Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0150%/8h= −16.4% APRpaid last 24h +0.060%

Price spread now: BingX against Kraken Futures−0.003%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$830.834% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.141%−$14 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2137	0.0250	pay 0.0031% / 1h	25m 12s	$2.7M	$4.5M	50x
Short	BingX ENA-USDC	0.2137	0.0100	get 0.0050% / 4h	2h 25m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.003%Rate

Funding earned: −$31.42
Price spread: −0.003% → 0.000%: −$0.32
Slippage, 4 orders: −$63.42
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$115.17
Costs to cover: 0.834%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; BingX: 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, 4 min ago	16.07 bp	22.8 bp −$23	27.2 bp −$272	110.7 bp −$11.1K	doesn't fit
Sell BingX live order book, 5 min ago	0.70 bp	19.9 bp −$20	37.7 bp −$377	86.9 bp −$8,691	499.1 bp −$249.6K

ENA on 41 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	0.2136	−0.013%	$80K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2132	−0.211%	$92K	—	150x	as long as short
dYdX ENA-USD	+0.0015%	1h	0.2132	−0.238%	$141K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.621%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0038%	4h	0.2131	−0.256%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0088%	1h	0.2133	−0.181%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2131	−0.265%	$55K	$521K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2131	−0.272%	$687K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2132	−0.204%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2131	−0.262%	$417K	$544K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2137	+0.034%	$132.3M	$445.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2135	−0.055%	$87.7M	$187.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2136	−0.041%	$21.0M	$109.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2138	+0.048%	$19K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2132	−0.219%	$116K	$251K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2135	−0.102%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2137	−0.003%	$11.1M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2136	−0.031%	$45.5M	$44.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2137	+0.039%	$24.8M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2135	−0.069%	$48.6M	$61.1M	75x	as long as short
BingX ENA-USDCshort	+0.0100%	4h	0.2137	−0.003%	—	$6.5M	—
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2138	+0.067%	$382K	$393K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2134	−0.144%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2145	+0.368%	$247K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2147	+0.477%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2144	+0.343%	$32K	$656K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2131	−0.247%	$184K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2082	−2.577%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2135	−0.078%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	−0.087%	$275K	$875K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2134	−0.125%	$1.9M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2131	−0.276%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2132	−0.234%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2147	+0.498%	$8K	$351K	10x	as long as short
Extended ENA-USD	+0.0240%	1h	0.2135	−0.093%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0250%	1h	0.2137	long leg	$2.7M	$4.5M	50x
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2132	−0.206%	$51K	—	100x	as long as short
Lighter ENA	+0.0368%	1h	0.2138	+0.081%	$5.6M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2131	−0.255%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0519%	1h	0.2139	+0.107%	$115.8M	$73.3M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2142	+0.231%	$839K	$1.8M	50x	as long as short