ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0382%/8h= −41.8% APRnext payment −$0.48 per $10,000 · paid last 24h −0.037%

Price spread now: Backpack against Arcus−0.086%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$450.446% of the position

Long on Arcus Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.086%+$9 on $10k

Price spread, last 4 days (all we have)+0.092%+$9 · spread now −0.086%, 7d avg +0.002%

Together, before fees+0.177%+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Backpack is 0.088% cheaper against Arcus than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.002%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.086%, 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 3 days it paid 0.086% in total (about 9.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.48 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	Arcus ENA-USD	0.2105	0.0100	pay 0.0013% / 1h	28m 50s	$82K	$223K	10x
Short	Backpack ENA_USDC_PERP	0.2103	−0.0282	pay 0.0035% / 1h	28m 50s	$362K	$485K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Arcus. 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 ArcusbpFee BackpackbpOrdersPrice spread, now −0.086%Rate

Funding earned: −$80.26
Price spread: −0.086% → +0.002%: −$8.78
Slippage, 4 orders: −$30.09
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$133.63
Costs to cover: 0.446%
Break-even: never at this rate

Slippage from Arcus: live order book, 59 min ago; Backpack: live order book, 60 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 Arcus live order book, 59 min ago	4.69 bp	16.6 bp −$17	26.7 bp −$267	doesn't fit	doesn't fit
Sell Backpack live order book, 60 min ago	1.64 bp	8.6 bp −$9	41.9 bp −$419	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	−0.0282%	1h	0.2103	−0.086%	$362K	$485K	5x
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2103	−0.090%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2105	−0.005%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2104	−0.043%	$94K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2103	−0.072%	$97K	—	150x	as long as short
Gate ENA_USDT	+0.0018%	4h	0.2106	+0.048%	$10.5M	$21.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.874%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2095	−0.451%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2104	−0.048%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2103	−0.096%	$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	0.2104	−0.055%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	−0.048%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2104	−0.038%	$406K	$595K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2106	+0.043%	$129.8M	$467.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2106	+0.067%	$87.9M	$193.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	+0.086%	$20.3M	$114.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	−0.233%	$19K	$435K	5x	as long as short
Arcus ENA-USDlong	+0.0100%	1h	0.2105	long leg	$82K	$223K	10x
MEXC ENA_USDT	+0.0100%	4h	0.2106	+0.052%	$45.2M	$48.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2107	+0.090%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2105	+0.024%	$47.6M	$66.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2106	+0.043%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	−0.292%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	−0.252%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2099	−0.265%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2100	−0.238%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	+0.029%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2054	−2.432%	$1K	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2102	−0.143%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2107	+0.071%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2102	−0.143%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.217%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2103	−0.096%	$2.7M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2106	+0.029%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	−0.052%	$77K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0213% / S −0.0161%	1h	0.2103	−0.091%	$50K	—	100x	as long as short
Lighter ENA	+0.0288%	1h	0.2105	+0.005%	$5.7M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0327%	1h	0.2109	+0.176%	$111.2M	$80.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2104	−0.052%	$5.5M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2103	−0.071%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	+0.162%	$805K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.7898%	1h	0.2102	−0.157%	$139K	$15K	5x	as long as short