Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0364%/8h= −39.8% APRpaid last 24h −0.037%

Price spread now: Backpack against edgeX−0.034%85s7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as 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−$400.398% of the position

Long on edgeX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$1 on $10k

Price spread, last 4 days (all we have)−0.597%−$60 · spread now −0.034%, 7d avg −0.004%

Together, before fees−0.582%+ Points / potential airdropedgeX: Active · farm board−$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Backpack is 0.030% cheaper against edgeX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.004%). Swap the legs. The two prices were read 85 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 0.015% in total (about 0.8% 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	edgeX ENAUSDC	0.2109	0.0100	pay 0.0050% / 4h	2h 23m	$251K	$8.0M	20x
Short	Backpack ENA_USDC_PERP	0.2108	−0.0264	pay 0.0033% / 1h	23m 56s	$363K	$484K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against edgeX. 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 edgeXbpFee BackpackbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$76.34
Price spread: −0.034% → −0.004%: −$3.03
Slippage, 4 orders: −$20.8
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$119.16
Costs to cover: 0.398%
Break-even: never at this rate

Slippage from edgeX: live order book, 5 min ago; Backpack: live order book, 64 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 edgeX live order book, 5 min ago	7.12 bp	11.6 bp −$12	13.1 bp −$131	44.2 bp −$4,417	doesn't fit
Sell Backpack live order book, 64 min ago	1.64 bp	8.6 bp −$9	41.9 bp −$419	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	−0.0264%	1h	0.2108	−0.034%	$363K	$484K	5x
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2107	−0.100%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2106	−0.110%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2108	−0.048%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2107	−0.077%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.701%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0044%	4h	0.2107	−0.077%	$10.5M	$21.6M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2104	−0.238%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	−0.124%	$60K	$540K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	−0.134%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2106	−0.136%	$661K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2108	−0.024%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2107	−0.073%	$407K	$595K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2108	−0.042%	$130.0M	$466.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2108	−0.043%	$88.0M	$193.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	−0.020%	$20.3M	$114.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2113	+0.198%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	−0.029%	$82K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	−0.039%	$45.8M	$49.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2107	−0.053%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	−0.086%	$47.7M	$66.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2107	−0.077%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2111	+0.124%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDClong	+0.0100%	4h	0.2109	long leg	$251K	$8.0M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	+0.069%	$360K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2110	+0.066%	$33K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2107	−0.086%	$184K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2056	−2.491%	$1K	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	−0.077%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.118%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2106	−0.124%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.388%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2107	−0.061%	$2.7M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2107	−0.060%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	−0.057%	$77K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0162%	1h	0.2107	−0.068%	$50K	—	100x	as long as short
Lighter ENA	+0.0320%	1h	0.2110	+0.066%	$5.7M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2108	−0.024%	$5.5M	$8.2M	75x	as long as short
Hyperliquid ENA	+0.0340%	1h	0.2110	+0.080%	$111.3M	$80.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.145%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2113	+0.208%	$807K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.6999%	1h	0.2108	−0.053%	$139K	$15K	5x	as long as short