Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0631%/8h= −69.1% APRpaid last 24h −0.030%

Price spread now: Backpack against Paradex−0.043%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Backpack is 0.043% cheaper against Paradex than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ENA-USD-PERP	0.2102	0.0100	pay 0.0100% / 8h	2h 55m	$47K	$221	10x
Short	Backpack ENA_USDC_PERP	0.2101	−0.0531	pay 0.0066% / 1h	55m 23s	$362K	$487K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Paradex. 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 ParadexbpFee BackpackbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$132.47
Price spread: −0.043% → 0.000%: −$4.3
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$150.76
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Backpack: live order book, 33 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 Paradex no order-book sample	—	—	—	—	—
Sell Backpack live order book, 33 min ago	1.64 bp	8.6 bp −$9	41.9 bp −$419	doesn't fit	doesn't fit

Paradex: 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
Backpack ENA_USDC_PERPshort	−0.0531%	1h	0.2101	−0.043%	$362K	$487K	5x
Orderly PERP_ENA_USDC	−0.0096%	4h	0.2106	+0.185%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0056%	1h	0.2102	−0.014%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0014%	4h	0.2105	+0.119%	$10.4M	$21.4M	50x	as long as short
Phoenix ENA	0.0000%	1h	0.2107	+0.219%	$5K	$394K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2100	−0.091%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2106	+0.176%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.004%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2103	+0.033%	$59K	$547K	50x	as long as short
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2102	long leg	$47K	$221	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2104	+0.071%	$656K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	+0.081%	$1.5M	$3.5M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2104	+0.067%	$404K	$604K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2105	+0.115%	$130.7M	$472.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2106	+0.176%	$88.6M	$195.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	+0.204%	$20.2M	$116.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2106	+0.166%	$19K	$446K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	+0.081%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2108	+0.251%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2104	+0.062%	$45.4M	$48.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	+0.109%	$24.3M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2103	+0.014%	$47.7M	$67.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2105	+0.152%	—	$32.2M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2107	+0.216%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	+0.154%	$252K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2105	+0.151%	$362K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2105	+0.128%	$32K	$714K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2105	+0.147%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2053	−2.350%	$1K	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2101	−0.062%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.399%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2101	−0.062%	$1.8M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2103	+0.025%	$2.7M	$5.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2103	+0.038%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	+0.198%	$77K	$11K	3x	as long as short
Lighter ENA	+0.0136%	1h	0.2106	+0.185%	$5.7M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0210% / S −0.0158%	1h	0.2105	+0.151%	$50K	—	100x	as long as short
Hyperliquid ENA	+0.0237%	1h	0.2107	+0.233%	$111.9M	$81.4M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2106	+0.185%	$5.6M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2104	+0.061%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	+0.261%	$806K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.5900%	1h	0.2104	+0.084%	$139K	$12K	5x	as long as short