Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0141%/8h= −15.5% APRpaid last 24h +0.049%

Price spread now: Bitget against Kraken Futures−0.044%7-day average −0.148% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$530.533% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.128%−$13 on $10k

Price spread, last 3 days (all we have)−0.523%−$52 · spread now −0.044%, 7d avg −0.148%

Together, before fees−0.651%−$65 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.104% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.044% now, against its 7-day average of −0.148%): +$10 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.4 days. At the pace of the last 7 days (−0.128% in total) that is about 5.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2116	0.0241	pay 0.0030% / 1h	55m 38s	$2.7M	$5.5M	50x
Short	Bitget ENAUSDT	0.2115	0.0100	get 0.0050% / 4h	55m 38s	$47.9M	$64.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$29.69
Price spread: −0.044% → −0.148%: $10.36
Slippage, 4 orders: −$31.33
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$72.67
Costs to cover: 0.533%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Bitget: 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 Kraken Futures live order book, 3 min ago	9.68 bp	15.2 bp −$15	19.9 bp −$199	94.6 bp −$9,463	doesn't fit
Sell Bitget live order book, 3 min ago	0.24 bp	10.2 bp −$10	16.5 bp −$165	38.5 bp −$3,851	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	−0.0035%	4h	0.2115	−0.049%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0024%	1h	0.2116	−0.011%	$373K	$447K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2115	−0.025%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2116	0.000%	$105K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.353%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	+0.050%	$63K	$531K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2116	+0.020%	$680K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2116	+0.025%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2116	−0.013%	$409K	$573K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	−0.011%	$130.8M	$455.4M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2116	+0.013%	$88.9M	$190.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	+0.027%	$20.5M	$111.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	+0.093%	$16K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	+0.098%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	+0.268%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	+0.013%	$10.8M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	+0.022%	$46.5M	$45.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2117	+0.031%	$24.4M	$16.4M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2115	−0.044%	$47.9M	$64.8M	75x
BingX ENA-USDT	+0.0100%	4h	0.2116	+0.017%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2115	−0.036%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2118	+0.081%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	+0.049%	$351K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	+0.098%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	+0.031%	$178K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2064	−2.431%	$1K	$820K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	−0.044%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.310%	$275K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2114	−0.091%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	−0.018%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	−0.010%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2120	+0.211%	$5K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0152%	1h	0.2118	+0.098%	$4K	$312	10x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0241%	1h	0.2116	long leg	$2.7M	$5.5M	50x
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2115	−0.031%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2123	+0.348%	$5.6M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0360%	1h	0.2116	−0.002%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2115	−0.051%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0496%	1h	0.2118	+0.116%	$112.0M	$78.7M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2125	+0.424%	$839K	$2.1M	50x	as long as short
Lighter ENA	+0.0560%	1h	0.2118	+0.107%	$5.7M	$12.8M	10x	as long as short
dYdX ENA-USD	+0.1855%	1h	0.2116	+0.008%	$140K	$15K	5x	as long as short