Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0070%/8h= −7.6% APRpaid last 24h −0.041%

Price spread now: Backpack against KuCoin+0.047%7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$500.498% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.104%+$10 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now +0.047%, 7d avg +0.022%

Together, before fees+0.031%+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.026% dearer against KuCoin than usual: you sell high and buy low (spread +0.047% now, against its 7-day average of +0.022%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 29 hours. Mind the row above: over the last 7 days funding on this pair paid +0.104%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2115	0.0100	pay 0.0050% / 4h	23m 42s	$24.4M	$16.4M	75x
Short	Backpack ENA_USDC_PERP	0.2116	0.0030	get 0.0004% / 1h	23m 42s	$374K	$445K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$14.61
Price spread: +0.047% → +0.022%: $2.55
Slippage, 4 orders: −$27.77
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$61.83
Costs to cover: 0.498%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; Backpack: live order book, 55 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 KuCoin live order book, 5 min ago	3.06 bp	14.7 bp −$15	30.1 bp −$301	doesn't fit	doesn't fit
Sell Backpack live order book, 55 min ago	0.24 bp	8.9 bp −$9	38.6 bp −$386	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	−0.0008%	4h	0.2115	+0.005%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2117	+0.071%	$92K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2118	+0.119%	$97K	—	150x	as long as short
Backpack ENA_USDC_PERPshort	+0.0030%	1h	0.2116	+0.047%	$374K	$445K	5x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.397%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2116	+0.047%	$61K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.085%	$678K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2117	+0.102%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2116	+0.038%	$409K	$562K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	+0.061%	$130.7M	$452.5M	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	0.2115	+0.009%	$88.8M	$189.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	+0.071%	$20.5M	$110.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2119	+0.208%	$15K	$404K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2117	+0.095%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	+0.071%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	+0.033%	$10.8M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	+0.066%	$46.5M	$45.5M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2115	long leg	$24.4M	$16.4M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2114	−0.024%	$47.9M	$64.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2116	+0.052%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2123	+0.393%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2119	+0.202%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2127	+0.571%	$355K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	+0.142%	$32K	$709K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	+0.123%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.359%	$1K	$825K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	+0.047%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.388%	$275K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	+0.047%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	+0.032%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	+0.034%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.657%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2118	+0.137%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0208%	1h	0.2115	+0.020%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2117	+0.117%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2117	+0.103%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2121	+0.279%	$5.6M	$6.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2116	+0.063%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0504%	1h	0.2117	+0.095%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2131	+0.738%	$841K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0762%	1h	0.2118	+0.122%	$114.0M	$78.3M	10x	as long as short
dYdX ENA-USD	+0.1686%	1h	0.2117	+0.080%	$140K	$15K	5x	as long as short