Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0059%/8h= +6.4% APRpaid last 24h +0.042%

Price spread now: HTX against Backpack−0.117%7-day average +0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$740.740% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 3 days (all we have)+0.200%+$20 · spread now −0.117%, 7d avg +0.044%

Together, before fees+0.166%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.161% cheaper against Backpack than usual: you would sell low and buy high (spread −0.117% now, against its 7-day average of +0.044%). If the spread goes back, that is −$16 on $10k: about 9.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2143	0.0041	pay 0.0005% / 1h	28m 20s	$381K	$416K	5x
Short	HTX ENA-USDT	0.2141	0.0100	get 0.0050% / 4h	3h 28m	$278K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.117%Rate

Funding earned: $12.33
Price spread: −0.117% → +0.044%: −$16.08
Slippage, 4 orders: −$52.03
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$77.78
Costs to cover: 0.740%
Break-even: 51.2 days

Slippage from Backpack: live order book, 45 min ago; HTX: live order book, just now.

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, 45 min ago	0.23 bp	9.4 bp −$9	38.7 bp −$387	doesn't fit	doesn't fit
Sell HTX live order book, just now	16.52 bp	29.5 bp −$29	doesn't fit	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	0.2141	−0.121%	$80K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2141	−0.126%	$98K	—	150x	as long as short
dYdX ENA-USD	+0.0025%	1h	0.2144	+0.025%	$142K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0032%	4h	0.2140	−0.163%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.928%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERPlong	+0.0041%	1h	0.2143	long leg	$381K	$416K	5x
Popdex ENAUSDT	+0.0096%	1h	0.2142	−0.061%	$63K	$520K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2142	−0.049%	$711K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2143	−0.009%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2145	+0.070%	$421K	$549K	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	0.2142	−0.073%	$132.9M	$444.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2141	−0.107%	$88.5M	$187.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2141	−0.126%	$21.0M	$110.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2141	−0.126%	$15K	$409K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2147	+0.173%	$106K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2143	−0.014%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2141	−0.112%	$10.9M	$20.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2140	−0.159%	$46.1M	$44.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2142	−0.051%	$24.6M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2137	−0.280%	$48.5M	$61.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2141	−0.103%	—	$32.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2123	−0.932%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	−0.964%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.917%	$357K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	−1.274%	$34K	$687K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2143	−0.005%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2089	−2.538%	$1K	$830K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2139	−0.201%	$4K	$10K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2141	−0.117%	$278K	$1.2M	50x
Phemex ENAUSDT	+0.0100%	4h	0.2140	−0.154%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2146	+0.113%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2140	−0.154%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2116	−1.283%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0216%	1h	0.2143	−0.014%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0233%	1h	0.2140	−0.148%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0272%	1h	0.2139	−0.222%	$1.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0332% / S −0.0206%	1h	0.2140	−0.136%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2141	−0.103%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2140	−0.162%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2143	+0.005%	$848K	$1.8M	50x	as long as short
Lighter ENA	+0.0680%	1h	0.2147	+0.187%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0740%	1h	0.2145	+0.089%	$115.7M	$75.4M	10x	as long as short