Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0363%/8hpaid last 24h +0.026%

Price spread now: edgeX against Backpack−0.200%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$400.403% of the position

Long on Backpack Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 3 days (all we have)+0.422%+$42 · spread now −0.200%, 7d avg +0.005%

Together, before fees+0.394%+ Points / potential airdropedgeX: Active · farm board+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.204% cheaper against Backpack than usual: you would sell low and buy high (spread −0.200% now, against its 7-day average of +0.005%). If the spread goes back, that is −$20 on $10k: about 45 hours of funding at the current rate (+$11 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.028% in total (about -1.4% 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	Backpack ENA_USDC_PERP	0.2134	−0.0263	get 0.0033% / 1h	6m 34s	$368K	$493K	5x
Short	edgeX ENAUSDC	0.2130	0.0100	get 0.0050% / 4h	6m 34s	$255K	$8.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.200%Rate

Funding earned: $76.29
Price spread: −0.200% → +0.005%: −$20.41
Slippage, 4 orders: −$21.35
Fee Backpack: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $15.54
Costs to cover: 0.403%
Break-even: 5.6 days

Slippage from Backpack: live order book, 26 min ago; edgeX: live order book, 2 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, 26 min ago	0.24 bp	9.9 bp −$10	43.3 bp −$433	doesn't fit	doesn't fit
Sell edgeX live order book, 2 min ago	7.05 bp	11.5 bp −$12	13.1 bp −$131	44.0 bp −$4,403	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_PERPlong	−0.0263%	1h	0.2134	long leg	$368K	$493K	5x
Injective ENA/USDC PERP	−0.0223%	1h	0.2123	−0.515%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	−0.0222%	1h	0.2135	+0.043%	$2.7M	$6.1M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0139%	4h	0.2133	−0.084%	$42K	$22K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2132	−0.089%	$4K	$432	10x	as long as short
Phemex ENAUSDT	−0.0012%	4h	0.2132	−0.112%	$1.9M	$9.4M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2134	−0.005%	$95K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2135	+0.008%	$99K	—	150x	as long as short
Phoenix ENA	+0.0076%	1h	0.2132	−0.103%	$6K	$392K	10x	as long as short
Bitget ENAUSDT	+0.0080%	4h	0.2130	−0.197%	$48.6M	$66.9M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ENAUSDT	+0.0096%	1h	0.2131	−0.159%	$59K	$564K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2131	−0.159%	$48K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2130	−0.194%	$654K	$1.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2134	+0.002%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2132	−0.104%	$409K	$618K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2132	−0.117%	$131.8M	$476.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2132	−0.136%	$90.4M	$198.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2131	−0.145%	$20.4M	$120.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	−0.333%	$19K	$470K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2132	−0.112%	$85K	$216K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2132	−0.122%	$10.6M	$23.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2132	−0.136%	$45.6M	$53.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2134	−0.019%	$23.7M	$16.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2131	−0.155%	—	$33.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2128	−0.279%	$3.7M	$9.9M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2130	−0.200%	$255K	$8.1M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	−0.246%	$359K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2132	−0.112%	$32K	$719K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2133	−0.070%	$194K	$3.2M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2082	−2.460%	$1K	$786K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2133	−0.066%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2140	+0.276%	$276K	$1.7M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.347%	$89K	$1K	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2131	−0.177%	$1.7M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2133	−0.081%	$78K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0174% / S −0.0244%	1h	0.2134	+0.003%	$38K	—	100x	as long as short
Hyperliquid ENA	+0.0202%	1h	0.2135	+0.033%	$113.8M	$79.4M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	−0.112%	$5.7M	$8.4M	75x	as long as short
Lighter ENA	+0.0400%	1h	0.2135	+0.014%	$5.9M	$13.9M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2131	−0.177%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2134	−0.042%	$816K	$2.4M	50x	as long as short
dYdX ENA-USD	+0.5942%	1h	0.2135	+0.028%	$141K	$12K	5x	as long as short