Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.029%

Price spread now: Nado against Backpack−0.116%7-day average −0.009% · 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−$39as in the Price arb table

costs, in and out, $10k−$290.287% of the position

Long on Backpack Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.069%−$7 on $10k

Price spread, last 4 days (all we have)+0.261%+$26 · spread now −0.116%, 7d avg −0.009%

Together, before fees+0.192%+ Points / potential airdropNado: Active · farm board+$19 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: Nado is 0.107% cheaper against Backpack than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2074	0.0100	pay 0.0013% / 1h	50m 37s	$400K	$459K	5x
Short	Nado ENA-PERP	0.2071	0.0100	get 0.0012% / 1h	50m 37s	$535K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.116%Rate

Funding earned: $0
Price spread: −0.116% → −0.009%: −$10.65
Slippage, 4 orders: −$11.74
Fee Backpack: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$39.39
Costs to cover: 0.287%
Break-even: never at this rate

Slippage from Backpack: live order book, 56 min ago; Nado: live order book, 1 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, 56 min ago	0.48 bp	7.8 bp −$8	41.9 bp −$419	doesn't fit	doesn't fit
Sell Nado live order book, 1 min ago	1.45 bp	7.4 bp −$7	17.5 bp −$175	doesn't fit	doesn't fit

ENA on 42 exchanges

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	−0.0164%	4h	0.2071	−0.116%	$43K	$16K	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0100%	1h	0.2073	−0.026%	$2.6M	$3.0M	50x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2081	+0.338%	$4K	$60	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2072	−0.072%	$52K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2072	−0.071%	$80K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+2.319%	$734	$57K	5.5x	as long as short
Bitget ENAUSDT	+0.0038%	4h	0.2075	+0.048%	$47.1M	$54.1M	75x	as long as short
Phoenix ENA	+0.0038%	1h	0.2079	+0.251%	$13K	$290K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2076	+0.087%	$5.0M	$12.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2080	+0.299%	$55K	$386K	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2074	+0.027%	$46K	—	10x	as long as short
Nado ENA-PERPshort	+0.0100%	1h	0.2071	−0.116%	$535K	$1.7M	10x
Hyperliquid ENA	+0.0100%	1h	0.2076	+0.116%	$110.9M	$74.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2078	+0.209%	$1.2M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2075	+0.049%	$375K	$498K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2080	+0.307%	$124.2M	$399.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2081	+0.352%	$83.5M	$182.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2082	+0.400%	$20.4M	$96.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2073	−0.029%	$37K	$309K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2079	+0.251%	$77K	$215K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2083	+0.420%	$102K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2075	+0.053%	$14.0M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2075	+0.043%	$42.7M	$39.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2077	+0.174%	$24.7M	$14.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2077	+0.140%	—	$29.3M	—	as long as short
Backpack ENA_USDC_PERPlong	+0.0100%	1h	0.2074	long leg	$400K	$459K	5x
Variational Omni ENA	+0.0100%	4h	0.2074	+0.010%	$2.8M	$7.6M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2082	+0.402%	$239K	$6.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2084	+0.480%	$349K	$4.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2083	+0.444%	$18K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2071	−0.116%	$121K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2022	−2.493%	$1K	$930K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2072	−0.087%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2076	+0.121%	$267K	$742K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2073	−0.039%	$1.8M	$9.1M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2075	+0.082%	$1.6M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2072	−0.095%	$72K	$4K	3x	as long as short
dYdX ENA-USD	+0.0129%	1h	0.2075	+0.045%	$137K	$17K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2073	−0.039%	$5.4M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2071	−0.147%	$1K	—	15x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0518% / S −0.0754%	1h	0.2073	−0.054%	$57K	—	100x	as long as short
Coinbase International ENA-PERP-INTX	+0.0520%	1h	0.2078	+0.212%	$760K	$1.7M	50x	as long as short