s	$362K	$484K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.071%Rate

Funding earned: −$66.18
Price spread: +0.071% → +0.058%: $1.3
Slippage, 4 orders: −$24.7
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$114.57
Costs to cover: 0.497%
Break-even: never at this rate

Slippage from Gate: 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 Gate live order book, 4 min ago	3.79 bp	16.5 bp −$16	30.1 bp −$301	54.3 bp −$5,431	94.6 bp −$47.3K
Sell Backpack live order book, 4 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	−0.0271%	1h	0.2102	+0.071%	$362K	$484K	5x
Orderly PERP_ENA_USDC	−0.0083%	4h	0.2101	+0.029%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2103	+0.124%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2102	+0.052%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2102	+0.065%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.090%	$522	$57K	5.5x	as long as short
Gate ENA_USDTlong	+0.0044%	4h	0.2100	long leg	$10.5M	$21.7M	50x
Phoenix ENA	+0.0076%	1h	0.2110	+0.476%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2103	+0.119%	$60K	$540K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2101	+0.015%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2102	+0.050%	$659K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2102	+0.066%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2102	+0.078%	$407K	$593K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2102	+0.076%	$129.6M	$466.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2101	+0.038%	$87.8M	$193.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2102	+0.076%	$20.3M	$114.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2110	+0.452%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	+0.167%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.309%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2102	+0.076%	$45.6M	$49.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2102	+0.095%	$24.3M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2100	−0.038%	$47.5M	$66.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2101	+0.024%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2104	+0.168%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2109	+0.425%	$251K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2112	+0.532%	$360K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2113	+0.595%	$33K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2103	+0.114%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2051	−2.338%	$848	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2101	+0.024%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2105	+0.224%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2101	+0.024%	$1.9M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2102	+0.088%	$2.6M	$5.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2102	+0.071%	$77K	$11K	3x	as long as short
Extended ENA-USD	+0.0120%	1h	0.2101	+0.034%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0162%	1h	0.2102	+0.053%	$50K	—	100x	as long as short
Lighter ENA	+0.0312%	1h	0.2104	+0.190%	$5.7M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2105	+0.209%	$5.5M	$8.2M	75x	as long as short
Hyperliquid ENA	+0.0343%	1h	0.2104	+0.157%	$111.0M	$80.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2101	+0.045%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	+0.357%	$805K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.6293%	1h	0.2102	+0.080%	$139K	$15K	5x	as long as short