Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.042%

Price spread now: Backpack against Binance+0.121%7-day average +0.038% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$320.321% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 4 days (all we have)−0.171%−$17 · spread now +0.121%, 7d avg +0.038%

Together, before fees−0.109%−$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: Backpack is 0.083% dearer against Binance than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2168	0.0100	pay 0.0050% / 4h	3h 08m	$135.3M	$441.5M	75x
Short	Backpack ENA_USDC_PERP	0.2170	0.0100	get 0.0013% / 1h	8m 16s	$385K	$385K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now +0.121%Rate

Funding earned: $0
Price spread: +0.121% → +0.038%: $8.33
Slippage, 4 orders: −$12.11
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$23.78
Costs to cover: 0.321%
Break-even: never at this rate

Slippage from Binance: live order book, 5 min ago; Backpack: live order book, 65 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 Binance live order book, 5 min ago	0.23 bp	8.6 bp −$9	17.2 bp −$172	58.1 bp −$5,808	doesn't fit
Sell Backpack live order book, 65 min ago	0.23 bp	6.2 bp −$6	38.8 bp −$388	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	0.2168	+0.029%	$81K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2167	−0.029%	$104K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0030%	4h	0.2167	−0.022%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.042%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2164	−0.169%	$53K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2166	−0.097%	$718K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2166	−0.069%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2164	−0.160%	$426K	$550K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2168	long leg	$135.3M	$441.5M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2167	−0.022%	$89.2M	$186.0M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2168	+0.006%	$21.4M	$110.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2171	+0.140%	$16K	$416K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2165	−0.123%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2150	−0.811%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2166	−0.063%	$11.1M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2168	−0.003%	$45.9M	$45.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2166	−0.063%	$24.9M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2166	−0.063%	$49.1M	$61.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2167	−0.036%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERPshort	+0.0100%	1h	0.2170	+0.121%	$385K	$385K	5x
Variational Omni ENA	+0.0100%	4h	0.2158	−0.460%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2159	−0.410%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2161	−0.308%	$366K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2158	−0.446%	$33K	$685K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2167	−0.040%	$181K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2114	−2.467%	$1K	$833K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2169	+0.061%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2171	+0.149%	$281K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2169	+0.061%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2164	−0.186%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2168	0.000%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2169	+0.071%	$8K	$347K	10x	as long as short
dYdX ENA-USD	+0.0162%	1h	0.2164	−0.148%	$143K	$15K	5x	as long as short
01 Exchange ENAUSD	+0.0176%	1h	0.2165	−0.109%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0230%	1h	0.2169	+0.077%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0334% / S −0.0430%	1h	0.2167	−0.032%	$82K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2171	+0.158%	$5.7M	$2.0M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2167	−0.012%	$1.6M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2166	−0.074%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2160	−0.335%	$854K	$1.8M	50x	as long as short
Lighter ENA	+0.0768%	1h	0.2168	+0.038%	$5.9M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0788%	1h	0.2170	+0.084%	$118.1M	$73.7M	10x	as long as short