Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0405%/8h= −44.4% APRpaid last 24h −0.030%

Price spread now: Backpack against Bitget−0.100%7-day average +0.104% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$410.409% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 4 days (all we have)+0.125%+$12 · spread now −0.100%, 7d avg +0.104%

Together, before fees+0.198%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Backpack is 0.204% cheaper against Bitget than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.104%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.073%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.073% in total (about 3.8% 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	Bitget ENAUSDT	0.2092	0.0100	pay 0.0050% / 4h	49m 02s	$47.7M	$57.5M	75x
Short	Backpack ENA_USDC_PERP	0.2090	−0.0305	pay 0.0038% / 1h	49m 02s	$365K	$388K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now −0.100%Rate

Funding earned: −$85.13
Price spread: −0.100% → +0.104%: −$20.45
Slippage, 4 orders: −$18.94
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$146.52
Costs to cover: 0.409%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Backpack: live order book, 10 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 Bitget live order book, 5 min ago	0.95 bp	9.5 bp −$9	16.1 bp −$161	42.6 bp −$4,264	doesn't fit
Sell Backpack live order book, 10 min ago	0.95 bp	9.8 bp −$10	52.3 bp −$523	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_PERPshort	−0.0305%	1h	0.2090	−0.100%	$365K	$388K	5x
01 Exchange ENAUSD	−0.0096%	1h	0.2087	−0.268%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0059%	4h	0.2087	−0.249%	$43K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2088	−0.215%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2087	−0.252%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.496%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	+0.091%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2091	−0.033%	$5.2M	$13.3M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2091	−0.053%	$55K	$501K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2088	−0.219%	$47K	$110	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	0.2087	−0.245%	$654K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2091	−0.057%	$111.5M	$72.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2088	−0.196%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2089	−0.170%	$407K	$500K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2091	−0.043%	$127.8M	$415.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2092	−0.014%	$85.0M	$176.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2093	+0.043%	$20.7M	$101.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2087	−0.244%	$19K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2088	−0.196%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.712%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2090	−0.119%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2089	−0.129%	$45.0M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2089	−0.153%	$24.4M	$15.6M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2092	long leg	$47.7M	$57.5M	75x
BingX ENA-USDC	+0.0100%	4h	0.2090	−0.119%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	+0.224%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	+0.602%	$242K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	+0.589%	$353K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2099	+0.330%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2088	−0.210%	$177K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2039	−2.524%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2089	−0.148%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2090	−0.105%	$270K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2089	−0.148%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2094	+0.068%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2087	−0.229%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0162%	1h	0.2088	−0.189%	$138K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0245%	1h	0.2090	−0.095%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0252% / S −0.0213%	1h	0.2087	−0.237%	$50K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2088	−0.215%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2087	−0.246%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2090	−0.096%	$851K	$1.5M	50x	as long as short