Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0445%/8hpaid last 24h −0.026%

Price spread now: Backpack against BingX−0.066%7-day average +0.060% · you buy dearer than you sell

to open and close $10k−$29fees + slippage, both legs, in and out

costs, in % of the position0.288%what the two incomes have to cover

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.029%+$3 on $10k

Price spread, last 3 days (all we have)+0.091%+$9 · spread now −0.066%, 7d avg +0.060%

Together, before fees+0.120%+$12 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 Backpack is 0.127% cheaper against BingX than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.060%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.029% in total (about 1.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDT	0.2112	0.0100	pay 0.0050% / 4h	36m 46s	—	$33.5M	—
Short	Backpack ENA_USDC_PERP	0.2111	−0.0345	pay 0.0043% / 1h	36m 46s	$364K	$501K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now −0.066%Rate

Funding earned: −$93.4
Price spread: −0.066% → +0.060%: −$12.68
Slippage, 4 orders: −$8.8
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$134.88
Costs to cover: 0.288%
Break-even: never at this rate

Slippage from BingX: live order book, 4 min ago; Backpack: live order book, 4 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 BingX live order book, 4 min ago	0.47 bp	5.5 bp −$5	6.0 bp −$60	12.5 bp −$1,252	27.1 bp −$13.5K
Sell Backpack live order book, 4 min ago	1.18 bp	7.2 bp −$7	42.3 bp −$423	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
Backpack ENA_USDC_PERPshort	−0.0345%	1h	0.2111	−0.066%	$364K	$501K	5x
Kraken Futures PF_ENAUSD	−0.0224%	1h	0.2114	+0.077%	$2.6M	$6.1M	50x	as long as short
Injective ENA/USDC PERP	−0.0223%	1h	0.2123	+0.525%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	−0.0139%	4h	0.2111	−0.047%	$42K	$22K	10x	as long as short
01 Exchange ENAUSD	−0.0056%	1h	0.2114	+0.071%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2112	+0.005%	$94K	$2.0M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2114	+0.074%	$87K	—	150x	as long as short
Phemex ENAUSDT	+0.0019%	4h	0.2111	−0.062%	$1.8M	$9.5M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2122	+0.454%	$5K	$392K	10x	as long as short
Bitget ENAUSDT	+0.0084%	4h	0.2110	−0.085%	$48.1M	$66.5M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ENAUSDT	+0.0096%	1h	0.2113	+0.033%	$59K	$569K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2110	−0.108%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2111	−0.058%	$647K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2113	+0.055%	$109.8M	$78.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2112	−0.015%	$1.6M	$3.1M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	−0.061%	$405K	$624K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2111	−0.071%	$130.2M	$478.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2110	−0.109%	$89.2M	$199.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2111	−0.057%	$20.4M	$120.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	+0.109%	$20K	$471K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2113	+0.033%	$84K	$218K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	+0.107%	$89K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2111	−0.062%	$10.6M	$23.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	−0.066%	$45.2M	$53.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2112	−0.033%	$23.4M	$16.9M	75x	as long as short
BingX ENA-USDTlong	+0.0100%	4h	0.2112	long leg	—	$33.5M	—
Variational Omni ENA	+0.0100%	4h	0.2119	+0.316%	$3.6M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2118	+0.286%	$254K	$8.2M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2119	+0.319%	$358K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2120	+0.365%	$31K	$715K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	+0.104%	$184K	$3.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2066	−2.216%	$1K	$780K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2112	−0.014%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.204%	$273K	$1.7M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2112	+0.002%	$1.7M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2112	−0.007%	$78K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0154% / S −0.0198%	1h	0.2113	+0.044%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	−0.128%	$5.7M	$8.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	+0.013%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0432%	1h	0.2114	+0.071%	$5.8M	$13.8M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2122	+0.436%	$811K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.5826%	1h	0.2112	−0.013%	$140K	$12K	5x	as long as short