ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0192%/8h= +21.0% APRnext payment +$0.24 per $10,000 · paid last 24h −0.035%

Price spread now: Backpack against Polymarket Perps−0.089%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs+$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$300.295% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.321%+$32 on $10k

Price spread, last 4 days (all we have)−0.369%−$37 · spread now −0.089%, 7d avg −0.022%

Together, before fees−0.047%−$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.068% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.089% now, against its 7-day average of −0.022%). If the spread goes back, that is −$7 on $10k: about 28 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ENA-USD	0.2125	0.0100	pay 0.0013% / 1h	55m 46s	$175K	$2.7M	10x
Short	Backpack ENA_USDC_PERP	0.2124	0.0292	get 0.0036% / 1h	55m 46s	$411K	$477K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now −0.089%Rate

Funding earned: $40.26
Price spread: −0.089% → −0.022%: −$6.75
Slippage, 4 orders: −$11.53
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $3.98
Costs to cover: 0.295%
Break-even: 6.3 days

Slippage from Polymarket Perps: live order book, 8 min ago; Backpack: live order book, 43 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 Polymarket Perps live order book, 8 min ago	2.84 bp	6.8 bp −$7	10.4 bp −$104	13411.4 bp −$1.34M	doesn't fit
Sell Backpack live order book, 43 min ago	0.71 bp	8.1 bp −$8	43.4 bp −$434	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
Phemex ENAUSDT	−0.2111%	4h	0.2125	−0.019%	$1.9M	$9.0M	50x	as long as short
GRVT ENA_USDT_Perp	−0.0452%	4h	0.2123	−0.106%	$359K	$4.7M	10x	as long as short
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2123	−0.118%	$44K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0072%	1h	0.2127	+0.056%	$4K	$277	10x	as long as short
dYdX ENA-USD	0.0000%	1h	0.2127	+0.084%	$141K	$16K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2124	−0.052%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2124	−0.077%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.094%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	−0.019%	$53K	$486K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	−0.073%	$570K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2119	−0.292%	$115.0M	$75.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	−0.238%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2129	+0.151%	$410K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2118	−0.329%	$128.7M	$426.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2118	−0.353%	$88.4M	$192.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2118	−0.329%	$21.2M	$108.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2131	+0.259%	$33K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2127	+0.075%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	+0.052%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2118	−0.353%	$13.3M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	−0.419%	$39.3M	$42.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	−0.287%	$24.9M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2116	−0.438%	$48.0M	$60.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2118	−0.367%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2123	−0.122%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2126	+0.048%	$257K	$7.0M	20x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	−0.019%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USDlong	+0.0100%	1h	0.2125	long leg	$175K	$2.7M	10x
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.320%	$1K	$913K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2123	−0.113%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.165%	$267K	$807K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	+0.047%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2115	−0.471%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2124	−0.072%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0112%	1h	0.2125	0.000%	$5.0M	$12.5M	10x	as long as short
Phoenix ENA	+0.0190%	1h	0.2134	+0.400%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0196%	1h	0.2124	−0.050%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERPshort	+0.0292%	1h	0.2124	−0.089%	$411K	$477K	5x
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0754%	1h	0.2124	−0.064%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2134	+0.381%	$4.8M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	−0.084%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2138	+0.579%	$803K	$2.0M	50x	as long as short