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= −20.3% APRpaid last 24h +0.055%

Price spread now: Bybit against Kraken Futures−0.078%7-day average −0.127% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$590.593% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.219%−$22 on $10k

Price spread, last 4 days (all we have)−1.076%−$108 · spread now −0.078%, 7d avg −0.127%

Together, before fees−1.295%−$130 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.050% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.078% now, against its 7-day average of −0.127%): +$5 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2109	0.0286	pay 0.0036% / 1h	40m 23s	$2.6M	$4.3M	50x
Short	Bybit ENAUSDT	0.2107	0.0100	get 0.0050% / 4h	1h 40m	$86.5M	$176.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$39
Price spread: −0.078% → −0.127%: $4.97
Slippage, 4 orders: −$38.29
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$93.32
Costs to cover: 0.593%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Bybit: live order book, 4 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	11.59 bp	22.8 bp −$23	26.3 bp −$263	99.3 bp −$9,931	doesn't fit
Sell Bybit live order book, 4 min ago	0.24 bp	9.8 bp −$10	17.6 bp −$176	60.4 bp −$6,043	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	0.2108	−0.049%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2107	−0.068%	$82K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0005%	4h	0.2107	−0.101%	$44K	$27K	10x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2110	+0.069%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.690%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	+0.055%	$55K	$499K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	−0.040%	$681K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2110	+0.050%	$113.4M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2111	+0.120%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	+0.110%	$412K	$516K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2107	−0.064%	$129.4M	$423.7M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2107	−0.078%	$86.5M	$176.5M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	−0.030%	$20.7M	$102.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	+0.169%	$19K	$376K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2110	+0.055%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	+0.197%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2107	−0.082%	$11.0M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	−0.087%	$45.4M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	−0.002%	$24.5M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2106	−0.120%	$48.0M	$58.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2107	−0.078%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2112	+0.150%	$374K	$363K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	+0.147%	$3.4M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	+0.180%	$243K	$7.3M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	+0.289%	$362K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.340%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	+0.050%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2061	−2.273%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	−0.087%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.387%	$277K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2112	+0.150%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	+0.106%	$47K	$110	10x	as long as short
dYdX ENA-USD	+0.0102%	1h	0.2111	+0.098%	$139K	$15K	5x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	−0.087%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0112%	1h	0.2107	−0.104%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0150%	1h	0.2118	+0.425%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2108	−0.052%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0286%	1h	0.2109	long leg	$2.6M	$4.3M	50x
BloFin ENA-USDT	+0.0340%	4h	0.2110	+0.074%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0376%	1h	0.2113	+0.202%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.135%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2117	+0.401%	$833K	$1.5M	50x	as long as short