Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0182%/8h= +19.9% APRpaid last 24h −0.006%

Price spread now: Orderly against Backpack−0.066%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.066% cheaper against Backpack than usual: you would sell low and buy high (spread −0.066% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 29 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2108	−0.0264	get 0.0033% / 1h	23m 37s	$363K	$484K	5x
Short	Orderly PERP_ENA_USDC	0.2107	−0.0082	pay 0.0041% / 4h	2h 23m	$41K	$23K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.066%Rate

Funding earned: $38.13
Price spread: −0.066% → 0.000%: −$6.64
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $15.49
Costs to cover: 0.160%
Break-even: 4.2 days

Slippage unknown: Backpack: live order book, 65 min ago; Orderly: no order-book sample. Net counts fees only.

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, 65 min ago	1.64 bp	7.9 bp −$8	39.8 bp −$398	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0264%	1h	0.2108	long leg	$363K	$484K	5x
Orderly PERP_ENA_USDCshort	−0.0082%	4h	0.2107	−0.066%	$41K	$23K	10x
01 Exchange ENAUSD	−0.0016%	1h	0.2109	+0.057%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2108	−0.014%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2107	−0.043%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.735%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0042%	4h	0.2107	−0.024%	$10.5M	$21.7M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2104	−0.204%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	+0.100%	$60K	$540K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2107	−0.045%	$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	0.2106	−0.102%	$661K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2109	+0.046%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2108	+0.007%	$407K	$595K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2108	0.000%	$130.0M	$466.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.019%	$88.1M	$193.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	+0.005%	$20.3M	$114.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2113	+0.232%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	+0.005%	$82K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	+0.005%	$45.8M	$49.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2108	+0.019%	$24.4M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	−0.052%	$47.7M	$66.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2108	+0.009%	—	$32.0M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2111	+0.158%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2109	+0.034%	$251K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	+0.103%	$360K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2110	+0.100%	$33K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2107	−0.052%	$184K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2056	−2.457%	$1K	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	−0.043%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.152%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2106	−0.090%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.355%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2107	−0.027%	$2.7M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2108	−0.004%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	−0.023%	$77K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0162%	1h	0.2107	−0.034%	$50K	—	100x	as long as short
Lighter ENA	+0.0328%	1h	0.2110	+0.109%	$5.7M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2108	+0.009%	$5.5M	$8.2M	75x	as long as short
Hyperliquid ENA	+0.0340%	1h	0.2110	+0.090%	$111.3M	$80.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.112%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2113	+0.242%	$807K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.6839%	1h	0.2108	−0.019%	$139K	$15K	5x	as long as short