Funding you earn now, next payment 05:00 UTC−0.0311%/8h= −34.0% APRnext payment −$0.39 per $10,000 · paid last 24h −0.042%
Price spread now: Backpack against Popdex+0.298%7-day average +0.051% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$11as in the Price arb table
costs, in and out, $10k−$350.354% of the position
Funding, last 4 days (all we have)+0.083%+$8 on $10k
+Price spread, last 4 days (all we have)−0.231%−$23 · spread now +0.298%, 7d avg +0.051%
=The price spread pays, funding is against you. Backpack is 0.247% dearer against Popdex than usual: you sell high and buy low (spread +0.298% now, against its 7-day average of +0.051%): +$25 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 2.7 days. Mind the row above: over the last 4 days funding on this pair paid +0.083%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.083% in total (about 8.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.39 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 | Popdex ENAUSDT | 0.2112 | 0.0096 | pay 0.0012% / 1h | 52m 40s | $56K | $464K | 50x |
| Short | Backpack ENA_USDC_PERP | 0.2118 | −0.0215 | pay 0.0027% / 1h | 52m 40s | $362K | $401K | 5x |
Popdex ENAUSDT
Backpack ENA_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Popdex. 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
- −$65.27
- Price spread: +0.298% → +0.051%
- $24.73
- Slippage, 4 orders
- −$18.98
- Fee Popdex: 3.2 bp × 2 orders
- −$6.4
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$75.93
- Costs to cover
- 0.354%
- Break-even
- never at this rate
Slippage from Popdex: live order book, 1 min ago; Backpack: live order book, 1 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 Popdex live order book, 1 min ago | 1.42 bp | 9.7 bp −$10 | 87.9 bp −$879 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 1 min ago | 0.71 bp | 8.1 bp −$8 | 36.6 bp −$366 | 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 | −0.0215% | 1h | 0.2118 | +0.298% | $362K | $401K | 5x | |
| Phemex ENAUSDT | −0.0135% | 4h | 0.2118 | +0.284% | $1.8M | $8.9M | 50x | as long as short |
| Orderly PERP_ENA_USDC | −0.0085% | 4h | 0.2116 | +0.208% | $44K | $25K | 10x | as long as short |
| Deribit ENA_USDC-PERPETUAL | 0.0000% | 1h | 0.2117 | +0.256% | $73K | $1.1M | 50x | as long as short |
| gTrade (Gains Network) ENA/USD | L +0.0004% / S −0.0004% | 1h | 0.2116 | +0.206% | $82K | — | 150x | as long as short |
| Injective ENA/USDC PERP | +0.0033% | 1h | 0.2123 | +0.540% | $522 | $57K | 5.5x | as long as short |
| dYdX ENA-USD | +0.0054% | 1h | 0.2114 | +0.074% | $140K | $15K | 5x | as long as short |
| 01 Exchange ENAUSD | +0.0064% | 1h | 0.2113 | +0.062% | $4K | $302 | 10x | as long as short |
| Popdex ENAUSDTlong | +0.0096% | 1h | 0.2112 | long leg | $56K | $464K | 50x | |
| Paradex ENA-USD-PERP | +0.0100% | 8h | 0.2113 | +0.032% | $47K | $110 | 10x | as long as short |
Phemex ENAUSDT
Orderly PERP_ENA_USDC
Deribit ENA_USDC-PERPETUAL
gTrade (Gains Network) ENA/USD
Injective ENA/USDC PERP
dYdX ENA-USD
01 Exchange ENAUSD
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 | 0.2115 | +0.121% | $657K | $1.7M | 10x | as long as short |
| Aster ENAUSDT | +0.0100% | 4h | 0.2115 | +0.141% | $1.5M | $3.2M | 50x | as long as short |
| Pacifica ENA | +0.0100% | 1h | 0.2115 | +0.138% | $403K | $511K | 10x | as long as short |
| Binance ENAUSDT | +0.0100% | 4h | 0.2114 | +0.108% | $128.6M | $415.4M | 75x | as long as short |
| Bybit ENAUSDT | +0.0100% | 4h | 0.2113 | +0.038% | $85.4M | $175.3M | 50x | as long as short |
| OKX ENA-USDT-SWAP | +0.0100% | 4h | 0.2114 | +0.071% | $21.1M | $104.0M | 50x | as long as short |
| Ondo Perps ENA-USD.P | +0.0100% | 1h | 0.2114 | +0.114% | $20K | $325K | 5x | as long as short |
| Arcus ENA-USD | +0.0100% | 1h | 0.2114 | +0.095% | $79K | $276K | 10x | as long as short |
| Bulk ENA-USD | +0.0100% | 1h | 0.2115 | +0.158% | $93K | $4K | 10x | as long as short |
| Gate ENA_USDT | +0.0100% | 4h | 0.2114 | +0.076% | $11.1M | $22.1M | 50x | as long as short |
| MEXC ENA_USDT | +0.0100% | 4h | 0.2114 | +0.104% | $46.1M | $40.9M | 200x | as long as short |
| KuCoin ENAUSDTM | +0.0100% | 4h | 0.2116 | +0.180% | $25.0M | $15.6M | 75x | as long as short |
| Bitget ENAUSDT | +0.0100% | 4h | 0.2112 | −0.024% | $48.0M | $57.8M | 75x | as long as short |
| BingX ENA-USDT | +0.0100% | 4h | 0.2113 | +0.043% | — | $32.1M | — | as long as short |
| Variational Omni ENA | +0.0100% | 4h | 0.2108 | −0.200% | $3.0M | $10.0M | — | as long as short |
| edgeX ENAUSDC | +0.0100% | 4h | 0.2109 | −0.125% | $243K | $6.9M | 20x | as long as short |
| GRVT ENA_USDT_Perp | +0.0100% | 4h | 0.2111 | −0.060% | $352K | $5.0M | 10x | as long as short |
| ApeX Omni ENAUSDT | +0.0100% | 1h | 0.2112 | 0.000% | $20K | $649K | 50x | as long as short |
| Polymarket Perps ENA-USD | +0.0100% | 1h | 0.2116 | +0.189% | $178K | $2.3M | 10x | as long as short |
| SunX ENA-USDT | +0.0100% | 4h | 0.2064 | −2.263% | $1K | $852K | 20x | as long as short |
| SoDEX ENA-USD | +0.0100% | 1h | 0.2117 | +0.237% | $4K | $7K | 10x | as long as short |
| HTX ENA-USDT | +0.0100% | 4h | 0.2119 | +0.322% | $274K | $793K | 50x | as long as short |
| Lighter ENA | +0.0104% | 1h | 0.2117 | +0.227% | $5.2M | $13.2M | 10x | as long as short |
| Extended ENA-USD | +0.0104% | 1h | 0.2112 | −0.006% | $1.6M | $4.2M | 50x | as long as short |
| Aevo ENA-PERP | +0.0104% | 1h | 0.2117 | +0.260% | $74K | $4K | 3x | as long as short |
| Phoenix ENA | +0.0113% | 1h | 0.2109 | −0.133% | $8K | $274K | 10x | as long as short |
| Kraken Futures PF_ENAUSD | +0.0172% | 1h | 0.2119 | +0.336% | $2.6M | $4.3M | 50x | as long as short |
| GMX ENA/USD [ETH-USDC] | L +0.0306% / S −0.0358% | 1h | 0.2117 | +0.215% | $70K | — | 100x | as long as short |
| BloFin ENA-USDT | +0.0340% | 4h | 0.2114 | +0.109% | $5.6M | $3.0M | 75x | as long as short |
| Hyperliquid ENA | +0.0379% | 1h | 0.2117 | +0.241% | $115.4M | $74.0M | 10x | as long as short |
| Reya ENARUSDPERP | +0.0412% | 1h | 0.2115 | +0.137% | $1K | $5K | 15x | as long as short |
| Coinbase International ENA-PERP-INTX | +0.0656% | 1h | 0.2120 | +0.374% | $866K | $1.7M | 50x | 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
Bulk ENA-USD
Gate ENA_USDT
MEXC ENA_USDT
KuCoin ENAUSDTM
Bitget ENAUSDT
BingX ENA-USDT
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
Lighter ENA
Extended ENA-USD
Aevo ENA-PERP
Phoenix ENA
Kraken Futures PF_ENAUSD
GMX ENA/USD [ETH-USDC]
BloFin ENA-USDT
Hyperliquid ENA
Reya ENARUSDPERP
Coinbase International ENA-PERP-INTX