Funding you earn now, next payment 04:00 UTC−0.0300%/8h= −32.9% APRnext payment −$0.38 per $10,000 · paid last 24h −0.009%
Price spread now: Backpack against Deribit+0.139%50s7-day average −0.001% · you sell dearer than you buy
Net, funding: paid 7d − costs−$16as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$360.356% of the position
Funding, last 7 days+0.195%+$19 on $10k
+Price spread, last 4 days (all we have)−0.693%−$69 · spread now +0.139%, 7d avg −0.001%
=The price spread pays, funding is against you. Backpack is 0.139% dearer against Deribit than usual: you sell high and buy low (spread +0.139% now, against its 7-day average of −0.001%): +$14 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 37 hours. Mind the row above: over the last 7 days funding on this pair paid +0.195%, so the current rate has only just turned against you. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.195% in total (about 10.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.38 per $10,000. 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 | Deribit ENA_USDC-PERPETUAL | 0.2094 | 0 | get 0.0000% / 1h | 45m 11s | $78K | $1.2M | 50x |
| Short | Backpack ENA_USDC_PERP | 0.2097 | −0.0300 | pay 0.0038% / 1h | 45m 11s | $366K | $388K | 5x |
Deribit ENA_USDC-PERPETUAL
Backpack ENA_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$63.08
- Price spread: +0.139% → −0.001%
- $13.93
- Slippage, 4 orders
- −$18.6
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$84.76
- Costs to cover
- 0.356%
- Break-even
- never at this rate
Slippage from Deribit: live order book, 4 min ago; Backpack: live order book, 13 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 Deribit live order book, 4 min ago | 3.34 bp | 6.8 bp −$7 | 14.7 bp −$147 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 13 min ago | 0.95 bp | 9.8 bp −$10 | 52.3 bp −$523 | 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 | −0.0300% | 1h | 0.2097 | +0.139% | $366K | $388K | 5x | |
| 01 Exchange ENAUSD | −0.0104% | 1h | 0.2096 | +0.110% | $4K | $302 | 10x | as long as short |
| Orderly PERP_ENA_USDC | −0.0060% | 4h | 0.2094 | +0.033% | $43K | $25K | 10x | as long as short |
| Deribit ENA_USDC-PERPETUALlong | 0.0000% | 1h | 0.2094 | long leg | $78K | $1.2M | 50x | |
| gTrade (Gains Network) ENA/USD | L +0.0004% / S −0.0004% | 1h | 0.2095 | +0.075% | $81K | — | 150x | as long as short |
| Injective ENA/USDC PERP | +0.0033% | 1h | 0.2123 | +1.419% | $522 | $57K | 5.5x | as long as short |
| Phoenix ENA | +0.0076% | 1h | 0.2097 | +0.134% | $8K | $266K | 10x | as long as short |
| Lighter ENA | +0.0096% | 1h | 0.2095 | +0.057% | $5.2M | $13.4M | 10x | as long as short |
| Popdex ENAUSDT | +0.0096% | 1h | 0.2095 | +0.062% | $55K | $500K | 50x | as long as short |
| Paradex ENA-USD-PERP | +0.0100% | 8h | 0.2094 | +0.022% | $47K | $110 | 10x | as long as short |
01 Exchange ENAUSD
Orderly PERP_ENA_USDC
gTrade (Gains Network) ENA/USD
Injective ENA/USDC PERP
Phoenix ENA
Lighter ENA
Popdex ENAUSDT
Paradex ENA-USD-PERPShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado ENA-PERP | +0.0100% | 1h | 0.2096 | +0.107% | $657K | $1.6M | 10x | as long as short |
| Hyperliquid ENA | +0.0100% | 1h | 0.2097 | +0.172% | $111.6M | $73.0M | 10x | as long as short |
| Aster ENAUSDT | +0.0100% | 4h | 0.2096 | +0.111% | $1.5M | $2.9M | 50x | as long as short |
| Pacifica ENA | +0.0100% | 1h | 0.2095 | +0.048% | $408K | $500K | 10x | as long as short |
| Binance ENAUSDT | +0.0100% | 4h | 0.2093 | −0.053% | $127.7M | $415.9M | 75x | as long as short |
| Bybit ENAUSDT | +0.0100% | 4h | 0.2093 | −0.048% | $84.9M | $175.8M | 50x | as long as short |
| OKX ENA-USDT-SWAP | +0.0100% | 4h | 0.2095 | +0.053% | $20.7M | $102.0M | 50x | as long as short |
| Ondo Perps ENA-USD.P | +0.0100% | 1h | 0.2089 | −0.224% | $20K | $321K | 5x | as long as short |
| Arcus ENA-USD | +0.0100% | 1h | 0.2092 | −0.081% | $77K | $275K | 10x | as long as short |
| Bulk ENA-USD | +0.0100% | 1h | 0.2107 | +0.635% | $92K | $4K | 10x | as long as short |
| Gate ENA_USDT | +0.0100% | 4h | 0.2095 | +0.048% | $11.0M | $21.7M | 50x | as long as short |
| MEXC ENA_USDT | +0.0100% | 4h | 0.2095 | +0.067% | $45.4M | $41.1M | 200x | as long as short |
| KuCoin ENAUSDTM | +0.0100% | 4h | 0.2096 | +0.119% | $24.5M | $15.6M | 75x | as long as short |
| Bitget ENAUSDT | +0.0100% | 4h | 0.2092 | −0.100% | $47.7M | $57.5M | 75x | as long as short |
| BingX ENA-USDT | +0.0100% | 4h | 0.2095 | +0.072% | — | $32.3M | — | as long as short |
| Variational Omni ENA | +0.0100% | 4h | 0.2097 | +0.177% | $3.1M | $10.1M | — | as long as short |
| edgeX ENAUSDC | +0.0100% | 4h | 0.2093 | −0.017% | $241K | $7.0M | 20x | as long as short |
| GRVT ENA_USDT_Perp | +0.0100% | 4h | 0.2088 | −0.272% | $346K | $4.9M | 10x | as long as short |
| ApeX Omni ENAUSDT | +0.0100% | 1h | 0.2094 | +0.014% | $20K | $649K | 50x | as long as short |
| Polymarket Perps ENA-USD | +0.0100% | 1h | 0.2096 | +0.096% | $178K | $2.3M | 10x | as long as short |
| SunX ENA-USDT | +0.0100% | 4h | 0.2045 | −2.316% | $897 | $844K | 20x | as long as short |
| SoDEX ENA-USD | +0.0100% | 1h | 0.2092 | −0.081% | $4K | $7K | 10x | as long as short |
| HTX ENA-USDT | +0.0100% | 4h | 0.2097 | +0.162% | $271K | $797K | 50x | as long as short |
| Phemex ENAUSDT | +0.0100% | 4h | 0.2093 | −0.033% | $1.8M | $8.8M | 50x | as long as short |
| Extended ENA-USD | +0.0104% | 1h | 0.2091 | −0.115% | $1.6M | $4.1M | 50x | as long as short |
| Aevo ENA-PERP | +0.0104% | 1h | 0.2094 | +0.004% | $73K | $4K | 3x | as long as short |
| dYdX ENA-USD | +0.0155% | 1h | 0.2096 | +0.098% | $138K | $15K | 5x | as long as short |
| Kraken Futures PF_ENAUSD | +0.0245% | 1h | 0.2094 | +0.014% | $2.6M | $4.2M | 50x | as long as short |
| GMX ENA/USD [ETH-USDC] | L +0.0253% / S −0.0213% | 1h | 0.2095 | +0.066% | $51K | — | 100x | as long as short |
| BloFin ENA-USDT | +0.0340% | 4h | 0.2095 | +0.067% | $5.6M | $3.0M | 75x | as long as short |
| Reya ENARUSDPERP | +0.0412% | 1h | 0.2095 | +0.052% | $1K | $5K | 15x | as long as short |
| Coinbase International ENA-PERP-INTX | +0.0632% | 1h | 0.2090 | −0.172% | $851K | $1.5M | 50x | as long as short |
Nado ENA-PERP
Hyperliquid ENA
Aster ENAUSDT
Pacifica ENA
Binance ENAUSDT
Bybit ENAUSDT
OKX ENA-USDT-SWAP
Ondo Perps ENA-USD.P
Arcus ENA-USD
Bulk ENA-USD
Gate ENA_USDT
MEXC ENA_USDT
KuCoin ENAUSDTM
Bitget ENAUSDT
BingX ENA-USDT
Variational Omni ENA
edgeX ENAUSDC
GRVT ENA_USDT_Perp
ApeX Omni ENAUSDT
Polymarket Perps ENA-USD
SunX ENA-USDT
SoDEX ENA-USD
HTX ENA-USDT
Phemex ENAUSDT
Extended ENA-USD
Aevo ENA-PERP
dYdX ENA-USD
Kraken Futures PF_ENAUSD
GMX ENA/USD [ETH-USDC]
BloFin ENA-USDT
Reya ENARUSDPERP
Coinbase International ENA-PERP-INTX