Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.131%

Price spread now: Kraken Futures against BloFin+0.065%7-day average −0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$660.663% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.305%−$30 on $10k

Price spread, last 3 days (all we have)+0.054%+$5 · spread now +0.065%, 7d avg −0.010%

Together, before fees−0.251%−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.075% dearer against BloFin than usual: you sell high and buy low (spread +0.065% now, against its 7-day average of −0.010%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ENA-USDT	0.2119	0.0340	pay 0.0170% / 4h	3h 36m	$5.6M	$2.8M	75x
Short	Kraken Futures PF_ENAUSD	0.2120	0.0236	get 0.0029% / 1h	36m 38s	$2.7M	$5.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BloFin. 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 BloFinbpFee Kraken FuturesbpOrdersPrice spread, now +0.065%Rate

Funding earned: −$21.94
Price spread: +0.065% → −0.010%: $7.48
Slippage, 4 orders: −$44.33
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$80.78
Costs to cover: 0.663%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Kraken Futures: live order book, 2 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 BloFin live order book, 2 min ago	2.83 bp	11.8 bp −$12	22.0 bp −$220	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	14.40 bp	23.3 bp −$23	28.9 bp −$289	110.9 bp −$11.1K	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	−0.0003%	1h	0.2120	+0.033%	$377K	$415K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2119	−0.019%	$86K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2118	−0.029%	$97K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0024%	4h	0.2118	−0.052%	$41K	$23K	10x	as long as short
dYdX ENA-USD	+0.0033%	1h	0.2119	−0.001%	$140K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.208%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2116	−0.142%	$62K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2118	−0.026%	$674K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2119	−0.007%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2118	−0.057%	$410K	$552K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2117	−0.117%	$131.3M	$445.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	−0.170%	$89.0M	$186.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2118	−0.052%	$20.8M	$109.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2119	−0.024%	$15K	$399K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	+0.047%	$105K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.118%	$89K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2117	−0.109%	$10.8M	$20.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	−0.080%	$46.3M	$44.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	+0.005%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2116	−0.160%	$48.0M	$61.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2117	−0.090%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2118	−0.046%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2117	−0.072%	$247K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	−0.094%	$356K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	−0.047%	$34K	$709K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2119	−0.019%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2069	−2.350%	$805	$828K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2118	−0.047%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2121	+0.109%	$275K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2119	0.000%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.079%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2118	−0.037%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2119	−0.009%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0224%	1h	0.2118	−0.057%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0236%	1h	0.2120	+0.065%	$2.7M	$5.1M	50x
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2118	−0.035%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0272%	1h	0.2117	−0.094%	$1.6M	$4.3M	50x	as long as short
BloFin ENA-USDTlong	+0.0340%	4h	0.2119	long leg	$5.6M	$2.8M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2118	−0.053%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0600%	1h	0.2120	+0.071%	$5.6M	$12.6M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2120	+0.038%	$837K	$1.9M	50x	as long as short
Hyperliquid ENA	+0.0699%	1h	0.2121	+0.080%	$114.4M	$75.3M	10x	as long as short