Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0386%/8h= +42.3% APRpaid last 24h +0.037%

Price spread now: MEXC against Backpack−0.029%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 4 days (all we have)+0.017%+$2 · spread now −0.029%, 7d avg −0.041%

Together, before fees−0.038%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.041%, so right now this pair is about funding alone: +$12 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.054%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.054% in total (about -2.8% 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	Backpack ENA_USDC_PERP	0.2081	−0.0286	get 0.0036% / 1h	6m 53s	$359K	$483K	5x
Short	MEXC ENA_USDT	0.2081	0.0100	get 0.0050% / 4h	2h 06m	$45.1M	$49.5M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.029%Rate

Funding earned: $81.1
Price spread: −0.029% → −0.041%: $1.27
Slippage, 4 orders: −$10.09
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: $62.28
Costs to cover: 0.201%
Break-even: 1.6 days

Slippage from Backpack: live order book, 17 min ago; MEXC: 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, 17 min ago	0.24 bp	10.1 bp −$10	47.0 bp −$470	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	0.24 bp	0.2 bp $0	6.2 bp −$62	37.3 bp −$3,728	60.0 bp −$30.0K

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	−0.0286%	1h	0.2081	long leg	$359K	$483K	5x
Orderly PERP_ENA_USDC	−0.0079%	4h	0.2085	+0.159%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2087	+0.298%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2086	+0.207%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2087	+0.256%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+2.023%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2090	+0.418%	$5K	$394K	10x	as long as short
Gate ENA_USDT	+0.0082%	4h	0.2083	+0.067%	$10.4M	$21.8M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2087	+0.274%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2088	+0.316%	$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	0.2088	+0.341%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2080	−0.055%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2089	+0.360%	$404K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2081	−0.034%	$128.0M	$465.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2080	−0.058%	$86.5M	$193.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2080	−0.053%	$20.1M	$112.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2088	+0.317%	$19K	$417K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2089	+0.370%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	+0.267%	$88K	$2K	10x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2081	−0.029%	$45.1M	$49.5M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2081	−0.019%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2079	−0.096%	$47.0M	$65.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2080	−0.072%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2085	+0.202%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	+0.447%	$248K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2091	+0.469%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2090	+0.418%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2088	+0.317%	$182K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2037	−2.143%	$1K	$811K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2085	+0.178%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2093	+0.557%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2084	+0.130%	$1.9M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2085	+0.178%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0105%	1h	0.2086	+0.236%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2080	−0.069%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0164%	1h	0.2086	+0.247%	$50K	—	100x	as long as short
Lighter ENA	+0.0304%	1h	0.2088	+0.317%	$5.6M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2089	+0.351%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0341%	1h	0.2082	+0.053%	$109.7M	$80.2M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2087	+0.266%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2089	+0.351%	$798K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5141%	1h	0.2089	+0.358%	$138K	$15K	5x	as long as short