Funding you earn now, next payment 21:00 UTC−0.0358%/8h= −39.2% APRnext payment −$0.45 per $10,000 · paid last 24h −0.052%
Price spread now: Backpack against Phoenix+0.367%7-day average −0.067% · you sell dearer than you buy
Net, funding: paid 7d − costs−$57as in the Funding arb table
Net, price: spread back to 7d avg − costs−$6as in the Price arb table
costs, in and out, $10k−$500.499% of the position
Funding, last 7 days−0.070%−$7 on $10k
+Price spread, last 3 days (all we have)−0.692%−$69 · spread now +0.367%, 7d avg −0.067%
=The price spread pays, funding is against you. Backpack is 0.434% dearer against Phoenix than usual: you sell high and buy low (spread +0.367% now, against its 7-day average of −0.067%): +$43 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 4.0 days. At the pace of the last 7 days (−0.070% in total) that is about 43 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.070% in total (about -3.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.45 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 | Phoenix ENA | 0.2095 | 0.0076 | pay 0.0009% / 1h | 28m 26s | $5K | $394K | 10x |
| Short | Backpack ENA_USDC_PERP | 0.2103 | −0.0282 | pay 0.0035% / 1h | 28m 26s | $362K | $485K | 5x |
Phoenix ENA
Backpack ENA_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phoenix. 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
- −$75.17
- Price spread: +0.367% → −0.067%
- $43.4
- Slippage, 4 orders
- −$32.89
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$81.67
- Costs to cover
- 0.499%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 58 min ago; Backpack: live order book, 60 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 Phoenix live order book, 58 min ago | 1.87 bp | 16.7 bp −$17 | 59.4 bp −$594 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 60 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 | −0.0282% | 1h | 0.2103 | +0.367% | $362K | $485K | 5x | |
| Orderly PERP_ENA_USDC | −0.0081% | 4h | 0.2103 | +0.363% | $41K | $23K | 10x | as long as short |
| 01 Exchange ENAUSD | −0.0024% | 1h | 0.2108 | +0.597% | $4K | $432 | 10x | as long as short |
| Deribit ENA_USDC-PERPETUAL | 0.0000% | 1h | 0.2104 | +0.410% | $94K | $1.9M | 50x | as long as short |
| gTrade (Gains Network) ENA/USD | L +0.0003% / S −0.0003% | 1h | 0.2108 | +0.605% | $97K | — | 150x | as long as short |
| Gate ENA_USDT | +0.0030% | 4h | 0.2107 | +0.544% | $10.5M | $21.6M | 50x | as long as short |
| Injective ENA/USDC PERP | +0.0033% | 1h | 0.2123 | +1.331% | $522 | $57K | 5.5x | as long as short |
| Phoenix ENAlong | +0.0076% | 1h | 0.2095 | long leg | $5K | $394K | 10x | |
| Popdex ENAUSDT | +0.0096% | 1h | 0.2107 | +0.549% | $60K | $541K | 50x | as long as short |
| Paradex ENA-USD-PERP | +0.0100% | 8h | 0.2108 | +0.583% | $47K | $221 | 10x | as long as short |
Orderly PERP_ENA_USDC
01 Exchange ENAUSD
Deribit ENA_USDC-PERPETUAL
gTrade (Gains Network) ENA/USD
Gate ENA_USDT
Injective ENA/USDC PERP
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 | 0.2107 | +0.558% | $661K | $1.8M | 10x | as long as short |
| Aster ENAUSDT | +0.0100% | 4h | 0.2108 | +0.587% | $1.5M | $3.3M | 50x | as long as short |
| Pacifica ENA | +0.0100% | 1h | 0.2108 | +0.598% | $407K | $595K | 10x | as long as short |
| Binance ENAUSDT | +0.0100% | 4h | 0.2109 | +0.623% | $130.0M | $467.2M | 75x | as long as short |
| Bybit ENAUSDT | +0.0100% | 4h | 0.2107 | +0.549% | $88.0M | $193.8M | 50x | as long as short |
| OKX ENA-USDT-SWAP | +0.0100% | 4h | 0.2107 | +0.573% | $20.3M | $114.6M | 50x | as long as short |
| Ondo Perps ENA-USD.P | +0.0100% | 1h | 0.2100 | +0.220% | $19K | $430K | 5x | as long as short |
| Arcus ENA-USD | +0.0100% | 1h | 0.2108 | +0.597% | $82K | $223K | 10x | as long as short |
| MEXC ENA_USDT | +0.0100% | 4h | 0.2108 | +0.616% | $45.2M | $48.9M | 200x | as long as short |
| KuCoin ENAUSDTM | +0.0100% | 4h | 0.2109 | +0.639% | $24.4M | $16.6M | 75x | as long as short |
| Bitget ENAUSDT | +0.0100% | 4h | 0.2106 | +0.511% | $47.6M | $66.7M | 75x | as long as short |
| BingX ENA-USDC | +0.0100% | 4h | 0.2108 | +0.597% | — | $6.5M | — | as long as short |
| Variational Omni ENA | +0.0100% | 4h | 0.2099 | +0.160% | $3.6M | $10.1M | — | as long as short |
| edgeX ENAUSDC | +0.0100% | 4h | 0.2100 | +0.200% | $249K | $8.0M | 20x | as long as short |
| GRVT ENA_USDT_Perp | +0.0100% | 4h | 0.2099 | +0.187% | $359K | $4.6M | 10x | as long as short |
| ApeX Omni ENAUSDT | +0.0100% | 1h | 0.2100 | +0.215% | $32K | $712K | 50x | as long as short |
| Polymarket Perps ENA-USD | +0.0100% | 1h | 0.2109 | +0.649% | $183K | $3.0M | 10x | as long as short |
| SunX ENA-USDT | +0.0100% | 4h | 0.2054 | −1.990% | $1K | $807K | 20x | as long as short |
| SoDEX ENA-USD | +0.0100% | 1h | 0.2102 | +0.310% | $4K | $14K | 10x | as long as short |
| HTX ENA-USDT | +0.0100% | 4h | 0.2107 | +0.525% | $273K | $1.6M | 50x | as long as short |
| Phemex ENAUSDT | +0.0100% | 4h | 0.2102 | +0.310% | $1.9M | $9.3M | 50x | as long as short |
| Bulk ENA-USD | +0.0100% | 1h | 0.2100 | +0.235% | $89K | $2K | 10x | as long as short |
| Kraken Futures PF_ENAUSD | +0.0104% | 1h | 0.2103 | +0.357% | $2.7M | $5.8M | 50x | as long as short |
| Extended ENA-USD | +0.0104% | 1h | 0.2107 | +0.566% | $1.6M | $4.2M | 50x | as long as short |
| Aevo ENA-PERP | +0.0104% | 1h | 0.2104 | +0.401% | $77K | $11K | 3x | as long as short |
| GMX ENA/USD [ETH-USDC] | L +0.0213% / S −0.0161% | 1h | 0.2103 | +0.362% | $50K | — | 100x | as long as short |
| Lighter ENA | +0.0296% | 1h | 0.2111 | +0.721% | $5.7M | $13.2M | 10x | as long as short |
| Hyperliquid ENA | +0.0328% | 1h | 0.2110 | +0.706% | $111.3M | $80.9M | 10x | as long as short |
| BloFin ENA-USDT | +0.0340% | 4h | 0.2104 | +0.401% | $5.5M | $8.2M | 75x | as long as short |
| Reya ENARUSDPERP | +0.0412% | 1h | 0.2107 | +0.547% | $1K | $5K | 15x | as long as short |
| Coinbase International ENA-PERP-INTX | +0.0536% | 1h | 0.2108 | +0.616% | $805K | $2.2M | 50x | as long as short |
| dYdX ENA-USD | +0.7705% | 1h | 0.2107 | +0.545% | $139K | $15K | 5x | as long as short |
Nado ENA-PERP
Aster ENAUSDT
Pacifica ENA
Binance ENAUSDT
Bybit ENAUSDT
OKX ENA-USDT-SWAP
Ondo Perps ENA-USD.P
Arcus ENA-USD
MEXC ENA_USDT
KuCoin ENAUSDTM
Bitget ENAUSDT
BingX ENA-USDC
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
Bulk ENA-USD
Kraken Futures PF_ENAUSD
Extended ENA-USD
Aevo ENA-PERP
GMX ENA/USD [ETH-USDC]
Lighter ENA
Hyperliquid ENA
BloFin ENA-USDT
Reya ENARUSDPERP
Coinbase International ENA-PERP-INTX
dYdX ENA-USD