Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.035%

Price spread now: Pacifica against Backpack−0.091%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$320.323% of the position

Long on Backpack Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.108%−$11 on $10k

Price spread, last 4 days (all we have)+0.158%+$16 · spread now −0.091%, 7d avg −0.028%

Together, before fees+0.050%+ Points / potential airdropPacifica: Active · farm board+$5 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: Pacifica is 0.062% cheaper against Backpack than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2132	0.0100	pay 0.0013% / 1h	0m 50s	$413K	$483K	5x
Short	Pacifica ENA	0.2130	0.0100	get 0.0013% / 1h	0m 50s	$411K	$562K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.091%Rate

Funding earned: $0
Price spread: −0.091% → −0.028%: −$6.21
Slippage, 4 orders: −$14.25
Fee Backpack: 5 bp × 2 orders: −$10
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$38.46
Costs to cover: 0.323%
Break-even: never at this rate

Slippage from Backpack: live order book, 38 min ago; Pacifica: live order book, 38 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, 38 min ago	0.71 bp	7.8 bp −$8	41.8 bp −$418	doesn't fit	doesn't fit
Sell Pacifica live order book, 38 min ago	1.19 bp	9.2 bp −$9	doesn't fit	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	−0.0083%	4h	0.2127	−0.202%	$44K	$17K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2128	−0.154%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2126	−0.249%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.389%	$522	$57K	5.5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0079%	1h	0.2129	−0.113%	$61K	$1.1M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2126	−0.267%	$53K	$484K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2127	−0.199%	$572K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2130	−0.094%	$115.5M	$74.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2129	−0.107%	$1.4M	$3.3M	50x	as long as short
Pacifica ENAshort	+0.0100%	1h	0.2130	−0.091%	$411K	$562K	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2131	−0.039%	$129.7M	$426.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2130	−0.075%	$89.8M	$191.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2131	−0.014%	$21.3M	$108.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2119	−0.605%	$33K	$312K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2128	−0.174%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2118	−0.619%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2130	−0.094%	$13.3M	$27.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2130	−0.061%	$39.6M	$43.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2132	+0.009%	$25.1M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2127	−0.216%	$48.3M	$60.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2129	−0.122%	—	$31.4M	—	as long as short
Backpack ENA_USDC_PERPlong	+0.0100%	1h	0.2132	long leg	$413K	$483K	5x
Variational Omni ENA	+0.0100%	4h	0.2127	−0.218%	$3.1M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2114	−0.817%	$255K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	−0.780%	$358K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2115	−0.783%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	−0.174%	$175K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2077	−2.585%	$1K	$910K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2128	−0.174%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.127%	$268K	$808K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2129	−0.127%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2131	−0.044%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2129	−0.141%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2128	−0.174%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0147%	1h	0.2129	−0.138%	$2.6M	$4.4M	50x	as long as short
Lighter ENA	+0.0176%	1h	0.2132	−0.005%	$5.0M	$13.9M	10x	as long as short
Phoenix ENA	+0.0190%	1h	0.2129	−0.108%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0754%	1h	0.2129	−0.129%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	−0.188%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2127	−0.211%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2133	+0.080%	$801K	$2.0M	50x	as long as short
dYdX ENA-USD	+0.0760%	1h	0.2129	−0.133%	$141K	$16K	5x	as long as short