Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0418%/8h= −45.8% APRpaid last 24h +0.023%

Price spread now: Phemex against Backpack−0.062%7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$510.511% of the position

Long on Backpack Short on Phemex

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)+0.640%+$64 · spread now −0.062%, 7d avg −0.004%

Together, before fees+0.532%+$53 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Phemex is 0.058% cheaper against Backpack than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.004%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.108% in total (about -5.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2112	0.0518	pay 0.0065% / 1h	19m 46s	$410K	$482K	5x
Short	Phemex ENAUSDT	0.2111	0.0100	get 0.0050% / 4h	2h 19m	$1.9M	$9.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.062%Rate

Funding earned: −$87.78
Price spread: −0.062% → −0.004%: −$5.76
Slippage, 4 orders: −$29.14
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$144.68
Costs to cover: 0.511%
Break-even: never at this rate

Slippage from Backpack: live order book, 32 min ago; Phemex: live order book, 2 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, 32 min ago	0.24 bp	6.9 bp −$7	43.5 bp −$435	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	7.10 bp	19.2 bp −$19	67.3 bp −$673	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
Kraken Futures PF_ENAUSD	−0.0243%	1h	0.2112	−0.015%	$2.6M	$4.2M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0168%	4h	0.2111	−0.071%	$44K	$14K	10x	as long as short
01 Exchange ENAUSD	−0.0152%	1h	0.2111	−0.047%	$4K	$169	10x	as long as short
Bitget ENAUSDT	−0.0028%	4h	0.2112	−0.033%	$47.6M	$58.7M	75x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2112	+0.009%	$90K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2110	−0.091%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0026%	1h	0.2122	+0.454%	$734	$57K	5.5x	as long as short
Bybit ENAUSDT	+0.0084%	4h	0.2111	−0.057%	$86.1M	$187.8M	50x	as long as short
Lighter ENA	+0.0096%	1h	0.2114	+0.057%	$4.9M	$12.9M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2113	+0.033%	$56K	$391K	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	0.2112	−0.028%	$47K	—	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2111	−0.071%	$590K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2114	+0.066%	$113.6M	$78.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2113	+0.019%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2112	−0.038%	$390K	$540K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2112	−0.021%	$127.4M	$415.5M	75x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2112	−0.009%	$21.0M	$103.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	+0.062%	$33K	$326K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2113	+0.033%	$79K	$239K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.156%	$103K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2114	+0.076%	$13.6M	$27.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	−0.043%	$42.2M	$43.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2113	+0.019%	$25.0M	$15.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2111	−0.043%	—	$30.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2108	−0.189%	$3.0M	$8.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2110	−0.132%	$246K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	−0.156%	$362K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2112	−0.014%	$19K	$644K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	+0.066%	$167K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2060	−2.485%	$1K	$924K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2112	−0.014%	$6K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2115	+0.128%	$264K	$827K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2111	−0.062%	$1.9M	$9.0M	50x
Extended ENA-USD	+0.0104%	1h	0.2112	+0.003%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2112	−0.031%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0112%	1h	0.2111	−0.066%	$13K	$306K	10x	as long as short
dYdX ENA-USD	+0.0145%	1h	0.2114	+0.094%	$140K	$15K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0756%	1h	0.2111	−0.076%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	−0.104%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2111	−0.050%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0496%	1h	0.2119	+0.308%	$771K	$2.0M	50x	as long as short
Backpack ENA_USDC_PERPlong	+0.0518%	1h	0.2112	long leg	$410K	$482K	5x