Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0286%/8h= +31.4% APRpaid last 24h +0.041%

Price spread now: SunX against Backpack−2.565%7-day average −2.416% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.056%−$6 on $10k

Price spread, last 4 days (all we have)+0.637%+$64 · spread now −2.565%, 7d avg −2.416%

Together, before fees+0.580%+$58 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.149% cheaper against Backpack than usual: you would sell low and buy high (spread −2.565% now, against its 7-day average of −2.416%). If the spread goes back, that is −$15 on $10k: about 42 hours of funding at the current rate (+$9 a day). Mind the row above: over the last 7 days funding on this pair cost −0.056%, 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 -0.056% in total (about -2.9% 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	0.2121	−0.0186	get 0.0023% / 1h	22m 27s	$364K	$397K	5x
Short	SunX ENA-USDT	0.2067	0.0100	get 0.0050% / 4h	22m 27s	$1K	$848K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −2.565%Rate

Funding earned: $60.13
Price spread: −2.565% → −2.416%: −$14.94
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: $27.19
Costs to cover: 0.180%
Break-even: 3.8 days

Slippage unknown: Backpack: live order book, 36 min ago; SunX: live order book, 70 min ago. Net counts fees only.

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, 36 min ago	0.95 bp	7.3 bp −$7	40.7 bp −$407	doesn't fit	doesn't fit
Sell SunX live order book, 70 min ago	258.55 bp	doesn't fit	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
Backpack ENA_USDC_PERPlong	−0.0186%	1h	0.2121	long leg	$364K	$397K	5x
01 Exchange ENAUSD	−0.0072%	1h	0.2120	−0.038%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0068%	4h	0.2118	−0.151%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2119	−0.108%	$79K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2119	−0.105%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.118%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2119	−0.113%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2119	−0.090%	$56K	$475K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	−0.125%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2119	−0.113%	$656K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2122	+0.039%	$115.6M	$75.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	−0.042%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2120	−0.053%	$405K	$516K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2119	−0.098%	$129.0M	$416.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2119	−0.099%	$85.6M	$175.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2119	−0.104%	$20.9M	$103.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	−0.255%	$18K	$316K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	−0.042%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.207%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2119	−0.094%	$11.1M	$22.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2119	−0.094%	$46.1M	$41.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2120	−0.024%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2117	−0.207%	$48.1M	$57.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2118	−0.118%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2116	−0.214%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2117	−0.206%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	−0.307%	$350K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	−0.137%	$20K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2120	−0.061%	$183K	$2.3M	10x	as long as short
SunX ENA-USDTshort	+0.0100%	4h	0.2067	−2.565%	$1K	$848K	20x
SoDEX ENA-USD	+0.0100%	1h	0.2119	−0.090%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2127	+0.269%	$275K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	−0.042%	$1.8M	$8.8M	50x	as long as short
Lighter ENA	+0.0104%	1h	0.2122	+0.028%	$5.2M	$13.5M	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2119	−0.108%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	−0.108%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0138%	1h	0.2119	−0.110%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2120	−0.031%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0291% / S −0.0316%	1h	0.2119	−0.108%	$65K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2119	−0.108%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2118	−0.154%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2127	+0.283%	$869K	$1.7M	50x	as long as short