Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0199%/8h= −21.8% APRpaid last 24h −0.044%

Price spread now: Kraken Futures against Bybit+0.082%7-day average +0.109% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$530.534% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.242%+$24 on $10k

Price spread, last 4 days (all we have)+0.347%+$35 · spread now +0.082%, 7d avg +0.109%

Together, before fees+0.589%+$59 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Kraken Futures is 0.027% cheaper against Bybit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.109%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.242%, 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	Bybit ENAUSDT	0.2094	0.0100	pay 0.0050% / 4h	11m 11s	$84.2M	$180.9M	50x
Short	Kraken Futures PF_ENAUSD	0.2096	−0.0099	pay 0.0012% / 1h	11m 11s	$2.6M	$3.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.082%Rate

Funding earned: −$41.87
Price spread: +0.082% → +0.109%: −$2.74
Slippage, 4 orders: −$32.36
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$97.97
Costs to cover: 0.534%
Break-even: never at this rate

Slippage from Bybit: 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 Bybit live order book, 1 min ago	0.24 bp	10.0 bp −$10	18.0 bp −$180	62.9 bp −$6,293	doesn't fit
Sell Kraken Futures live order book, 1 min ago	9.54 bp	18.6 bp −$19	24.5 bp −$245	119.4 bp −$11.9K	doesn't fit

ENA on 42 exchanges

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
Orderly PERP_ENA_USDC	−0.0148%	4h	0.2093	−0.043%	$43K	$16K	10x	as long as short
Kraken Futures PF_ENAUSDshort	−0.0099%	1h	0.2096	+0.082%	$2.6M	$3.0M	50x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	+0.033%	$65K	$1.0M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2095	+0.056%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+1.323%	$734	$57K	5.5x	as long as short
Phoenix ENA	+0.0038%	1h	0.2102	+0.358%	$13K	$290K	10x	as long as short
01 Exchange ENAUSD	+0.0072%	1h	0.2097	+0.124%	$4K	—	10x	as long as short
Bitget ENAUSDT	+0.0080%	4h	0.2092	−0.081%	$47.4M	$52.9M	75x	as long as short
Lighter ENA	+0.0096%	1h	0.2097	+0.110%	$5.0M	$12.2M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	+0.038%	$52K	$389K	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	+0.060%	$47K	—	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2096	+0.096%	$544K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2096	+0.091%	$111.9M	$74.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2096	+0.066%	$1.2M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2097	+0.115%	$381K	$481K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	+0.023%	$124.2M	$395.4M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2094	long leg	$84.2M	$180.9M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2094	+0.010%	$20.5M	$95.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	+0.267%	$37K	$295K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	+0.134%	$78K	$213K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	+0.242%	$103K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2095	+0.048%	$14.4M	$27.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2095	+0.038%	$43.6M	$40.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2095	+0.048%	$24.7M	$14.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2094	+0.014%	—	$28.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2095	+0.043%	$404K	$449K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2099	+0.213%	$2.8M	$7.6M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2099	+0.223%	$240K	$6.4M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2099	+0.229%	$357K	$4.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	+0.372%	$19K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2095	+0.062%	$121K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.330%	$1K	$934K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2095	+0.038%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2098	+0.191%	$270K	$743K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2094	−0.010%	$1.7M	$9.2M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2095	+0.024%	$1.6M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	+0.304%	$74K	$4K	3x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	+0.062%	$5.4M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2094	+0.010%	$1K	—	15x	as long as short
dYdX ENA-USD	+0.0491%	1h	0.2099	+0.216%	$139K	$17K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0520%	1h	0.2099	+0.205%	$766K	$1.7M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0522% / S −0.0754%	1h	0.2095	+0.045%	$58K	—	100x	as long as short