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 −0.060%

Price spread now: Kraken Futures against edgeX+0.045%76s7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as 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−$570.565% of the position

Long on edgeX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.111%+$11 on $10k

Price spread, last 3 days (all we have)+0.709%+$71 · spread now +0.045%, 7d avg +0.055%

Together, before fees+0.820%+ Points / potential airdropedgeX: Active · farm board+$82 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.055%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.111%, so the current rate has only just turned against you. The two prices were read 76 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	edgeX ENAUSDC	0.2092	0.0100	pay 0.0050% / 4h	1h 31m	$248K	$7.8M	20x
Short	Kraken Futures PF_ENAUSD	0.2093	0.0066	get 0.0008% / 1h	31m 45s	$2.6M	$5.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against edgeX. 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 edgeXbpFee Kraken FuturesbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$7.07
Price spread: +0.045% → +0.055%: −$0.96
Slippage, 4 orders: −$37.52
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$64.55
Costs to cover: 0.565%
Break-even: never at this rate

Slippage from edgeX: 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 edgeX live order book, 2 min ago	7.16 bp	11.7 bp −$12	13.2 bp −$132	44.3 bp −$4,433	doesn't fit
Sell Kraken Futures live order book, 2 min ago	8.82 bp	18.4 bp −$18	26.6 bp −$266	251.5 bp −$25.1K	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	−0.0081%	1h	0.2093	+0.033%	$361K	$461K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0064%	4h	0.2091	−0.058%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2091	−0.034%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2091	−0.041%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.505%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0066%	1h	0.2093	+0.045%	$2.6M	$5.6M	50x
Popdex ENAUSDT	+0.0096%	1h	0.2092	+0.004%	$61K	$537K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2092	+0.016%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2091	−0.027%	$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	0.2092	+0.024%	$405K	$581K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2094	+0.092%	$129.0M	$457.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2093	+0.071%	$87.1M	$191.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2094	+0.105%	$20.2M	$112.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2091	−0.048%	$15K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2093	+0.052%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.284%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2094	+0.081%	$10.4M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	+0.095%	$45.2M	$46.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2094	+0.081%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2093	+0.042%	$47.3M	$65.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2094	+0.076%	—	$32.9M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2091	−0.053%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDClong	+0.0100%	4h	0.2092	long leg	$248K	$7.8M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	+0.044%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2093	+0.052%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2091	−0.039%	$184K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2041	−2.458%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	−0.044%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2095	+0.143%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2091	−0.044%	$1.9M	$9.2M	50x	as long as short
01 Exchange ENAUSD	+0.0104%	1h	0.2093	+0.047%	$4K	$432	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2092	−0.020%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2095	+0.129%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0231% / S −0.0389%	1h	0.2091	−0.067%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0288%	1h	0.2093	+0.054%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2094	+0.114%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−0.094%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0504%	1h	0.2094	+0.105%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0570%	1h	0.2098	+0.272%	$110.8M	$79.6M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2096	+0.195%	$806K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1910%	1h	0.2093	+0.049%	$138K	$15K	5x	as long as short