Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.042%

Price spread now: Backpack against GRVT−0.024%85s7-day average 0.000% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as 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−$500.505% of the position

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 4 days (all we have)−0.469%−$47 · spread now −0.024%, 7d avg 0.000%

Together, before fees−0.417%+ Points / potential airdropGRVT: Active · farm board−$42 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 0.024% cheaper against GRVT than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of 0.000%. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ENA_USDT_Perp	0.2122	0.0100	pay 0.0050% / 4h	1h 19m	$357K	$4.9M	10x
Short	Backpack ENA_USDC_PERP	0.2122	0.0100	get 0.0013% / 1h	19m 58s	$375K	$363K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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 GRVTbpFee BackpackbpOrdersPrice spread, now −0.024%Rate

Funding earned: $0
Price spread: −0.024% → 0.000%: −$2.4
Slippage, 4 orders: −$31.48
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$52.89
Costs to cover: 0.505%
Break-even: never at this rate

Slippage from GRVT: live order book, 4 min ago; Backpack: live order book, 44 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 GRVT live order book, 4 min ago	2.36 bp	12.2 bp −$12	62.5 bp −$625	doesn't fit	doesn't fit
Sell Backpack live order book, 44 min ago	0.23 bp	10.7 bp −$11	48.0 bp −$480	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	−0.0020%	4h	0.2119	−0.151%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2119	−0.146%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2118	−0.165%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2117	−0.217%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.066%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	−0.236%	$56K	$497K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2118	−0.174%	$665K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2123	+0.038%	$114.1M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2121	−0.033%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	−0.148%	$414K	$506K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2123	+0.043%	$130.1M	$419.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2124	+0.104%	$87.0M	$175.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2126	+0.179%	$20.9M	$102.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	−0.184%	$19K	$365K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	−0.189%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.725%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2123	+0.042%	$11.1M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2123	+0.038%	$45.9M	$42.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2124	+0.108%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2120	−0.085%	$48.3M	$57.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2123	+0.028%	—	$32.3M	—	as long as short
Backpack ENA_USDC_PERPshort	+0.0100%	1h	0.2122	−0.024%	$375K	$363K	5x
Variational Omni ENA	+0.0100%	4h	0.2118	−0.190%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.769%	$242K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perplong	+0.0100%	4h	0.2122	long leg	$357K	$4.9M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2122	0.000%	$22K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	−0.184%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2068	−2.559%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2119	−0.141%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	−0.151%	$277K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2119	−0.141%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.215%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2122	−0.018%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	−0.139%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2122	−0.009%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2119	−0.154%	$51K	—	100x	as long as short
dYdX ENA-USD	+0.0267%	1h	0.2118	−0.206%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2120	−0.117%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2119	−0.118%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0376%	1h	0.2121	−0.057%	$5.4M	$13.8M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2118	−0.208%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2122	−0.014%	$836K	$1.5M	50x	as long as short