Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0142%/8h= +15.6% APRpaid last 24h −0.059%

Price spread now: Kraken Futures against GRVT+0.332%75s7-day average +0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as 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−$800.803% of the position

Long on GRVT Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.156%+$16 on $10k

Price spread, last 4 days (all we have)+0.546%+$55 · spread now +0.332%, 7d avg +0.082%

Together, before fees+0.701%+ Points / potential airdropGRVT: Active · farm board+$70 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kraken Futures is 0.251% dearer against GRVT than usual: you sell high and buy low: +$25 more if the spread goes back to its 7-day average of +0.082%. The two prices were read 75 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	GRVT ENA_USDT_Perp	0.2113	0.0100	pay 0.0050% / 4h	26m 03s	$349K	$5.0M	10x
Short	Kraken Futures PF_ENAUSD	0.2120	0.0242	get 0.0030% / 1h	26m 03s	$2.6M	$4.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against GRVT. 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 GRVTbpFee Kraken FuturesbpOrdersPrice spread, now +0.332%Rate

Funding earned: $29.84
Price spread: +0.332% → +0.082%: $25.06
Slippage, 4 orders: −$61.33
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$25.43
Costs to cover: 0.803%
Break-even: 13.0 days

Slippage from GRVT: live order book, 3 min ago; Kraken Futures: live order book, 3 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 GRVT live order book, 3 min ago	2.36 bp	11.7 bp −$12	90.3 bp −$903	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	20.57 bp	25.7 bp −$26	30.2 bp −$302	146.1 bp −$14.6K	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	−0.0196%	1h	0.2119	+0.284%	$365K	$396K	5x	as long as short
01 Exchange ENAUSD	−0.0088%	1h	0.2117	+0.213%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0068%	4h	0.2116	+0.175%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2117	+0.203%	$79K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2117	+0.198%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.516%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2114	+0.085%	$8K	$266K	10x	as long as short
dYdX ENA-USD	+0.0091%	1h	0.2118	+0.248%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2120	+0.369%	$5.2M	$13.5M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	+0.213%	$56K	$476K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	+0.185%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.215%	$653K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2122	+0.430%	$115.6M	$75.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2117	+0.234%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	+0.288%	$405K	$516K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2118	+0.273%	$129.0M	$416.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2118	+0.250%	$85.5M	$175.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	+0.236%	$20.8M	$103.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	+0.142%	$18K	$316K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2117	+0.213%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2093	−0.924%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2118	+0.260%	$11.1M	$22.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2119	+0.331%	$46.2M	$41.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2120	+0.369%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2115	+0.108%	$48.1M	$57.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2118	+0.250%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2116	+0.182%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2111	−0.054%	$243K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perplong	+0.0100%	4h	0.2113	long leg	$349K	$5.0M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	+0.544%	$20K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	+0.203%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.150%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	+0.213%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	+0.307%	$274K	$791K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	+0.165%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2117	+0.233%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	+0.170%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0242%	1h	0.2120	+0.332%	$2.6M	$4.3M	50x
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2117	+0.198%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	+0.198%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2116	+0.172%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2121	+0.411%	$868K	$1.6M	50x	as long as short