ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0510%/8h= +55.8% APRnext payment +$0.64 per $10,000 · paid last 24h −0.019%

Price spread now: Kraken Futures against Backpack+0.054%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$530.527% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.094%+$9 on $10k

Price spread, last 3 days (all we have)+0.597%+$60 · spread now +0.054%, 7d avg +0.037%

Together, before fees+0.691%+$69 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.037%, so right now this pair is about funding alone: +$15 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.094% in total (about 4.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.64 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	Backpack ENA_USDC_PERP	0.2094	−0.0405	get 0.0051% / 1h	46m 01s	$360K	$487K	5x
Short	Kraken Futures PF_ENAUSD	0.2095	0.0104	get 0.0013% / 1h	46m 01s	$2.7M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Backpack. 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 BackpackbpFee Kraken FuturesbpOrdersPrice spread, now +0.054%Rate

Funding earned: $107
Price spread: +0.054% → +0.037%: $1.66
Slippage, 4 orders: −$32.67
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $55.99
Costs to cover: 0.527%
Break-even: 3.3 days

Slippage from Backpack: live order book, 42 min ago; Kraken Futures: live order book, 3 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 Backpack live order book, 42 min ago	1.64 bp	7.9 bp −$8	39.8 bp −$398	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	8.11 bp	17.5 bp −$17	28.2 bp −$282	380.0 bp −$38.0K	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_PERPlong	−0.0405%	1h	0.2094	long leg	$360K	$487K	5x
Orderly PERP_ENA_USDC	−0.0092%	4h	0.2094	+0.010%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0064%	1h	0.2095	+0.057%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0036%	4h	0.2092	−0.072%	$10.4M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	+0.067%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2096	+0.094%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.409%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2096	+0.105%	$5K	$394K	10x	as long as short
ApeX Omni ENAUSDT	+0.0086%	1h	0.2097	+0.148%	$32K	$711K	50x	as long as short
Lighter ENA	+0.0096%	1h	0.2096	+0.086%	$5.6M	$13.1M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ENAUSDT	+0.0096%	1h	0.2094	+0.005%	$59K	$542K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2094	+0.001%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2094	+0.007%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2095	+0.043%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	+0.060%	$402K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2093	−0.026%	$129.2M	$470.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2092	−0.067%	$87.6M	$194.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2093	−0.029%	$20.1M	$114.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2096	+0.096%	$19K	$444K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2095	+0.053%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.291%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2092	−0.067%	$45.0M	$48.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2095	+0.033%	$24.2M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2092	−0.100%	$47.4M	$66.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2093	−0.053%	—	$32.0M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2095	+0.041%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2097	+0.151%	$251K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2097	+0.148%	$357K	$4.6M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	+0.129%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.354%	$684	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2093	−0.043%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.258%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2092	−0.091%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2093	−0.065%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	+0.037%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0104%	1h	0.2095	+0.054%	$2.7M	$5.8M	50x
GMX ENA/USD [ETH-USDC]	L +0.0211% / S −0.0159%	1h	0.2095	+0.070%	$50K	—	100x	as long as short
Hyperliquid ENA	+0.0238%	1h	0.2096	+0.110%	$111.3M	$80.8M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	+0.033%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	+0.031%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.330%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.8497%	1h	0.2095	+0.069%	$138K	$12K	5x	as long as short