Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h +0.061%

Price spread now: edgeX against Kraken Futures+0.494%7-day average −0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$680.678% of the position

Long on Kraken Futures Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.156%−$16 on $10k

Price spread, last 4 days (all we have)−1.248%−$125 · spread now +0.494%, 7d avg −0.054%

Together, before fees−1.404%+ Points / potential airdropedgeX: Active · farm board−$140 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.547% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.494% now, against its 7-day average of −0.054%): +$55 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 28 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2091	0.0164	pay 0.0021% / 1h	54m 40s	$2.6M	$4.3M	50x
Short	edgeX ENAUSDC	0.2102	0.0100	get 0.0050% / 4h	2h 54m	$241K	$6.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.494%Rate

Funding earned: −$13.51
Price spread: +0.494% → −0.054%: $54.72
Slippage, 4 orders: −$48.77
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$26.56
Costs to cover: 0.678%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; edgeX: 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, 4 min ago	16.95 bp	22.2 bp −$22	28.2 bp −$282	108.0 bp −$10.8K	doesn't fit
Sell edgeX live order book, 4 min ago	7.16 bp	11.7 bp −$12	13.2 bp −$132	44.5 bp −$4,450	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	−0.0135%	4h	0.2089	−0.112%	$43K	$25K	10x	as long as short
Gate ENA_USDT	−0.0020%	4h	0.2089	−0.127%	$10.9M	$23.2M	50x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2087	−0.199%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2089	−0.127%	$72K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2087	−0.203%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.537%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2087	−0.203%	$56K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2090	−0.049%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2085	−0.303%	$647K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2090	−0.050%	$113.1M	$74.1M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2090	−0.058%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2090	−0.058%	$397K	$512K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2090	−0.073%	$126.6M	$415.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2090	−0.069%	$85.0M	$175.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	+0.012%	$20.9M	$102.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2092	+0.050%	$22K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2087	−0.203%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	+0.153%	$92K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2090	−0.046%	$45.2M	$40.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2092	+0.031%	$24.7M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2087	−0.218%	$47.5M	$57.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2088	−0.170%	—	$31.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	+0.264%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2102	+0.494%	$241K	$6.8M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2107	+0.753%	$348K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	+0.705%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2087	−0.199%	$192K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2039	−2.499%	$1K	$861K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2090	−0.060%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2093	+0.079%	$271K	$778K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2090	−0.060%	$1.7M	$8.9M	50x	as long as short
Lighter ENA	+0.0104%	1h	0.2091	−0.007%	$5.2M	$13.0M	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2089	−0.128%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2088	−0.169%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2098	+0.304%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0164%	1h	0.2091	long leg	$2.6M	$4.3M	50x
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2087	−0.207%	$69K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2088	−0.141%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2086	−0.272%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0438%	1h	0.2094	+0.127%	$357K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2090	−0.041%	$856K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.0938%	1h	0.2090	−0.042%	$138K	$15K	5x	as long as short