Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.055%

Price spread now: Kraken Futures against Binance−0.264%54s7-day average +0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$430.427% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.148%+$15 on $10k

Price spread, last 3 days (all we have)+0.904%+$90 · spread now −0.264%, 7d avg +0.078%

Together, before fees+1.052%+$105 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: Kraken Futures is 0.342% cheaper against Binance than usual: you would sell low and buy high, −$34 on $10k if it goes back to its 7-day average of +0.078%. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2109	0.0100	pay 0.0050% / 4h	2h 28m	$130.0M	$467.2M	75x
Short	Kraken Futures PF_ENAUSD	0.2103	0.0104	get 0.0013% / 1h	28m 33s	$2.7M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now −0.264%Rate

Funding earned: $0.78
Price spread: −0.264% → +0.078%: −$34.2
Slippage, 4 orders: −$22.67
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$76.09
Costs to cover: 0.427%
Break-even: 686.2 days

Slippage from Binance: live order book, 15 min ago; Kraken Futures: live order book, 5 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 Binance live order book, 15 min ago	0.24 bp	7.3 bp −$7	11.6 bp −$116	37.0 bp −$3,698	doesn't fit
Sell Kraken Futures live order book, 5 min ago	3.57 bp	13.4 bp −$13	27.2 bp −$272	401.2 bp −$40.1K	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_PERP	−0.0282%	1h	0.2103	−0.254%	$362K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2103	−0.259%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2108	−0.026%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2104	−0.211%	$94K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2108	−0.018%	$97K	—	150x	as long as short
Gate ENA_USDT	+0.0030%	4h	0.2107	−0.078%	$10.5M	$21.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.704%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2095	−0.619%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2107	−0.074%	$60K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2108	−0.039%	$47K	$221	10x	as long as short

Show 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	−0.064%	$661K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2108	−0.036%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2108	−0.024%	$407K	$595K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2109	long leg	$130.0M	$467.2M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.074%	$88.0M	$193.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.050%	$20.3M	$114.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	−0.401%	$19K	$430K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	−0.026%	$82K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	−0.007%	$45.2M	$48.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	+0.017%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2106	−0.112%	$47.6M	$66.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2108	−0.026%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	−0.460%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	−0.420%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2099	−0.433%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2100	−0.406%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2109	+0.026%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2054	−2.597%	$1K	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2102	−0.311%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2107	−0.097%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2102	−0.311%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.385%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0104%	1h	0.2103	−0.264%	$2.7M	$5.8M	50x
Extended ENA-USD	+0.0104%	1h	0.2107	−0.056%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	−0.221%	$77K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0213% / S −0.0161%	1h	0.2103	−0.259%	$50K	—	100x	as long as short
Lighter ENA	+0.0296%	1h	0.2111	+0.097%	$5.7M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0328%	1h	0.2110	+0.083%	$111.3M	$80.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2104	−0.221%	$5.5M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2107	−0.075%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	−0.007%	$805K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.7705%	1h	0.2107	−0.078%	$139K	$15K	5x	as long as short