ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0239%/8h= −26.2% APRnext payment −$0.30 per $10,000 · paid last 24h −0.042%

Price spread now: Backpack against Polymarket Perps+0.057%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$290.294% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.288%+$29 on $10k

Price spread, last 4 days (all we have)−0.355%−$35 · spread now +0.057%, 7d avg −0.026%

Together, before fees−0.067%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.082% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.057% now, against its 7-day average of −0.026%): +$8 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 28 hours. Mind the row above: over the last 7 days funding on this pair paid +0.288%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ENA-USD	0.2107	0.0100	pay 0.0013% / 1h	54m 20s	$183K	$2.3M	10x
Short	Backpack ENA_USDC_PERP	0.2109	−0.0139	pay 0.0017% / 1h	54m 20s	$372K	$372K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now +0.057%Rate

Funding earned: −$50.28
Price spread: +0.057% → −0.026%: $8.25
Slippage, 4 orders: −$11.38
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$71.41
Costs to cover: 0.294%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; Backpack: live order book, 4 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 Polymarket Perps live order book, 4 min ago	1.89 bp	6.4 bp −$6	8.5 bp −$85	12608.7 bp −$1.26M	doesn't fit
Sell Backpack live order book, 4 min ago	0.95 bp	9.8 bp −$10	52.3 bp −$523	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
Backpack ENA_USDC_PERPshort	−0.0139%	1h	0.2109	+0.057%	$372K	$372K	5x
01 Exchange ENAUSD	−0.0120%	1h	0.2107	0.000%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0053%	4h	0.2105	−0.104%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2108	+0.024%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2106	−0.048%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.754%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0069%	1h	0.2108	+0.026%	$139K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2107	−0.024%	$55K	$500K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	−0.081%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2107	−0.005%	$662K	$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	0.2108	+0.014%	$112.5M	$72.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2108	+0.001%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2107	−0.023%	$411K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2106	−0.062%	$128.9M	$415.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2106	−0.062%	$86.1M	$175.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.033%	$20.8M	$102.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	+0.304%	$19K	$324K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	−0.024%	$78K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.024%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2106	−0.090%	$11.1M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2106	−0.071%	$45.6M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2107	0.000%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2106	−0.071%	$47.9M	$57.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2106	−0.076%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	+0.565%	$3.3M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2108	+0.020%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	+0.119%	$354K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	+0.166%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USDlong	+0.0100%	1h	0.2107	long leg	$183K	$2.3M	10x
SunX ENA-USDT	+0.0100%	4h	0.2057	−2.406%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	−0.024%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2110	+0.109%	$273K	$798K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2108	+0.024%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2107	−0.014%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	−0.071%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0120%	1h	0.2109	+0.076%	$5.2M	$13.3M	10x	as long as short
Phoenix ENA	+0.0150%	1h	0.2110	+0.133%	$8K	$266K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0243%	1h	0.2109	+0.074%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2106	−0.049%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2109	+0.047%	$5.6M	$3.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.059%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2112	+0.204%	$860K	$1.5M	50x	as long as short