ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0802%/8h= −87.9% APRnext payment −$1.00 per $10,000 · paid last 24h −0.168%

Price spread now: Backpack against Coinbase International−0.199%7-day average −0.117% · you buy dearer than you sell

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$590.587% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.412%−$41 on $10k

Price spread, last 3 days (all we have)−0.037%−$4 · spread now −0.199%, 7d avg −0.117%

Together, before fees−0.449%−$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Backpack is 0.083% cheaper against Coinbase International than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.117%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.412% in total (about -21.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.00 per $10,000. 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	Coinbase International ENA-PERP-INTX	0.2108	0.0536	pay 0.0067% / 1h	20m 42s	$805K	$2.2M	50x
Short	Backpack ENA_USDC_PERP	0.2104	−0.0266	pay 0.0033% / 1h	20m 42s	$362K	$484K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now −0.199%Rate

Funding earned: −$168.5
Price spread: −0.199% → −0.117%: −$8.26
Slippage, 4 orders: −$38.69
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$235.45
Costs to cover: 0.587%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Backpack: live order book, 3 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 Coinbase International live order book, 3 min ago	8.99 bp	21.7 bp −$22	33.1 bp −$331	doesn't fit	doesn't fit
Sell Backpack live order book, 3 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	−0.0266%	1h	0.2104	−0.199%	$362K	$484K	5x
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2103	−0.237%	$41K	$23K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	−0.0035%	1h	0.2104	−0.209%	$93K	$1.9M	50x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2103	−0.232%	$4K	$432	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2103	−0.215%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.731%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0044%	4h	0.2103	−0.242%	$10.5M	$21.7M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2110	+0.119%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2103	−0.237%	$60K	$540K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2102	−0.266%	$47K	$221	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	0.2106	−0.090%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	−0.190%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2104	−0.202%	$406K	$595K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2103	−0.237%	$129.6M	$466.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2102	−0.261%	$87.9M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2103	−0.247%	$20.3M	$114.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2110	+0.095%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	−0.190%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.047%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2103	−0.228%	$45.6M	$49.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2104	−0.166%	$24.3M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2101	−0.313%	$47.6M	$66.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2103	−0.237%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2111	+0.153%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2109	+0.068%	$251K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2112	+0.174%	$360K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2113	+0.237%	$33K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	−0.095%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2053	−2.628%	$895	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2103	−0.237%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.128%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2103	−0.237%	$1.9M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2104	−0.167%	$2.7M	$5.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	−0.194%	$77K	$11K	3x	as long as short
Extended ENA-USD	+0.0120%	1h	0.2102	−0.273%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0162%	1h	0.2103	−0.225%	$50K	—	100x	as long as short
Lighter ENA	+0.0320%	1h	0.2106	−0.095%	$5.7M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2105	−0.147%	$5.5M	$8.2M	75x	as long as short
Hyperliquid ENA	+0.0342%	1h	0.2107	−0.070%	$111.2M	$80.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2103	−0.254%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0536%	1h	0.2108	long leg	$805K	$2.2M	50x
dYdX ENA-USD	+0.6422%	1h	0.2104	−0.195%	$139K	$15K	5x	as long as short