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 KuCoin−0.069%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

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

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.069%, 7d avg +0.021%

Together, before fees+0.149%+$15 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 0.091% cheaper against KuCoin than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2159	0.0100	pay 0.0050% / 4h	3h 16m	$24.8M	$16.5M	75x
Short	Backpack ENA_USDC_PERP	0.2157	0.0100	get 0.0013% / 1h	16m 42s	$384K	$409K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now −0.069%Rate

Funding earned: $0
Price spread: −0.069% → +0.021%: −$9.06
Slippage, 4 orders: −$27.74
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$58.8
Costs to cover: 0.497%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; Backpack: live order book, 57 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 KuCoin live order book, 2 min ago	3.02 bp	20.7 bp −$21	46.6 bp −$466	doesn't fit	doesn't fit
Sell Backpack live order book, 57 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	0.2154	−0.208%	$80K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2154	−0.230%	$103K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2152	−0.287%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.631%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0069%	1h	0.2157	−0.068%	$142K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2155	−0.167%	$63K	$518K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2156	−0.100%	$714K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2158	−0.009%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2159	+0.015%	$425K	$553K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2158	−0.005%	$134.6M	$442.5M	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	0.2158	−0.023%	$89.0M	$187.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2158	−0.005%	$21.2M	$110.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2156	−0.134%	$16K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2157	−0.074%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2150	−0.394%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2158	−0.023%	$11.0M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2158	−0.014%	$46.1M	$44.7M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2159	long leg	$24.8M	$16.5M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2157	−0.051%	$48.9M	$61.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2158	−0.019%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERPshort	+0.0100%	1h	0.2157	−0.069%	$384K	$409K	5x
Variational Omni ENA	+0.0100%	4h	0.2144	−0.653%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2144	−0.658%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2145	−0.645%	$357K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2146	−0.584%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2156	−0.120%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2103	−2.590%	$1K	$832K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2153	−0.259%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2158	−0.009%	$280K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2155	−0.167%	$2.0M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2156	−0.135%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2155	−0.188%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2153	−0.273%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0184%	1h	0.2156	−0.134%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0232%	1h	0.2156	−0.131%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0312%	1h	0.2158	−0.036%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0334% / S −0.0430%	1h	0.2154	−0.216%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2156	−0.116%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2154	−0.208%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2159	+0.028%	$855K	$1.8M	50x	as long as short
Lighter ENA	+0.0704%	1h	0.2162	+0.139%	$5.7M	$12.7M	10x	as long as short
Hyperliquid ENA	+0.0766%	1h	0.2162	+0.176%	$117.5M	$74.6M	10x	as long as short