Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0449%/8h= −49.1% APRpaid last 24h −0.036%

Price spread now: Backpack against OKX+0.100%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$380.383% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 4 days (all we have)−0.155%−$15 · spread now +0.100%, 7d avg +0.048%

Together, before fees−0.048%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.052% dearer against OKX than usual: you sell high and buy low (spread +0.100% now, against its 7-day average of +0.048%): +$5 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 9 hours. Mind the row above: over the last 7 days funding on this pair paid +0.107%, 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 0.107% in total (about 5.6% 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	OKX ENA-USDT-SWAP	0.2094	0.0100	pay 0.0050% / 4h	2h 39m	$20.1M	$114.4M	50x
Short	Backpack ENA_USDC_PERP	0.2096	−0.0349	pay 0.0044% / 1h	39m 56s	$361K	$486K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.100%Rate

Funding earned: −$94.25
Price spread: +0.100% → +0.048%: $5.23
Slippage, 4 orders: −$18.3
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$127.31
Costs to cover: 0.383%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Backpack: live order book, 48 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 OKX live order book, 4 min ago	0.24 bp	9.8 bp −$10	17.9 bp −$179	87.5 bp −$8,751	doesn't fit
Sell Backpack live order book, 48 min ago	1.64 bp	8.6 bp −$9	41.9 bp −$419	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	−0.0349%	1h	0.2096	+0.100%	$361K	$486K	5x
Orderly PERP_ENA_USDC	−0.0083%	4h	0.2095	+0.053%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2096	+0.096%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0008%	4h	0.2095	+0.057%	$10.4M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2096	+0.091%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2096	+0.086%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.394%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2097	+0.148%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	+0.038%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	+0.036%	$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	0.2096	+0.064%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2096	+0.089%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2096	+0.094%	$402K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2096	+0.066%	$129.2M	$468.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2094	−0.029%	$87.6M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2094	long leg	$20.1M	$114.4M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2094	−0.024%	$19K	$433K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2096	+0.086%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	−0.010%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2096	+0.086%	$44.9M	$48.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	+0.091%	$24.2M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2093	−0.072%	$47.4M	$66.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2095	+0.053%	—	$32.0M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2095	+0.036%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.058%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	−0.064%	$356K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2092	−0.105%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	+0.153%	$181K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2046	−2.325%	$889	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2095	+0.038%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2105	+0.506%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2095	+0.038%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2093	−0.038%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2096	+0.086%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2097	+0.129%	$2.7M	$5.8M	50x	as long as short
Lighter ENA	+0.0208%	1h	0.2099	+0.205%	$5.7M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0212% / S −0.0160%	1h	0.2096	+0.075%	$50K	—	100x	as long as short
Hyperliquid ENA	+0.0319%	1h	0.2099	+0.205%	$111.5M	$80.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2097	+0.110%	$5.6M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2096	+0.062%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.315%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.9572%	1h	0.2096	+0.094%	$138K	$12K	5x	as long as short