ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0497%/8h= −54.5% APRnext payment −$0.62 per $10,000 · paid last 24h −0.176%

Price spread now: Backpack against Coinbase International−0.202%7-day average −0.117% · you buy dearer than you sell

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$520.522% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.414%−$41 on $10k

Price spread, last 3 days (all we have)+0.072%+$7 · spread now −0.202%, 7d avg −0.117%

Together, before fees−0.343%−$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Backpack is 0.085% cheaper against Coinbase International than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.117%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ENA-PERP-INTX	0.2132	0.0552	pay 0.0069% / 1h	1m 33s	$842K	$1.9M	50x
Short	Backpack ENA_USDC_PERP	0.2128	0.0055	get 0.0007% / 1h	1m 33s	$379K	$445K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now −0.202%Rate

Funding earned: −$104.45
Price spread: −0.202% → −0.117%: −$8.47
Slippage, 4 orders: −$32.21
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$165.13
Costs to cover: 0.522%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Backpack: live order book, 12 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 Coinbase International live order book, 2 min ago	5.39 bp	13.6 bp −$14	25.5 bp −$255	doesn't fit	doesn't fit
Sell Backpack live order book, 12 min ago	0.23 bp	6.2 bp −$6	38.8 bp −$388	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2129	−0.155%	$95K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2129	−0.178%	$97K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0012%	4h	0.2128	−0.220%	$41K	$24K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.422%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERPshort	+0.0055%	1h	0.2128	−0.202%	$379K	$445K	5x
Popdex ENAUSDT	+0.0096%	1h	0.2125	−0.347%	$63K	$527K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2126	−0.291%	$682K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2127	−0.245%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2126	−0.293%	$411K	$559K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2126	−0.321%	$131.8M	$449.5M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2125	−0.324%	$89.3M	$189.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2126	−0.300%	$20.7M	$110.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	−0.277%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	−0.300%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	−0.304%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2125	−0.356%	$10.8M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2126	−0.300%	$46.4M	$45.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2127	−0.263%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	−0.399%	$48.3M	$63.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2126	−0.286%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2121	−0.518%	$3.9M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	−0.212%	$246K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2123	−0.435%	$360K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2128	−0.206%	$34K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2127	−0.263%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.636%	$1K	$828K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	−0.253%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2140	+0.333%	$278K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	−0.253%	$1.9M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2125	−0.342%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	−0.085%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	−0.169%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0208%	1h	0.2127	−0.263%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2128	−0.183%	$2.7M	$5.2M	50x	as long as short
Extended ENA-USD	+0.0248%	1h	0.2124	−0.376%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2127	−0.237%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	−0.234%	$5.6M	$4.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2126	−0.312%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTXlong	+0.0552%	1h	0.2132	long leg	$842K	$1.9M	50x
Lighter ENA	+0.0560%	1h	0.2128	−0.202%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0744%	1h	0.2130	−0.131%	$114.8M	$78.3M	10x	as long as short
dYdX ENA-USD	+0.1059%	1h	0.2128	−0.213%	$141K	$15K	5x	as long as short