ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRnext payment −$0.06 per $10,000 · paid last 24h −0.044%

Price spread now: Backpack against Phoenix−0.014%80s7-day average −0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$500.502% of the position

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 4 days (all we have)−0.546%−$55 · spread now −0.014%, 7d avg −0.068%

Together, before fees−0.593%−$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.054% dearer against Phoenix than usual: you sell high and buy low (spread −0.014% now, against its 7-day average of −0.068%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.6 days. At the pace of the last 7 days (−0.047% in total) that is about 8.0 days. The two prices were read 80 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	Phoenix ENA	0.2122	0.0150	pay 0.0019% / 1h	20m 02s	$8K	$298K	10x
Short	Backpack ENA_USDC_PERP	0.2122	0.0100	get 0.0013% / 1h	20m 02s	$375K	$363K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now −0.014%Rate

Funding earned: −$10.51
Price spread: −0.014% → −0.068%: $5.37
Slippage, 4 orders: −$33.18
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$55.33
Costs to cover: 0.502%
Break-even: never at this rate

Slippage from Phoenix: live order book, 41 min ago; Backpack: live order book, 44 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 Phoenix live order book, 41 min ago	1.88 bp	16.7 bp −$17	59.6 bp −$596	doesn't fit	doesn't fit
Sell Backpack live order book, 44 min ago	0.23 bp	10.7 bp −$11	48.0 bp −$480	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	−0.0020%	4h	0.2119	−0.141%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2119	−0.137%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2118	−0.156%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2117	−0.207%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.075%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	−0.226%	$56K	$497K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2118	−0.165%	$665K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2123	+0.047%	$114.1M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2121	−0.024%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	−0.139%	$414K	$506K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2123	+0.053%	$130.1M	$419.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2124	+0.113%	$87.0M	$175.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2126	+0.189%	$20.9M	$102.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	−0.174%	$19K	$365K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	−0.179%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.715%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2123	+0.052%	$11.1M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2123	+0.047%	$45.9M	$42.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2124	+0.118%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2120	−0.075%	$48.3M	$57.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2123	+0.038%	—	$32.3M	—	as long as short
Backpack ENA_USDC_PERPshort	+0.0100%	1h	0.2122	−0.014%	$375K	$363K	5x
Variational Omni ENA	+0.0100%	4h	0.2118	−0.181%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.760%	$242K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2122	+0.009%	$357K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2122	+0.009%	$22K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	−0.174%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2068	−2.550%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2119	−0.132%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	−0.141%	$277K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2119	−0.132%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.205%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2122	−0.009%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	−0.130%	$74K	$4K	3x	as long as short
Phoenix ENAlong	+0.0150%	1h	0.2122	long leg	$8K	$298K	10x
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2119	−0.144%	$51K	—	100x	as long as short
dYdX ENA-USD	+0.0267%	1h	0.2118	−0.197%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2120	−0.108%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2119	−0.108%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0376%	1h	0.2121	−0.047%	$5.4M	$13.8M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2118	−0.199%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2122	−0.005%	$836K	$1.5M	50x	as long as short