Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0053%/8h= +5.8% APRpaid last 24h +0.001%

Price spread now: Backpack against Orderly+0.080%46s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.080% dearer against Orderly than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 46 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	Orderly PERP_ENA_USDC	0.2121	0.0003	pay 0.0002% / 4h	11m 20s	$41K	$24K	10x
Short	Backpack ENA_USDC_PERP	0.2123	0.0056	get 0.0007% / 1h	11m 20s	$376K	$446K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.080%Rate

Funding earned: $11.04
Price spread: +0.080% → 0.000%: $8.01
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $3.05
Costs to cover: 0.160%
Break-even: 5.1 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 2 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 2 min ago	0.23 bp	6.2 bp −$6	38.8 bp −$388	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2122	+0.033%	$94K	$1.7M	50x	as long as short
Orderly PERP_ENA_USDClong	+0.0003%	4h	0.2121	long leg	$41K	$24K	10x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2122	+0.016%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.099%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERPshort	+0.0056%	1h	0.2123	+0.080%	$376K	$446K	5x
Popdex ENAUSDT	+0.0096%	1h	0.2120	−0.061%	$62K	$528K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.075%	$678K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2122	+0.042%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2122	+0.039%	$410K	$561K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2121	−0.005%	$131.1M	$450.3M	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	0.2121	+0.005%	$89.2M	$189.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	+0.033%	$20.6M	$110.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2123	+0.099%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2121	−0.014%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2121	−0.014%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2121	−0.005%	$10.9M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2122	+0.014%	$46.5M	$45.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	+0.052%	$24.6M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	−0.113%	$48.1M	$63.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2122	+0.014%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2121	−0.017%	$3.9M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.296%	$246K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.363%	$364K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2129	+0.363%	$34K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2123	+0.061%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.381%	$1K	$827K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	−0.014%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.358%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2122	+0.033%	$2.0M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2120	−0.061%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	+0.019%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.344%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2122	+0.014%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0232%	1h	0.2121	−0.022%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2123	+0.062%	$2.7M	$5.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2122	+0.020%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.325%	$5.6M	$5.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2122	+0.018%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2127	+0.250%	$840K	$1.9M	50x	as long as short
Lighter ENA	+0.0560%	1h	0.2124	+0.137%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0756%	1h	0.2124	+0.118%	$114.4M	$78.4M	10x	as long as short
dYdX ENA-USD	+0.1280%	1h	0.2124	+0.134%	$140K	$15K	5x	as long as short