Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.040%

Price spread now: Backpack against MEXC+0.053%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$230.233% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 4 days (all we have)−0.061%−$6 · spread now +0.053%, 7d avg +0.044%

Together, before fees−0.003%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.044%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.057%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ENA_USDT	0.2091	0.0100	pay 0.0050% / 4h	1h 23m	$45.7M	$46.9M	200x
Short	Backpack ENA_USDC_PERP	0.2092	−0.0072	pay 0.0009% / 1h	23m 06s	$361K	$447K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$36.09
Price spread: +0.053% → +0.044%: $0.87
Slippage, 4 orders: −$13.25
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$58.48
Costs to cover: 0.233%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 min ago; Backpack: live order book, 61 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 MEXC live order book, 1 min ago	0.24 bp	3.1 bp −$3	6.7 bp −$67	34.4 bp −$3,438	64.2 bp −$32.1K
Sell Backpack live order book, 61 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	−0.0072%	1h	0.2092	+0.053%	$361K	$447K	5x
Orderly PERP_ENA_USDC	−0.0054%	4h	0.2091	−0.010%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2092	+0.033%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2092	+0.025%	$100K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.545%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2093	+0.095%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2092	+0.043%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2090	−0.037%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2091	+0.002%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2092	+0.028%	$1.5M	$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	0.2092	+0.029%	$405K	$578K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2092	+0.023%	$129.0M	$456.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2090	−0.043%	$87.0M	$191.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2090	−0.033%	$20.1M	$111.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	+0.077%	$15K	$401K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2093	+0.091%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2088	−0.124%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2091	+0.005%	$10.4M	$21.3M	50x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2091	long leg	$45.7M	$46.9M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2092	+0.053%	$23.8M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2090	−0.043%	$47.3M	$64.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2092	+0.019%	—	$32.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.087%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	+0.070%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	+0.139%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2094	+0.139%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2092	+0.043%	$181K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2042	−2.362%	$835	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2092	+0.043%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2095	+0.191%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2091	−0.005%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2091	+0.019%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2091	+0.014%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0128%	1h	0.2093	+0.105%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0236% / S −0.0402%	1h	0.2091	−0.018%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0320%	1h	0.2091	−0.019%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2092	+0.019%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2091	+0.011%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0512%	1h	0.2094	+0.124%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	+0.306%	$806K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0577%	1h	0.2094	+0.148%	$110.6M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1957%	1h	0.2091	0.000%	$138K	$15K	5x	as long as short