ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.00 per $10,000 · paid last 24h +0.041%

Price spread now: Popdex against Backpack+0.156%7-day average −0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$380.384% of the position

Long on Backpack Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.083%−$8 on $10k

Price spread, last 4 days (all we have)−0.211%−$21 · spread now +0.156%, 7d avg −0.048%

Together, before fees−0.294%−$29 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: Popdex is 0.204% dearer against Backpack than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of −0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2116	0.0100	pay 0.0013% / 1h	32m 51s	$374K	$364K	5x
Short	Popdex ENAUSDT	0.2119	0.0096	get 0.0012% / 1h	32m 51s	$55K	$497K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.156%Rate

Funding earned: −$0.84
Price spread: +0.156% → −0.048%: $20.38
Slippage, 4 orders: −$21.96
Fee Backpack: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$18.82
Costs to cover: 0.384%
Break-even: never at this rate

Slippage from Backpack: live order book, 31 min ago; Popdex: live order book, 31 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, 31 min ago	0.23 bp	6.1 bp −$6	39.4 bp −$394	doesn't fit	doesn't fit
Sell Popdex live order book, 31 min ago	2.35 bp	9.5 bp −$10	105.8 bp −$1,058	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	−0.0005%	4h	0.2114	−0.080%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2115	−0.033%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2117	+0.081%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2120	+0.189%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.364%	$522	$57K	5.5x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2119	+0.156%	$55K	$497K	50x
dYdX ENA-USD	+0.0096%	1h	0.2117	+0.051%	$140K	$15K	5x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.083%	$684K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2117	+0.057%	$113.8M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2116	+0.028%	$1.5M	$3.0M	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	0.2119	+0.167%	$414K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2115	−0.033%	$129.8M	$420.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2114	−0.057%	$86.8M	$175.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2115	−0.009%	$20.8M	$102.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2113	−0.142%	$19K	$360K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2119	+0.156%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	−0.033%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2115	−0.052%	$11.1M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2115	−0.052%	$45.5M	$41.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	−0.057%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	−0.095%	$48.2M	$57.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2115	−0.052%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERPlong	+0.0100%	1h	0.2116	long leg	$374K	$364K	5x
Variational Omni ENA	+0.0100%	4h	0.2113	−0.135%	$3.4M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2115	−0.043%	$244K	$7.3M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	+0.058%	$353K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.014%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2119	+0.170%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2069	−2.207%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	−0.033%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2121	+0.246%	$277K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2117	+0.061%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2119	+0.152%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2113	−0.109%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	−0.052%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2107	−0.406%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2117	+0.067%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2117	+0.057%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	+0.061%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0392%	1h	0.2119	+0.156%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2118	+0.102%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2119	+0.156%	$833K	$1.5M	50x	as long as short