Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.031%

Price spread now: Bitget against Backpack−0.270%49s7-day average −0.104% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as 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−$390.388% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 4 days (all we have)+0.209%+$21 · spread now −0.270%, 7d avg −0.104%

Together, before fees+0.144%+$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.166% cheaper against Backpack than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of −0.104%. The two prices were read 49 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	Backpack ENA_USDC_PERP	0.2112	0.0100	pay 0.0013% / 1h	40m 21s	$374K	$363K	5x
Short	Bitget ENAUSDT	0.2106	0.0100	get 0.0050% / 4h	1h 40m	$48.0M	$58.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Backpack. 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 BackpackbpFee BitgetbpOrdersPrice spread, now −0.270%Rate

Funding earned: $0
Price spread: −0.270% → −0.104%: −$16.59
Slippage, 4 orders: −$16.83
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$55.42
Costs to cover: 0.388%
Break-even: never at this rate

Slippage from Backpack: live order book, 23 min ago; Bitget: 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 Backpack live order book, 23 min ago	0.23 bp	6.1 bp −$6	39.4 bp −$394	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	0.24 bp	14.6 bp −$15	21.8 bp −$218	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2108	−0.199%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2107	−0.217%	$82K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0005%	4h	0.2107	−0.251%	$44K	$27K	10x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2110	−0.080%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.540%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	−0.095%	$55K	$499K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	−0.189%	$681K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2110	−0.099%	$113.4M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2111	−0.029%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	−0.040%	$412K	$516K	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	0.2107	−0.213%	$129.4M	$423.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.227%	$86.5M	$176.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	−0.180%	$20.7M	$102.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	+0.019%	$19K	$376K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2110	−0.095%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	+0.047%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2107	−0.232%	$11.0M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	−0.237%	$45.4M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	−0.152%	$24.5M	$15.7M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2106	−0.270%	$48.0M	$58.0M	75x
BingX ENA-USDT	+0.0100%	4h	0.2107	−0.227%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERPlong	+0.0100%	1h	0.2112	long leg	$374K	$363K	5x
Variational Omni ENA	+0.0100%	4h	0.2112	−0.003%	$3.4M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	+0.030%	$243K	$7.3M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	+0.139%	$362K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.189%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	−0.099%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2061	−2.420%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	−0.237%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.237%	$277K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2112	0.000%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	−0.044%	$47K	$110	10x	as long as short
dYdX ENA-USD	+0.0102%	1h	0.2111	−0.051%	$139K	$15K	5x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	−0.237%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0112%	1h	0.2107	−0.253%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0150%	1h	0.2118	+0.275%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2108	−0.201%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0286%	1h	0.2109	−0.150%	$2.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	−0.076%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0376%	1h	0.2113	+0.052%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.285%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2117	+0.251%	$833K	$1.5M	50x	as long as short