ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h −0.011%

Price spread now: Backpack against Deribit+0.099%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$360.356% of the position

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.190%+$19 on $10k

Price spread, last 4 days (all we have)−1.132%−$113 · spread now +0.099%, 7d avg −0.002%

Together, before fees−0.942%−$94 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.101% dearer against Deribit than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2114	0	get 0.0000% / 1h	31m 04s	$79K	$1.3M	50x
Short	Backpack ENA_USDC_PERP	0.2116	0.0100	get 0.0013% / 1h	31m 04s	$374K	$363K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now +0.099%Rate

Funding earned: $21
Price spread: +0.099% → −0.002%: $10.09
Slippage, 4 orders: −$18.59
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$4.5
Costs to cover: 0.356%
Break-even: 8.5 days

Slippage from Deribit: live order book, 3 min ago; Backpack: live order book, 33 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 Deribit live order book, 3 min ago	5.66 bp	9.6 bp −$10	15.4 bp −$154	doesn't fit	doesn't fit
Sell Backpack live order book, 33 min ago	0.23 bp	10.7 bp −$11	48.0 bp −$480	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
Orderly PERP_ENA_USDC	−0.0006%	4h	0.2113	−0.047%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2114	long leg	$79K	$1.3M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	−0.020%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2114	+0.019%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.454%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0089%	1h	0.2112	−0.092%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2113	−0.038%	$55K	$497K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.024%	$682K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2118	+0.180%	$113.8M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2114	+0.011%	$1.5M	$3.0M	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	0.2113	−0.027%	$413K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2115	+0.057%	$129.8M	$420.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	+0.043%	$86.7M	$175.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2115	+0.080%	$20.8M	$102.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	+0.185%	$19K	$366K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2113	−0.038%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	+0.057%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2115	+0.043%	$11.1M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2115	+0.066%	$45.4M	$41.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	+0.076%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2113	−0.024%	$48.2M	$57.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2115	+0.062%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERPshort	+0.0100%	1h	0.2116	+0.099%	$374K	$363K	5x
Variational Omni ENA	+0.0100%	4h	0.2113	−0.061%	$3.4M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2118	+0.178%	$244K	$7.4M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	+0.154%	$354K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.104%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	0.000%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2064	−2.365%	$881	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2114	+0.009%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.156%	$277K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2114	+0.009%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.069%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2113	−0.048%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	−0.010%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2116	+0.085%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2113	−0.026%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2116	+0.085%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	+0.043%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0392%	1h	0.2117	+0.156%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2112	−0.063%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2118	+0.180%	$833K	$1.5M	50x	as long as short