Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0034%/8h= −3.7% APRpaid last 24h −0.049%

Price spread now: Kraken Futures against Bitget+0.076%7-day average +0.148% · 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−$63as in the Price arb table

costs, in and out, $10k−$560.560% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.128%+$13 on $10k

Price spread, last 3 days (all we have)+0.492%+$49 · spread now +0.076%, 7d avg +0.148%

Together, before fees+0.620%+$62 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Kraken Futures is 0.072% cheaper against Bitget than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.148%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.128%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ENAUSDT	0.2092	0.0100	pay 0.0050% / 4h	1h 22m	$47.3M	$64.9M	75x
Short	Kraken Futures PF_ENAUSD	0.2093	0.0066	get 0.0008% / 1h	22m 37s	$2.6M	$5.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now +0.076%Rate

Funding earned: −$7.07
Price spread: +0.076% → +0.148%: −$7.22
Slippage, 4 orders: −$34.04
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$70.33
Costs to cover: 0.560%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Kraken Futures: 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 Bitget live order book, 1 min ago	0.48 bp	11.1 bp −$11	16.9 bp −$169	36.3 bp −$3,628	doesn't fit
Sell Kraken Futures live order book, 1 min ago	10.75 bp	18.4 bp −$18	27.7 bp −$277	252.4 bp −$25.2K	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	−0.0072%	1h	0.2092	+0.033%	$361K	$447K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0054%	4h	0.2091	−0.029%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2092	+0.014%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2092	+0.006%	$100K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.525%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0066%	1h	0.2093	+0.076%	$2.6M	$5.5M	50x
Popdex ENAUSDT	+0.0096%	1h	0.2094	+0.120%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2093	+0.075%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2091	−0.017%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2093	+0.071%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2093	+0.086%	$405K	$578K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2094	+0.132%	$129.1M	$456.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2094	+0.100%	$87.1M	$191.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	+0.158%	$20.2M	$111.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	+0.057%	$15K	$401K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2094	+0.120%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2088	−0.143%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2093	+0.077%	$10.4M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2093	+0.072%	$45.7M	$46.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2094	+0.129%	$23.8M	$16.5M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2092	long leg	$47.3M	$64.9M	75x
BingX ENA-USDC	+0.0100%	4h	0.2093	+0.072%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.106%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	+0.051%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	+0.120%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2094	+0.120%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2092	+0.024%	$181K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2042	−2.381%	$835	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2092	+0.024%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2095	+0.172%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2091	−0.024%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2091	0.000%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2091	−0.005%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0128%	1h	0.2095	+0.172%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0236% / S −0.0402%	1h	0.2091	−0.037%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0320%	1h	0.2093	+0.060%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2092	0.000%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2091	−0.008%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0512%	1h	0.2096	+0.196%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	+0.287%	$806K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0580%	1h	0.2096	+0.206%	$110.6M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1963%	1h	0.2091	−0.019%	$138K	$15K	5x	as long as short