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 BingX+0.043%7-day average +0.101% · 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−$60as in the Price arb table

costs, in and out, $10k−$540.540% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 3 days (all we have)+0.641%+$64 · spread now +0.043%, 7d avg +0.101%

Together, before fees+0.751%+$75 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 0.059% cheaper against BingX than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.101%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDC	0.2099	0.0100	pay 0.0050% / 4h	2h 30m	—	$6.5M	—
Short	Kraken Futures PF_ENAUSD	0.2099	0.0104	get 0.0013% / 1h	30m 46s	$2.6M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now +0.043%Rate

Funding earned: $0.82
Price spread: +0.043% → +0.101%: −$5.87
Slippage, 4 orders: −$33.96
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$59.01
Costs to cover: 0.540%
Break-even: 510.5 days

Slippage from BingX: live order book, 10 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 BingX live order book, 10 min ago	0.72 bp	12.3 bp −$12	24.1 bp −$241	65.4 bp −$6,541	502.9 bp −$251.4K
Sell Kraken Futures live order book, 3 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	−0.0300%	1h	0.2100	+0.076%	$361K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2099	+0.019%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2100	+0.052%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2100	+0.052%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2100	+0.057%	$96K	—	150x	as long as short
Gate ENA_USDT	+0.0006%	4h	0.2099	0.000%	$10.4M	$21.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.182%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2095	−0.148%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2100	+0.067%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2099	+0.017%	$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	0.2099	+0.012%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2101	+0.102%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2100	+0.059%	$403K	$585K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2099	+0.033%	$129.4M	$467.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2098	−0.014%	$87.7M	$193.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	+0.033%	$20.3M	$114.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2101	+0.100%	$19K	$435K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2099	+0.019%	$82K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	+0.024%	$45.2M	$48.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2100	+0.067%	$24.3M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2098	−0.038%	$47.5M	$66.7M	75x	as long as short
BingX ENA-USDClong	+0.0100%	4h	0.2099	long leg	—	$6.5M	—
Variational Omni ENA	+0.0100%	4h	0.2092	−0.316%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2097	−0.064%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	−0.239%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2097	−0.076%	$32K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2101	+0.124%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.387%	$898	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2099	+0.019%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	+0.210%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2099	+0.019%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.087%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0104%	1h	0.2099	+0.043%	$2.6M	$5.8M	50x
Extended ENA-USD	+0.0104%	1h	0.2098	−0.007%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2100	+0.053%	$77K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0213% / S −0.0161%	1h	0.2100	+0.063%	$50K	—	100x	as long as short
Lighter ENA	+0.0280%	1h	0.2102	+0.152%	$5.7M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0306%	1h	0.2102	+0.142%	$110.9M	$80.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2101	+0.114%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	+0.029%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	+0.467%	$805K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.8354%	1h	0.2100	+0.057%	$139K	$15K	5x	as long as short