Funding you earn now, next payment 00:00 UTC−0.0213%/8h= −23.4% APRnext payment −$0.27 per $10,000 · paid last 24h +0.016%
Price spread now: Backpack against Kraken Futures+0.037%7-day average −0.037% · you sell dearer than you buy
Net, funding: paid 7d − costs−$64as in the Funding arb table
Net, price: spread back to 7d avg − costs−$48as in the Price arb table
costs, in and out, $10k−$550.550% of the position
Funding, last 7 days−0.092%−$9 on $10k
+Price spread, last 3 days (all we have)−0.422%−$42 · spread now +0.037%, 7d avg −0.037%
=The price spread pays, funding is against you. Backpack is 0.074% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.037% now, against its 7-day average of −0.037%): +$7 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 28 hours. At the pace of the last 7 days (−0.092% in total) that is about 5.6 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.092% in total (about -4.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.27 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_ENAUSD | 0.2121 | 0.0241 | pay 0.0030% / 1h | 28m 43s | $2.7M | $5.4M | 50x |
| Short | Backpack ENA_USDC_PERP | 0.2122 | 0.0027 | get 0.0003% / 1h | 28m 43s | $375K | $445K | 5x |
Kraken Futures PF_ENAUSD
Backpack ENA_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Kraken Futures. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$44.79
- Price spread: +0.037% → −0.037%
- $7.36
- Slippage, 4 orders
- −$35.05
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$92.48
- Costs to cover
- 0.550%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 5 min ago; Backpack: live order book, 50 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 Kraken Futures live order book, 5 min ago | 9.89 bp | 18.1 bp −$18 | 22.2 bp −$222 | 429.0 bp −$42.9K | doesn't fit |
| Sell Backpack live order book, 50 min ago | 0.24 bp | 8.9 bp −$9 | 38.6 bp −$386 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_ENA_USDC | −0.0013% | 4h | 0.2119 | −0.119% | $41K | $24K | 10x | as long as short |
| gTrade (Gains Network) ENA/USD | L +0.0003% / S −0.0004% | 1h | 0.2118 | −0.183% | $106K | — | 150x | as long as short |
| Backpack ENA_USDC_PERPshort | +0.0027% | 1h | 0.2122 | +0.037% | $375K | $445K | 5x | |
| Deribit ENA_USDC-PERPETUAL | +0.0033% | 1h | 0.2120 | −0.067% | $92K | $1.7M | 50x | as long as short |
| Injective ENA/USDC PERP | +0.0033% | 1h | 0.2123 | +0.093% | $522 | $57K | 5.5x | as long as short |
| Popdex ENAUSDT | +0.0096% | 1h | 0.2116 | −0.255% | $63K | $521K | 50x | as long as short |
| Nado ENA-PERP | +0.0100% | 1h | 0.2117 | −0.218% | $678K | $1.8M | 10x | as long as short |
| Aster ENAUSDT | +0.0100% | 4h | 0.2123 | +0.094% | $1.5M | $3.3M | 50x | as long as short |
| Pacifica ENA | +0.0100% | 1h | 0.2116 | −0.245% | $409K | $562K | 10x | as long as short |
| Binance ENAUSDT | +0.0100% | 4h | 0.2124 | +0.145% | $131.4M | $452.7M | 75x | as long as short |
Orderly PERP_ENA_USDC
gTrade (Gains Network) ENA/USD
Deribit ENA_USDC-PERPETUAL
Injective ENA/USDC PERP
Popdex ENAUSDT
Nado ENA-PERP
Aster ENAUSDT
Pacifica ENA
Binance ENAUSDTShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit ENAUSDT | +0.0100% | 4h | 0.2122 | +0.046% | $89.1M | $189.9M | 50x | as long as short |
| OKX ENA-USDT-SWAP | +0.0100% | 4h | 0.2123 | +0.056% | $20.6M | $111.2M | 50x | as long as short |
| Ondo Perps ENA-USD.P | +0.0100% | 1h | 0.2116 | −0.270% | $15K | $398K | 5x | as long as short |
| Arcus ENA-USD | +0.0100% | 1h | 0.2118 | −0.161% | $84K | $222K | 10x | as long as short |
| Bulk ENA-USD | +0.0100% | 1h | 0.2117 | −0.232% | $89K | $500 | 10x | as long as short |
| Gate ENA_USDT | +0.0100% | 4h | 0.2123 | +0.060% | $10.9M | $21.4M | 50x | as long as short |
| MEXC ENA_USDT | +0.0100% | 4h | 0.2123 | +0.070% | $46.6M | $45.5M | 200x | as long as short |
| KuCoin ENAUSDTM | +0.0100% | 4h | 0.2124 | +0.108% | $24.6M | $16.4M | 75x | as long as short |
| Bitget ENAUSDT | +0.0100% | 4h | 0.2121 | −0.001% | $48.1M | $64.0M | 75x | as long as short |
| BingX ENA-USDC | +0.0100% | 4h | 0.2123 | +0.075% | — | $6.5M | — | as long as short |
| Variational Omni ENA | +0.0100% | 4h | 0.2119 | −0.109% | $3.9M | $10.3M | — | as long as short |
| edgeX ENAUSDC | +0.0100% | 4h | 0.2123 | +0.057% | $252K | $7.6M | 20x | as long as short |
| GRVT ENA_USDT_Perp | +0.0100% | 4h | 0.2120 | −0.068% | $361K | $4.6M | 10x | as long as short |
| ApeX Omni ENAUSDT | +0.0100% | 1h | 0.2124 | +0.122% | $32K | $711K | 50x | as long as short |
| Polymarket Perps ENA-USD | +0.0100% | 1h | 0.2117 | −0.194% | $178K | $2.5M | 10x | as long as short |
| SunX ENA-USDT | +0.0100% | 4h | 0.2066 | −2.593% | $1K | $824K | 20x | as long as short |
| SoDEX ENA-USD | +0.0100% | 1h | 0.2120 | −0.067% | $4K | $14K | 10x | as long as short |
| HTX ENA-USDT | +0.0100% | 4h | 0.2119 | −0.109% | $276K | $1.4M | 50x | as long as short |
| Phemex ENAUSDT | +0.0100% | 4h | 0.2120 | −0.067% | $2.0M | $9.2M | 50x | as long as short |
| Paradex ENA-USD-PERP | +0.0100% | 8h | 0.2116 | −0.254% | $47K | $221 | 10x | as long as short |
| Aevo ENA-PERP | +0.0104% | 1h | 0.2119 | −0.107% | $78K | $11K | 3x | as long as short |
| Phoenix ENA | +0.0189% | 1h | 0.2118 | −0.161% | $7K | $347K | 10x | as long as short |
| 01 Exchange ENAUSD | +0.0192% | 1h | 0.2118 | −0.180% | $4K | $302 | 10x | as long as short |
| Extended ENA-USD | +0.0224% | 1h | 0.2122 | +0.037% | $1.6M | $4.2M | 50x | as long as short |
| Kraken Futures PF_ENAUSDlong | +0.0241% | 1h | 0.2121 | long leg | $2.7M | $5.4M | 50x | |
| GMX ENA/USD [ETH-USDC] | L +0.0250% / S −0.0434% | 1h | 0.2117 | −0.194% | $38K | — | 100x | as long as short |
| BloFin ENA-USDT | +0.0340% | 4h | 0.2118 | −0.175% | $5.6M | $6.5M | 75x | as long as short |
| Reya ENARUSDPERP | +0.0412% | 1h | 0.2117 | −0.216% | $1K | $5K | 15x | as long as short |
| Lighter ENA | +0.0544% | 1h | 0.2128 | +0.291% | $5.6M | $12.9M | 10x | as long as short |
| Coinbase International ENA-PERP-INTX | +0.0552% | 1h | 0.2132 | +0.485% | $842K | $2.1M | 50x | as long as short |
| Hyperliquid ENA | +0.0781% | 1h | 0.2126 | +0.220% | $114.2M | $78.8M | 10x | as long as short |
| dYdX ENA-USD | +0.1727% | 1h | 0.2115 | −0.306% | $140K | $15K | 5x | as long as short |
Bybit ENAUSDT
OKX ENA-USDT-SWAP
Ondo Perps ENA-USD.P
Arcus ENA-USD
Bulk ENA-USD
Gate ENA_USDT
MEXC ENA_USDT
KuCoin ENAUSDTM
Bitget ENAUSDT
BingX ENA-USDC
Variational Omni ENA
edgeX ENAUSDC
GRVT ENA_USDT_Perp
ApeX Omni ENAUSDT
Polymarket Perps ENA-USD
SunX ENA-USDT
SoDEX ENA-USD
HTX ENA-USDT
Phemex ENAUSDT
Paradex ENA-USD-PERP
Aevo ENA-PERP
Phoenix ENA
01 Exchange ENAUSD
Extended ENA-USD
GMX ENA/USD [ETH-USDC]
BloFin ENA-USDT
Reya ENARUSDPERP
Lighter ENA
Coinbase International ENA-PERP-INTX
Hyperliquid ENA
dYdX ENA-USD