Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0050%/8h= +5.4% APRpaid last 24h −0.060%

Price spread now: Kraken Futures against Gate−0.292%7-day average +0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$690.686% of the position

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.202%+$20 on $10k

Price spread, last 4 days (all we have)+0.589%+$59 · spread now −0.292%, 7d avg +0.097%

Together, before fees+0.791%+$79 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.388% cheaper against Gate than usual: you would sell low and buy high (spread −0.292% now, against its 7-day average of +0.097%). If the spread goes back, that is −$39 on $10k: about 26 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ENA_USDT	0.2105	0.0100	pay 0.0050% / 4h	42m 49s	$12.8M	$26.8M	50x
Short	Kraken Futures PF_ENAUSD	0.2099	0.0150	get 0.0019% / 1h	42m 49s	$2.6M	$4.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Gate. 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 GatebpFee Kraken FuturesbpOrdersPrice spread, now −0.292%Rate

Funding earned: $10.42
Price spread: −0.292% → +0.097%: −$38.82
Slippage, 4 orders: −$43.61
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$97.01
Costs to cover: 0.686%
Break-even: 72.2 days

Slippage from Gate: 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 Gate live order book, 1 min ago	3.31 bp	16.4 bp −$16	28.2 bp −$282	53.2 bp −$5,324	93.5 bp −$46.8K
Sell Kraken Futures live order book, 1 min ago	5.66 bp	20.3 bp −$20	31.0 bp −$310	191.3 bp −$19.1K	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
Deribit ENA_USDC-PERPETUAL	−0.0561%	1h	0.2095	−0.442%	$54K	$1.1M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0100%	4h	0.2095	−0.480%	$44K	$21K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2118	+0.618%	$4K	$277	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2108	+0.146%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.884%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2106	+0.043%	$5.0M	$13.8M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	+0.580%	$55K	$478K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	+0.625%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.561%	$560K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2107	+0.091%	$114.2M	$75.1M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2106	+0.065%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2118	+0.616%	$406K	$560K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2104	−0.035%	$127.7M	$426.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2103	−0.095%	$90.2M	$187.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2105	−0.005%	$21.2M	$107.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2122	+0.793%	$33K	$314K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2119	+0.675%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	+0.384%	$92K	$511	10x	as long as short
Gate ENA_USDTlong	+0.0100%	4h	0.2105	long leg	$12.8M	$26.8M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2106	+0.057%	$38.8M	$42.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2106	+0.071%	$24.7M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2103	−0.086%	$47.8M	$59.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2103	−0.071%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2105	+0.019%	$411K	$490K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2121	+0.781%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	+0.854%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	+0.490%	$365K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	+0.580%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	+0.632%	$183K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.651%	$1K	$903K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	−0.228%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2105	0.000%	$265K	$817K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2102	−0.133%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2104	−0.020%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2094	−0.528%	$73K	$4K	3x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0150%	1h	0.2099	−0.292%	$2.6M	$4.4M	50x
Phoenix ENA	+0.0190%	1h	0.2119	+0.689%	$8K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0754%	1h	0.2117	+0.596%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2097	−0.347%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	+0.572%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2102	−0.143%	$868K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0820%	1h	0.2117	+0.583%	$140K	$16K	5x	as long as short