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= −20.4% APRpaid last 24h +0.058%

Price spread now: Binance against Kraken Futures+0.004%7-day average −0.079% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$590.592% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.173%−$17 on $10k

Price spread, last 4 days (all we have)−1.139%−$114 · spread now +0.004%, 7d avg −0.079%

Together, before fees−1.312%−$131 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.083% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.004% now, against its 7-day average of −0.079%): +$8 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 36 hours. At the pace of the last 7 days (−0.173% in total) that is about 3.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2106	0.0286	pay 0.0036% / 1h	38m 40s	$2.6M	$4.3M	50x
Short	Binance ENAUSDT	0.2106	0.0100	get 0.0050% / 4h	1h 38m	$129.3M	$423.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now +0.004%Rate

Funding earned: −$39.09
Price spread: +0.004% → −0.079%: $8.31
Slippage, 4 orders: −$39.17
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$89.95
Costs to cover: 0.592%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Binance: live order book, 5 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	11.59 bp	22.8 bp −$23	26.3 bp −$263	99.3 bp −$9,931	doesn't fit
Sell Binance live order book, 5 min ago	0.24 bp	9.5 bp −$10	19.0 bp −$190	54.4 bp −$5,440	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	0.2106	+0.004%	$79K	$1.3M	50x	as long as short
Orderly PERP_ENA_USDC	+0.0004%	4h	0.2105	−0.024%	$44K	$27K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2106	+0.012%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2106	+0.009%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.840%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0092%	1h	0.2108	+0.098%	$139K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2105	−0.034%	$54K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2106	+0.031%	$680K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2109	+0.142%	$113.4M	$71.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2106	+0.035%	$1.5M	$3.0M	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	0.2106	+0.031%	$411K	$511K	10x	as long as short
Binance ENAUSDTshort	+0.0100%	4h	0.2106	+0.004%	$129.3M	$423.3M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2105	−0.010%	$86.4M	$176.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2106	+0.019%	$20.7M	$102.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	+0.318%	$19K	$371K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	+0.061%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	+0.346%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2105	−0.029%	$11.0M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2106	+0.009%	$45.4M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2107	+0.042%	$24.5M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2106	+0.014%	$48.0M	$57.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2105	−0.010%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2106	+0.009%	$373K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	+0.296%	$3.4M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	+0.364%	$244K	$7.3M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	+0.438%	$362K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.489%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2107	+0.047%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2056	−2.342%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2104	−0.081%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.256%	$276K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	−0.034%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2105	−0.036%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2105	−0.056%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	+0.001%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2118	+0.574%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2105	−0.010%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0286%	1h	0.2106	long leg	$2.6M	$4.3M	50x
BloFin ENA-USDT	+0.0340%	4h	0.2103	−0.119%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0376%	1h	0.2109	+0.147%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	+0.013%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2117	+0.551%	$833K	$1.5M	50x	as long as short