Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0493%/8h= +53.9% APRpaid last 24h −0.036%

Price spread now: Backpack against Phemex+0.081%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$540.541% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 4 days (all we have)−0.343%−$34 · spread now +0.081%, 7d avg +0.002%

Together, before fees−0.262%−$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Backpack is 0.079% dearer against Phemex than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.002%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.081% in total (about 4.2% 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	Phemex ENAUSDT	0.2109	0.0100	pay 0.0050% / 4h	2h 41m	$1.7M	$8.9M	50x
Short	Backpack ENA_USDC_PERP	0.2111	0.0593	get 0.0074% / 1h	41m 59s	$357K	$398K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now +0.081%Rate

Funding earned: $103.46
Price spread: +0.081% → +0.002%: $7.89
Slippage, 4 orders: −$32.08
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $57.27
Costs to cover: 0.541%
Break-even: 3.1 days

Slippage from Phemex: live order book, 2 min ago; Backpack: live order book, 7 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 Phemex live order book, 2 min ago	7.11 bp	16.8 bp −$17	79.2 bp −$792	doesn't fit	doesn't fit
Sell Backpack live order book, 7 min ago	0.71 bp	8.5 bp −$9	38.9 bp −$389	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
Orderly PERP_ENA_USDC	−0.0141%	4h	0.2110	+0.047%	$44K	$25K	10x	as long as short
Gate ENA_USDT	−0.0022%	4h	0.2109	+0.014%	$11.0M	$23.4M	50x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2111	+0.100%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	+0.076%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2110	+0.064%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.683%	$522	$57K	5.5x	as long as short
ApeX Omni ENAUSDT	+0.0048%	1h	0.2112	+0.142%	$20K	$647K	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	+0.047%	$56K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2109	−0.015%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2110	+0.045%	$654K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2112	+0.152%	$114.5M	$74.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2111	+0.108%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	+0.079%	$397K	$522K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2110	+0.065%	$128.0M	$416.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2109	+0.024%	$85.3M	$175.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2110	+0.062%	$21.1M	$103.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	+0.090%	$22K	$322K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2110	+0.047%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	+0.142%	$93K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	+0.085%	$45.5M	$40.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2111	+0.095%	$24.9M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2109	+0.019%	$48.0M	$57.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2110	+0.057%	—	$31.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2108	−0.044%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.138%	$241K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	+0.048%	$349K	$4.9M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	+0.062%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.394%	$1K	$867K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	+0.047%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2113	+0.190%	$275K	$794K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2109	long leg	$1.7M	$8.9M	50x
Extended ENA-USD	+0.0104%	1h	0.2109	−0.018%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2110	+0.071%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2109	−0.009%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0163%	1h	0.2111	+0.117%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0200%	1h	0.2113	+0.175%	$5.2M	$13.0M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0358%	1h	0.2111	+0.073%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	+0.038%	$5.5M	$3.0M	75x	as long as short
dYdX ENA-USD	+0.0385%	1h	0.2112	+0.159%	$140K	$15K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	+0.043%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERPshort	+0.0593%	1h	0.2111	+0.081%	$357K	$398K	5x
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2100	−0.427%	$860K	$1.7M	50x	as long as short