Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0290%/8h= −31.8% APRpaid last 24h −0.034%

Price spread now: Backpack against Phemex+0.052%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

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

costs, in and out, $10k−$660.664% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 4 days (all we have)−0.630%−$63 · spread now +0.052%, 7d avg +0.002%

Together, before fees−0.561%−$56 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.050% dearer against Phemex than usual: you sell high and buy low (spread +0.052% now, against its 7-day average of +0.002%): +$5 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 14 hours. Mind the row above: over the last 7 days funding on this pair paid +0.069%, 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 0.069% in total (about 3.6% 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	Phemex ENAUSDT	0.2120	0.0100	pay 0.0050% / 4h	23m 55s	$1.8M	$8.8M	50x
Short	Backpack ENA_USDC_PERP	0.2121	−0.0190	pay 0.0024% / 1h	23m 55s	$366K	$396K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now +0.052%Rate

Funding earned: −$60.94
Price spread: +0.052% → +0.002%: $4.99
Slippage, 4 orders: −$44.44
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$122.4
Costs to cover: 0.664%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Backpack: live order book, 35 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 Phemex live order book, 5 min ago	7.09 bp	24.5 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 35 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	−0.0190%	1h	0.2121	+0.052%	$366K	$396K	5x
01 Exchange ENAUSD	−0.0080%	1h	0.2121	+0.047%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0068%	4h	0.2120	+0.024%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2121	+0.042%	$79K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2122	+0.083%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.160%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2119	−0.071%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2123	+0.127%	$5.2M	$13.5M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	0.000%	$56K	$477K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.163%	$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	0.2119	−0.026%	$653K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2124	+0.175%	$115.7M	$75.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	+0.022%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	−0.120%	$405K	$516K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2118	−0.116%	$129.0M	$416.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2116	−0.170%	$85.5M	$175.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	−0.132%	$20.8M	$103.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	−0.212%	$18K	$316K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2121	+0.047%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.165%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2117	−0.123%	$11.1M	$22.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2118	−0.104%	$46.2M	$41.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	−0.024%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2116	−0.203%	$48.1M	$57.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2117	−0.142%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2116	−0.172%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.203%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	−0.264%	$350K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	−0.142%	$20K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2121	+0.066%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.495%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	+0.047%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2121	+0.042%	$274K	$790K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2120	long leg	$1.8M	$8.8M	50x
dYdX ENA-USD	+0.0103%	1h	0.2115	−0.224%	$140K	$15K	5x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2116	−0.175%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	+0.078%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2122	+0.095%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0254% / S −0.0213%	1h	0.2121	+0.065%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2118	−0.108%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2121	+0.030%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2121	+0.066%	$867K	$1.7M	50x	as long as short