Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0186%/8h= +20.3% APRpaid last 24h −0.058%

Price spread now: Kraken Futures against HTX−0.367%7-day average −0.009% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$147as in the Price arb table

costs, in and out, $10k−$1121.116% of the position

Long on HTX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.146%+$15 on $10k

Price spread, last 4 days (all we have)+0.492%+$49 · spread now −0.367%, 7d avg −0.009%

Together, before fees+0.638%+$64 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.358% cheaper against HTX than usual: you would sell low and buy high (spread −0.367% now, against its 7-day average of −0.009%). If the spread goes back, that is −$36 on $10k: about 6.4 days of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.146% in total) that is about 17 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ENA-USDT	0.2117	0.0100	pay 0.0050% / 4h	1h 39m	$277K	$780K	50x
Short	Kraken Futures PF_ENAUSD	0.2109	0.0286	get 0.0036% / 1h	39m 50s	$2.6M	$4.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against HTX. 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 HTXbpFee Kraken FuturesbpOrdersPrice spread, now −0.367%Rate

Funding earned: $39
Price spread: −0.367% → −0.009%: −$35.81
Slippage, 4 orders: −$89.65
Fee HTX: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$108.46
Costs to cover: 1.116%
Break-even: 26.5 days

Slippage from HTX: live order book, 49 min ago; Kraken Futures: live order book, 4 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 HTX live order book, 49 min ago	18.62 bp	44.6 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	11.59 bp	17.4 bp −$17	26.4 bp −$264	157.2 bp −$15.7K	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	0.0000%	1h	0.2108	−0.416%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2107	−0.434%	$82K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0005%	4h	0.2107	−0.468%	$44K	$27K	10x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2110	−0.298%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.321%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	−0.312%	$55K	$499K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	−0.406%	$681K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2111	−0.279%	$113.4M	$71.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2110	−0.325%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	−0.257%	$412K	$516K	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	0.2109	−0.358%	$129.5M	$423.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2109	−0.378%	$86.5M	$176.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	−0.354%	$20.8M	$102.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.198%	$19K	$376K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2110	−0.312%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.170%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2109	−0.354%	$11.0M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2109	−0.354%	$45.4M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2110	−0.317%	$24.5M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	−0.430%	$48.0M	$58.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2109	−0.354%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2109	−0.378%	$373K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	−0.220%	$3.4M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	−0.188%	$243K	$7.3M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	−0.079%	$362K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	−0.028%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	−0.317%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2061	−2.632%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	−0.454%	$3K	$7K	10x	as long as short
HTX ENA-USDTlong	+0.0100%	4h	0.2117	long leg	$277K	$780K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2108	−0.406%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	−0.261%	$47K	$110	10x	as long as short
dYdX ENA-USD	+0.0102%	1h	0.2111	−0.269%	$139K	$15K	5x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	−0.454%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0112%	1h	0.2109	−0.351%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0150%	1h	0.2118	+0.057%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2108	−0.418%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0286%	1h	0.2109	−0.367%	$2.6M	$4.3M	50x
BloFin ENA-USDT	+0.0340%	4h	0.2110	−0.293%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0384%	1h	0.2110	−0.293%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.502%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2117	+0.033%	$833K	$1.5M	50x	as long as short