Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0160%/8h= +17.5% APRpaid last 24h +0.040%

Price spread now: Paradex against Backpack−0.020%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2096	−0.0060	get 0.0007% / 1h	20m 44s	$362K	$447K	5x
Short	Paradex ENA-USD-PERP	0.2095	0.0100	get 0.0100% / 8h	1h 20m	$47K	$221	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.020%Rate

Funding earned: $33.56
Price spread: −0.020% → 0.000%: −$1.98
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: $17.58
Costs to cover: 0.140%
Break-even: 3.3 days

Slippage unknown: Backpack: live order book, 63 min ago; Paradex: 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, 63 min ago	0.24 bp	10.1 bp −$10	47.0 bp −$470	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	−0.0060%	1h	0.2096	long leg	$362K	$447K	5x
Orderly PERP_ENA_USDC	−0.0052%	4h	0.2094	−0.057%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	−0.024%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2095	−0.033%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.322%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2097	+0.058%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.033%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2095	−0.020%	$47K	$221	10x
Nado ENA-PERP	+0.0100%	1h	0.2096	+0.031%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2095	−0.012%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2096	+0.029%	$405K	$578K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	−0.043%	$129.2M	$455.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2094	−0.081%	$87.1M	$191.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	−0.038%	$20.2M	$111.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.143%	$15K	$401K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	+0.062%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2088	−0.344%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2095	−0.033%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	−0.062%	$45.8M	$46.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	+0.014%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2093	−0.129%	$47.3M	$64.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2094	−0.062%	—	$32.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.306%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.149%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	−0.081%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2094	−0.081%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	+0.010%	$179K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.424%	$968	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2095	−0.033%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2098	+0.105%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2094	−0.081%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	−0.014%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2091	−0.205%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0128%	1h	0.2097	+0.081%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0238% / S −0.0406%	1h	0.2095	−0.035%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0328%	1h	0.2094	−0.091%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	−0.033%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2094	−0.065%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0512%	1h	0.2098	+0.091%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	+0.086%	$806K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0579%	1h	0.2098	+0.105%	$110.7M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1960%	1h	0.2096	−0.008%	$138K	$15K	5x	as long as short