Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.042%

Price spread now: Backpack against Nado−0.083%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$330.333% of the position

Long on Nado Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.060%+$6 on $10k

Price spread, last 4 days (all we have)−0.276%−$28 · spread now −0.083%, 7d avg +0.005%

Together, before fees−0.216%+ Points / potential airdropNado: Active · farm board−$22 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.088% cheaper against Nado than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ENA-PERP	0.2117	0.0100	pay 0.0012% / 1h	33m 15s	$684K	$1.7M	10x
Short	Backpack ENA_USDC_PERP	0.2116	0.0100	get 0.0013% / 1h	33m 15s	$374K	$364K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Nado. 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 NadobpFee BackpackbpOrdersPrice spread, now −0.083%Rate

Funding earned: $0
Price spread: −0.083% → +0.005%: −$8.79
Slippage, 4 orders: −$16.33
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$42.12
Costs to cover: 0.333%
Break-even: 840210876191531.6 days

Slippage from Nado: live order book, just now; Backpack: live order book, 30 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 Nado live order book, just now	1.89 bp	8.2 bp −$8	17.8 bp −$178	doesn't fit	doesn't fit
Sell Backpack live order book, 30 min ago	0.23 bp	10.7 bp −$11	48.0 bp −$480	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	−0.0005%	4h	0.2114	−0.163%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2115	−0.116%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2117	−0.001%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2120	+0.106%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.281%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2119	+0.073%	$55K	$497K	50x	as long as short
dYdX ENA-USD	+0.0096%	1h	0.2117	−0.032%	$140K	$15K	5x	as long as short
Nado ENA-PERPlong	+0.0100%	1h	0.2117	long leg	$684K	$1.7M	10x
Hyperliquid ENA	+0.0100%	1h	0.2120	+0.102%	$113.9M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	+0.106%	$1.5M	$3.0M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2119	+0.084%	$414K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2117	−0.005%	$130.0M	$420.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2114	−0.182%	$86.7M	$175.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2114	−0.163%	$20.8M	$102.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2113	−0.224%	$19K	$360K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2119	+0.073%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	−0.116%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2118	+0.045%	$11.1M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	−0.012%	$45.5M	$41.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2116	−0.050%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2112	−0.238%	$48.1M	$57.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2114	−0.168%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERPshort	+0.0100%	1h	0.2116	−0.083%	$374K	$364K	5x
Variational Omni ENA	+0.0100%	4h	0.2113	−0.218%	$3.4M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2115	−0.126%	$244K	$7.3M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	−0.024%	$353K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	−0.068%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2119	+0.087%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2069	−2.288%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	−0.116%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2121	+0.163%	$277K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2117	−0.021%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2119	+0.069%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2114	−0.148%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	−0.135%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2107	−0.489%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2117	−0.016%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2117	−0.025%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	−0.021%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0392%	1h	0.2119	+0.073%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2118	+0.019%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2119	+0.073%	$833K	$1.5M	50x	as long as short