Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0392%/8h= −42.9% APRpaid last 24h −0.107%

Price spread now: Backpack against BloFin−0.019%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

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

costs, in and out, $10k−$370.367% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.405%−$41 on $10k

Price spread, last 3 days (all we have)−0.373%−$37 · spread now −0.019%, 7d avg −0.049%

Together, before fees−0.779%−$78 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.030% dearer against BloFin than usual: you sell high and buy low (spread −0.019% now, against its 7-day average of −0.049%): +$3 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.405% in total) that is about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ENA-USDT	0.2096	0.0340	pay 0.0170% / 4h	1h 19m	$5.5M	$8.0M	75x
Short	Backpack ENA_USDC_PERP	0.2095	−0.0052	pay 0.0007% / 1h	19m 11s	$370K	$451K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$82.37
Price spread: −0.019% → −0.049%: $2.98
Slippage, 4 orders: −$14.68
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$116.07
Costs to cover: 0.367%
Break-even: never at this rate

Slippage from BloFin: 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 BloFin live order book, 5 min ago	0.48 bp	8.7 bp −$9	15.8 bp −$158	73.0 bp −$7,302	doesn't fit
Sell Backpack live order book, 65 min ago	0.24 bp	8.2 bp −$8	40.9 bp −$409	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	−0.0052%	1h	0.2095	−0.019%	$370K	$451K	5x
Orderly PERP_ENA_USDC	−0.0051%	4h	0.2094	−0.076%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	−0.038%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2095	−0.043%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.312%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2096	+0.001%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.043%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2094	−0.096%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2093	−0.126%	$659K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2095	−0.037%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2095	−0.054%	$405K	$576K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	−0.053%	$129.2M	$455.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2094	−0.105%	$87.1M	$190.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2094	−0.067%	$20.2M	$111.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.153%	$15K	$401K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2095	−0.043%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2095	−0.058%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2094	−0.072%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2095	−0.048%	$46.3M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	0.000%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2093	−0.134%	$47.3M	$64.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2094	−0.067%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2094	−0.091%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	−0.014%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.019%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	−0.043%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2095	−0.029%	$177K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2044	−2.457%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2095	−0.043%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2096	0.000%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2093	−0.138%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	−0.043%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2095	−0.062%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0128%	1h	0.2096	+0.005%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0239% / S −0.0409%	1h	0.2095	−0.038%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0328%	1h	0.2094	−0.113%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDTlong	+0.0340%	4h	0.2096	long leg	$5.5M	$8.0M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2095	−0.063%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0496%	1h	0.2097	+0.067%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2098	+0.095%	$826K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0579%	1h	0.2097	+0.076%	$110.7M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1958%	1h	0.2093	−0.140%	$138K	$15K	5x	as long as short