Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.042%

Price spread now: KuCoin against Backpack+0.038%7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$510.514% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.113%−$11 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now +0.038%, 7d avg −0.023%

Together, before fees−0.133%−$13 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: KuCoin is 0.061% dearer against Backpack than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2108	0.0100	pay 0.0013% / 1h	9m 10s	$373K	$360K	5x
Short	KuCoin ENAUSDTM	0.2108	0.0100	get 0.0050% / 4h	1h 09m	$24.6M	$15.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.038%Rate

Funding earned: $0
Price spread: +0.038% → −0.023%: $6.1
Slippage, 4 orders: −$29.38
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$45.28
Costs to cover: 0.514%
Break-even: never at this rate

Slippage from Backpack: live order book, 54 min ago; KuCoin: live order book, 10 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, 54 min ago	0.23 bp	6.1 bp −$6	39.4 bp −$394	doesn't fit	doesn't fit
Sell KuCoin live order book, 10 min ago	3.05 bp	18.1 bp −$18	36.6 bp −$366	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	−0.0037%	4h	0.2107	−0.009%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2108	0.000%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2108	+0.038%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2108	+0.041%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.750%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2108	+0.019%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	−0.002%	$661K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2109	+0.047%	$113.5M	$71.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2109	+0.066%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2108	+0.005%	$412K	$501K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2106	−0.061%	$129.0M	$417.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2106	−0.066%	$86.1M	$174.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.052%	$20.7M	$101.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	+0.185%	$19K	$333K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	+0.019%	$78K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2120	+0.588%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2107	−0.038%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	−0.033%	$45.8M	$42.2M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2108	+0.038%	$24.6M	$15.6M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2105	−0.114%	$47.9M	$57.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2107	−0.028%	—	$32.3M	—	as long as short
Backpack ENA_USDC_PERPlong	+0.0100%	1h	0.2108	long leg	$373K	$360K	5x
Variational Omni ENA	+0.0100%	4h	0.2112	+0.230%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2112	+0.204%	$244K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	+0.295%	$356K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2119	+0.541%	$22K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2108	+0.009%	$187K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−2.391%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	−0.028%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.171%	$276K	$786K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2109	+0.066%	$1.8M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2107	−0.025%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2108	0.000%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2108	+0.019%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2119	+0.531%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2109	+0.064%	$51K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0286%	1h	0.2108	+0.014%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0288%	1h	0.2110	+0.104%	$5.3M	$13.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2107	−0.009%	$5.6M	$3.1M	75x	as long as short
dYdX ENA-USD	+0.0370%	1h	0.2110	+0.095%	$139K	$15K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2107	−0.024%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2115	+0.370%	$832K	$1.5M	50x	as long as short