Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0105%/8h= −11.5% APRpaid last 24h +0.141%

Price spread now: BloFin against Kraken Futures+0.085%57s7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$570.572% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.276%+$28 on $10k

Price spread, last 4 days (all we have)−0.204%−$20 · spread now +0.085%, 7d avg −0.005%

Together, before fees+0.072%+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.090% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.085% now, against its 7-day average of −0.005%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.9 days. Mind the row above: over the last 7 days funding on this pair paid +0.276%, so the current rate has only just turned against you. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2118	0.0445	pay 0.0056% / 1h	32m 08s	$2.6M	$4.4M	50x
Short	BloFin ENA-USDT	0.2120	0.0340	get 0.0170% / 4h	1h 32m	$5.6M	$3.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.085%Rate

Funding earned: −$22.09
Price spread: +0.085% → −0.005%: $9.03
Slippage, 4 orders: −$35.17
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$70.24
Costs to cover: 0.572%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; BloFin: live order book, 7 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, 2 min ago	9.90 bp	17.7 bp −$18	25.6 bp −$256	92.0 bp −$9,199	doesn't fit
Sell BloFin live order book, 7 min ago	0.94 bp	12.1 bp −$12	19.2 bp −$192	65.4 bp −$6,535	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	−0.0125%	4h	0.2117	−0.070%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2117	−0.047%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2118	−0.033%	$55K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2117	−0.060%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.232%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	−0.070%	$53K	$483K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.075%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2116	−0.096%	$560K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2120	+0.052%	$114.6M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2119	+0.001%	$1.4M	$3.3M	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	0.2118	−0.011%	$400K	$539K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2118	−0.025%	$128.2M	$429.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2117	−0.080%	$89.6M	$186.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2118	−0.009%	$21.1M	$108.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	+0.241%	$20K	$336K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2117	−0.070%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.047%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2118	−0.037%	$12.3M	$26.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2118	−0.014%	$37.5M	$42.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2118	−0.037%	$24.5M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2116	−0.122%	$48.0M	$60.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2117	−0.047%	—	$31.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2128	+0.429%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2143	+1.177%	$262K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2145	+1.251%	$366K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2145	+1.251%	$19K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	−0.023%	$186K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.440%	$1K	$904K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2118	−0.023%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.194%	$266K	$820K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2118	−0.023%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2116	−0.101%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2117	−0.070%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2119	+0.029%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0152%	1h	0.2120	+0.062%	$5.0M	$13.4M	10x	as long as short
dYdX ENA-USD	+0.0213%	1h	0.2118	−0.038%	$140K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2118	−0.031%	$58K	—	100x	as long as short
BloFin ENA-USDTshort	+0.0340%	4h	0.2120	+0.085%	$5.6M	$3.2M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2116	−0.105%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0445%	1h	0.2118	long leg	$2.6M	$4.4M	50x
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2124	+0.279%	$876K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0641%	1h	0.2119	+0.038%	$393K	$437K	5x	as long as short