ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0300%/8h= +32.9% APRnext payment +$0.38 per $10,000 · paid last 24h +0.009%

Price spread now: Deribit against Backpack+0.091%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

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

Long on Backpack Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.195%−$19 on $10k

Price spread, last 4 days (all we have)+0.464%+$46 · spread now +0.091%, 7d avg +0.001%

Together, before fees+0.269%+$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Deribit is 0.090% dearer against Backpack than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.001%. Mind the row above: over the last 7 days funding on this pair cost −0.195%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.195% in total (about -10.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.38 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	Backpack ENA_USDC_PERP	0.2097	−0.0300	get 0.0038% / 1h	45m 22s	$366K	$388K	5x
Short	Deribit ENA_USDC-PERPETUAL	0.2099	0	get 0.0000% / 1h	45m 22s	$78K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Backpack. 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 BackpackbpFee DeribitbpOrdersPrice spread, now +0.091%Rate

Funding earned: $63.08
Price spread: +0.091% → +0.001%: $8.99
Slippage, 4 orders: −$18.6
Fee Backpack: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $36.47
Costs to cover: 0.356%
Break-even: 3.0 days

Slippage from Backpack: live order book, 13 min ago; Deribit: live order book, 4 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 Backpack live order book, 13 min ago	0.95 bp	7.3 bp −$7	40.7 bp −$407	doesn't fit	doesn't fit
Sell Deribit live order book, 4 min ago	3.34 bp	11.6 bp −$12	18.0 bp −$180	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_PERPlong	−0.0300%	1h	0.2097	long leg	$366K	$388K	5x
01 Exchange ENAUSD	−0.0104%	1h	0.2096	−0.029%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0060%	4h	0.2094	−0.105%	$43K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2099	+0.091%	$78K	$1.2M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2095	−0.063%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.278%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2097	−0.005%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2096	−0.019%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.076%	$55K	$500K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2094	−0.117%	$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	0.2096	−0.031%	$657K	$1.6M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2097	+0.033%	$111.6M	$73.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2096	−0.015%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	−0.091%	$408K	$500K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	−0.080%	$127.9M	$415.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2094	−0.100%	$85.0M	$176.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2094	−0.100%	$20.7M	$101.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.362%	$20K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2092	−0.219%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.496%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2095	−0.091%	$11.0M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2095	−0.072%	$45.4M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	−0.019%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2094	−0.129%	$47.8M	$57.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2095	−0.067%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	+0.039%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.155%	$241K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2088	−0.410%	$346K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2094	−0.124%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	−0.043%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.347%	$1K	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	+0.067%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.105%	$271K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	−0.029%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2095	−0.074%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2098	+0.055%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0155%	1h	0.2096	−0.040%	$138K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0244%	1h	0.2099	+0.124%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2095	−0.072%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2093	−0.162%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	−0.087%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2090	−0.310%	$851K	$1.5M	50x	as long as short