Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.042%

Price spread now: Pacifica against Backpack−0.088%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$280.280% of the position

Long on Backpack Short on Pacifica

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)+0.167%+$17 · spread now −0.088%, 7d avg −0.033%

Together, before fees+0.113%+ Points / potential airdropPacifica: Active · farm board+$11 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: Pacifica is 0.056% cheaper against Backpack than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2161	0.0100	pay 0.0013% / 1h	11m 52s	$384K	$395K	5x
Short	Pacifica ENA	0.2159	0.0100	get 0.0013% / 1h	11m 52s	$425K	$553K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.088%Rate

Funding earned: $0
Price spread: −0.088% → −0.033%: −$5.57
Slippage, 4 orders: −$9.98
Fee Backpack: 5 bp × 2 orders: −$10
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$33.55
Costs to cover: 0.280%
Break-even: never at this rate

Slippage from Backpack: live order book, 62 min ago; Pacifica: live order book, 62 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, 62 min ago	0.23 bp	9.4 bp −$9	38.7 bp −$387	doesn't fit	doesn't fit
Sell Pacifica live order book, 62 min ago	0.23 bp	5.2 bp −$5	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	0.2161	+0.005%	$81K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2159	−0.064%	$104K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0032%	4h	0.2159	−0.093%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.726%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0090%	1h	0.2158	−0.128%	$143K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2158	−0.125%	$52K	$528K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2159	−0.100%	$714K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2161	+0.010%	$1.6M	$3.3M	50x	as long as short
Pacifica ENAshort	+0.0100%	1h	0.2159	−0.088%	$425K	$553K	10x
Binance ENAUSDT	+0.0100%	4h	0.2159	−0.062%	$134.8M	$442.7M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2158	−0.102%	$88.8M	$186.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2159	−0.069%	$21.2M	$110.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2159	−0.088%	$16K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2159	−0.079%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2150	−0.491%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2159	−0.074%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2159	−0.069%	$45.8M	$44.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2160	−0.042%	$24.8M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2157	−0.157%	$48.9M	$61.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2159	−0.079%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERPlong	+0.0100%	1h	0.2161	long leg	$384K	$395K	5x
Variational Omni ENA	+0.0100%	4h	0.2157	−0.161%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2159	−0.091%	$250K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2159	−0.079%	$366K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2159	−0.079%	$33K	$686K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2159	−0.074%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2107	−2.485%	$1K	$834K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2160	−0.032%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2160	−0.028%	$280K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2159	−0.079%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2159	−0.100%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2159	−0.094%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2162	+0.056%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0176%	1h	0.2159	−0.065%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0231%	1h	0.2162	+0.062%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0328%	1h	0.2159	−0.075%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0334% / S −0.0430%	1h	0.2159	−0.087%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2160	−0.009%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2158	−0.133%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2165	+0.190%	$857K	$1.8M	50x	as long as short
Lighter ENA	+0.0752%	1h	0.2165	+0.180%	$5.9M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0783%	1h	0.2163	+0.106%	$117.6M	$74.8M	10x	as long as short