Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.042%

Price spread now: Backpack against Pacifica+0.296%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

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

costs, in and out, $10k−$330.332% of the position

Long on Pacifica Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 4 days (all we have)−0.375%−$37 · spread now +0.296%, 7d avg +0.033%

Together, before fees−0.315%+ Points / potential airdropPacifica: Active · farm board−$31 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 0.263% dearer against Pacifica than usual: you sell high and buy low, +$26 on $10k if it goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica ENA	0.2124	0.0100	pay 0.0013% / 1h	51m 17s	$417K	$548K	10x
Short	Backpack ENA_USDC_PERP	0.2130	0.0100	get 0.0013% / 1h	51m 17s	$368K	$383K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Pacifica. 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 PacificabpFee BackpackbpOrdersPrice spread, now +0.296%Rate

Funding earned: $0
Price spread: +0.296% → +0.033%: $26.34
Slippage, 4 orders: −$15.22
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$6.88
Costs to cover: 0.332%
Break-even: never at this rate

Slippage from Pacifica: live order book, 17 min ago; Backpack: live order book, 17 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 Pacifica live order book, 17 min ago	1.38 bp	10.0 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 17 min ago	0.69 bp	7.1 bp −$7	43.2 bp −$432	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	0.2127	+0.117%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2126	+0.067%	$91K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2125	+0.051%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.033%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0037%	4h	0.2126	+0.075%	$41K	$23K	10x	as long as short
dYdX ENA-USD	+0.0045%	1h	0.2125	+0.021%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	+0.042%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2125	+0.020%	$700K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2128	+0.204%	$1.5M	$3.3M	50x	as long as short
Pacifica ENAlong	+0.0100%	1h	0.2124	long leg	$417K	$548K	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2127	+0.118%	$132.2M	$444.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2125	+0.061%	$87.0M	$186.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2126	+0.098%	$21.1M	$109.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	−0.617%	$17K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	+0.089%	$116K	$253K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	+0.152%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2125	+0.061%	$10.8M	$20.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2125	+0.065%	$44.8M	$43.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2126	+0.108%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2125	+0.037%	$48.2M	$61.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2126	+0.080%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERPshort	+0.0100%	1h	0.2130	+0.296%	$368K	$383K	5x
Variational Omni ENA	+0.0100%	4h	0.2125	+0.052%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2121	−0.145%	$244K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	+0.001%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	+0.089%	$32K	$689K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2126	+0.098%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2074	−2.383%	$1K	$843K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2126	+0.089%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.230%	$275K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	+0.136%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2124	−0.022%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2126	+0.074%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0176%	1h	0.2129	+0.207%	$5.5M	$13.6M	10x	as long as short
Phoenix ENA	+0.0188%	1h	0.2116	−0.372%	$7K	$351K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0251%	1h	0.2127	+0.155%	$2.7M	$5.0M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2126	+0.082%	$51K	—	100x	as long as short
Extended ENA-USD	+0.0312%	1h	0.2126	+0.081%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	+0.127%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2125	+0.033%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0526%	1h	0.2128	+0.196%	$114.7M	$74.3M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2123	−0.057%	$834K	$1.7M	50x	as long as short