Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0095%/8h= −10.4% APRpaid last 24h +0.062%

Price spread now: GRVT against Kraken Futures+0.162%7-day average −0.079% · you sell dearer than you buy

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$720.721% of the position

Long on Kraken Futures Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.185%−$19 on $10k

Price spread, last 4 days (all we have)−1.497%−$150 · spread now +0.162%, 7d avg −0.079%

Together, before fees−1.682%+ Points / potential airdropGRVT: Active · farm board−$168 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.241% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.162% now, against its 7-day average of −0.079%): +$24 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 8.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2139	0.0195	pay 0.0024% / 1h	10m 55s	$2.6M	$4.4M	50x
Short	GRVT ENA_USDT_Perp	0.2142	0.0100	get 0.0050% / 4h	3h 10m	$360K	$4.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.162%Rate

Funding earned: −$19.97
Price spread: +0.162% → −0.079%: $24.07
Slippage, 4 orders: −$53.1
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$68
Costs to cover: 0.721%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; GRVT: 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	11.23 bp	16.3 bp −$16	23.0 bp −$230	109.6 bp −$11.0K	doesn't fit
Sell GRVT live order book, 3 min ago	2.34 bp	12.1 bp −$12	104.5 bp −$1,045	doesn't fit	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
01 Exchange ENAUSD	−0.0104%	1h	0.2137	−0.096%	$4K	$169	10x	as long as short
Orderly PERP_ENA_USDC	−0.0101%	4h	0.2137	−0.096%	$44K	$15K	10x	as long as short
Phemex ENAUSDT	−0.0007%	4h	0.2138	−0.025%	$1.9M	$9.0M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2138	−0.021%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2137	−0.061%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	−0.778%	$734	$57K	5.5x	as long as short
Bitget ENAUSDT	+0.0052%	4h	0.2139	−0.002%	$48.5M	$60.3M	75x	as long as short
dYdX ENA-USD	+0.0077%	1h	0.2140	+0.050%	$141K	$16K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2140	+0.054%	$5.0M	$13.1M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2136	−0.119%	$55K	$487K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0099%	8h	0.2136	−0.100%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2136	−0.114%	$565K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2142	+0.171%	$117.2M	$76.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2141	+0.093%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2138	−0.003%	$409K	$560K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2140	+0.086%	$129.1M	$424.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2140	+0.045%	$88.8M	$190.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2139	+0.035%	$21.2M	$107.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2139	+0.035%	$39K	$330K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2137	−0.072%	$79K	$249K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2147	+0.406%	$105K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2141	+0.134%	$13.4M	$28.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2140	+0.063%	$42.0M	$44.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2141	+0.120%	$25.2M	$15.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2140	+0.091%	—	$30.8M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2140	+0.059%	$414K	$479K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2146	+0.341%	$3.1M	$9.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2142	+0.176%	$253K	$7.2M	20x	as long as short
GRVT ENA_USDT_Perpshort	+0.0100%	4h	0.2142	+0.162%	$360K	$4.8M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2135	−0.166%	$19K	$644K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2137	−0.063%	$176K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2088	−2.368%	$1K	$922K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2138	−0.025%	$4K	$6K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2138	−0.021%	$265K	$825K	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2140	+0.053%	$1.6M	$4.7M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2137	−0.049%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2138	−0.011%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0195%	1h	0.2139	long leg	$2.6M	$4.4M	50x
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0756%	1h	0.2137	−0.072%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2138	−0.030%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2138	−0.044%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2141	+0.096%	$793K	$2.0M	50x	as long as short