Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0376%/8h= −41.2% APRpaid last 24h −0.037%

Price spread now: Backpack against SunX+2.423%7-day average +2.412% · you sell dearer than you buy

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

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$1 on $10k

Price spread, last 3 days (all we have)−0.495%−$49 · spread now +2.423%, 7d avg +2.412%

Together, before fees−0.480%−$48 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +2.412%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.015% in total (about 0.8% 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	SunX ENA-USDT	0.2051	0.0100	pay 0.0050% / 4h	2h 17m	$847	$809K	20x
Short	Backpack ENA_USDC_PERP	0.2101	−0.0276	pay 0.0034% / 1h	17m 39s	$362K	$484K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now +2.423%Rate

Funding earned: −$78.95
Price spread: +2.423% → +2.412%: $1.11
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$95.84
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 64 min ago; Backpack: live order book, 6 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 SunX live order book, 64 min ago	260.61 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 6 min ago	0.24 bp	8.2 bp −$8	40.9 bp −$409	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	−0.0276%	1h	0.2101	+2.423%	$362K	$484K	5x
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2101	+2.428%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2100	+2.394%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2102	+2.462%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2102	+2.476%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+3.530%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0054%	4h	0.2100	+2.394%	$10.5M	$21.7M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2107	+2.721%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	+2.340%	$60K	$539K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	+2.391%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2101	+2.452%	$659K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2101	+2.433%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2101	+2.433%	$406K	$593K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2100	+2.377%	$129.4M	$466.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2098	+2.306%	$87.7M	$193.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2101	+2.438%	$20.3M	$113.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	+2.409%	$19K	$430K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2101	+2.438%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+2.730%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2100	+2.409%	$46.0M	$49.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2101	+2.457%	$24.3M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2099	+2.360%	$47.5M	$66.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2100	+2.379%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2104	+2.586%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2103	+2.515%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2103	+2.535%	$351K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2103	+2.535%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2103	+2.516%	$183K	$3.0M	10x	as long as short
SunX ENA-USDTlong	+0.0100%	4h	0.2051	long leg	$847	$809K	20x
SoDEX ENA-USD	+0.0100%	1h	0.2101	+2.438%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2109	+2.813%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2099	+2.340%	$1.9M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2102	+2.478%	$2.6M	$5.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	+2.438%	$77K	$11K	3x	as long as short
Extended ENA-USD	+0.0136%	1h	0.2099	+2.356%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0163%	1h	0.2102	+2.468%	$50K	—	100x	as long as short
Lighter ENA	+0.0328%	1h	0.2103	+2.555%	$5.7M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	+2.506%	$5.5M	$8.2M	75x	as long as short
Hyperliquid ENA	+0.0349%	1h	0.2104	+2.574%	$111.0M	$80.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2101	+2.455%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2104	+2.565%	$803K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.6068%	1h	0.2102	+2.496%	$139K	$15K	5x	as long as short