Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0182%/8h= +19.9% APRpaid last 24h −0.036%

Price spread now: Backpack against HTX−0.302%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$810.810% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 4 days (all we have)+0.219%+$22 · spread now −0.302%, 7d avg −0.048%

Together, before fees+0.298%+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.254% cheaper against HTX than usual: you would sell low and buy high (spread −0.302% now, against its 7-day average of −0.048%). If the spread goes back, that is −$25 on $10k: about 4.7 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.080% in total) that is about 22 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ENA-USDT	0.2118	0.0100	pay 0.0050% / 4h	1h 08m	$266K	$818K	50x
Short	Backpack ENA_USDC_PERP	0.2112	0.0282	get 0.0035% / 1h	8m 55s	$392K	$437K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now −0.302%Rate

Funding earned: $38.2
Price spread: −0.302% → −0.048%: −$25.45
Slippage, 4 orders: −$58.98
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$68.22
Costs to cover: 0.810%
Break-even: 19.5 days

Slippage from HTX: live order book, 60 min ago; Backpack: live order book, 35 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 HTX live order book, 60 min ago	20.38 bp	37.5 bp −$37	301.6 bp −$3,016	doesn't fit	doesn't fit
Sell Backpack live order book, 35 min ago	1.17 bp	9.5 bp −$10	42.0 bp −$420	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	−0.0101%	4h	0.2112	−0.279%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2113	−0.250%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	−0.143%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2112	−0.312%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.236%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2113	−0.255%	$55K	$481K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.294%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.277%	$560K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2113	−0.245%	$114.4M	$75.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2111	−0.343%	$1.4M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2113	−0.258%	$400K	$542K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2110	−0.382%	$127.9M	$426.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2109	−0.444%	$90.4M	$187.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2112	−0.302%	$21.1M	$107.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2121	+0.132%	$33K	$330K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2111	−0.349%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	+0.166%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2110	−0.387%	$12.5M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	−0.363%	$38.1M	$43.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2111	−0.345%	$24.7M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2110	−0.411%	$47.8M	$59.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2110	−0.392%	—	$31.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	+0.026%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2122	+0.177%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2122	+0.165%	$354K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2122	+0.170%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	−0.231%	$184K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.681%	$1K	$901K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2112	−0.302%	$4K	$7K	10x	as long as short
HTX ENA-USDTlong	+0.0100%	4h	0.2118	long leg	$266K	$818K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2112	−0.302%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2109	−0.446%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2113	−0.261%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2120	+0.066%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0160%	1h	0.2112	−0.293%	$5.0M	$13.7M	10x	as long as short
dYdX ENA-USD	+0.0240%	1h	0.2114	−0.194%	$140K	$16K	5x	as long as short
Backpack ENA_USDC_PERPshort	+0.0282%	1h	0.2112	−0.302%	$392K	$437K	5x
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0753%	1h	0.2116	−0.129%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2111	−0.354%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	−0.406%	$1K	—	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0446%	1h	0.2113	−0.268%	$2.6M	$4.4M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2135	+0.807%	$881K	$1.8M	50x	as long as short