Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.042%

Price spread now: Backpack against MEXC+0.676%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs+$42as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

Price spread, last 4 days (all we have)−0.674%−$67 · spread now +0.676%, 7d avg +0.046%

Together, before fees−0.606%−$61 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 0.630% dearer against MEXC than usual: you sell high and buy low, +$63 on $10k if it goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ENA_USDT	0.2114	0.0100	pay 0.0050% / 4h	2h 48m	$44.6M	$43.6M	200x
Short	Backpack ENA_USDC_PERP	0.2129	0.0100	get 0.0013% / 1h	48m 24s	$368K	$383K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.676%Rate

Funding earned: $0
Price spread: +0.676% → +0.046%: $63.05
Slippage, 4 orders: −$10.58
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $42.47
Costs to cover: 0.206%
Break-even: from the start

Slippage from MEXC: live order book, 6 min ago; Backpack: live order book, 20 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 MEXC live order book, 6 min ago	0.24 bp	2.2 bp −$2	7.2 bp −$72	40.9 bp −$4,087	70.2 bp −$35.1K
Sell Backpack live order book, 20 min ago	0.69 bp	7.1 bp −$7	43.2 bp −$432	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	0.2116	+0.090%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	+0.036%	$91K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2119	+0.222%	$4K	$302	10x	as long as short
dYdX ENA-USD	+0.0032%	1h	0.2123	+0.410%	$140K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.426%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0037%	4h	0.2116	+0.076%	$41K	$23K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2126	+0.558%	$5.5M	$13.6M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2118	+0.170%	$52K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2116	+0.095%	$698K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	+0.270%	$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	0.2122	+0.363%	$416K	$548K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	+0.076%	$131.7M	$444.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	+0.043%	$86.6M	$186.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	+0.128%	$21.0M	$108.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	+0.478%	$17K	$408K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	+0.265%	$115K	$253K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	+0.612%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2114	−0.009%	$10.7M	$20.8M	50x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2114	long leg	$44.6M	$43.6M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2116	+0.066%	$24.4M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2115	+0.052%	$48.0M	$61.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2115	+0.024%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERPshort	+0.0100%	1h	0.2129	+0.676%	$368K	$383K	5x
Variational Omni ENA	+0.0100%	4h	0.2125	+0.512%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2121	+0.314%	$244K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	+0.460%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	+0.549%	$32K	$690K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	+0.184%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.247%	$1K	$845K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	+0.123%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.946%	$275K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2129	+0.691%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	+0.162%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	+0.061%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2127	+0.596%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2115	+0.008%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0252%	1h	0.2118	+0.160%	$2.7M	$4.9M	50x	as long as short
Extended ENA-USD	+0.0296%	1h	0.2117	+0.109%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	+0.851%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2114	−0.035%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0479%	1h	0.2117	+0.123%	$114.0M	$74.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2131	+0.804%	$837K	$1.8M	50x	as long as short