Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0049%/8h= −5.4% APRpaid last 24h +0.066%

Price spread now: HTX against Kraken Futures+0.161%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$124as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$1071.069% of the position

Long on Kraken Futures Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.175%−$18 on $10k

Price spread, last 4 days (all we have)−0.394%−$39 · spread now +0.161%, 7d avg +0.015%

Together, before fees−0.570%−$57 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.146% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.161% now, against its 7-day average of +0.015%): +$15 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 9.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2107	0.0149	pay 0.0019% / 1h	18m 42s	$2.6M	$4.4M	50x
Short	HTX ENA-USDT	0.2111	0.0100	get 0.0050% / 4h	18m 42s	$266K	$814K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.161%Rate

Funding earned: −$10.29
Price spread: +0.161% → +0.015%: $14.61
Slippage, 4 orders: −$84.91
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$102.59
Costs to cover: 1.069%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; HTX: live order book, 45 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, 5 min ago	11.69 bp	18.8 bp −$19	20.8 bp −$208	85.5 bp −$8,545	doesn't fit
Sell HTX live order book, 45 min ago	7.83 bp	20.9 bp −$21	doesn't fit	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
Orderly PERP_ENA_USDC	−0.0088%	4h	0.2106	−0.076%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2107	−0.029%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2105	−0.086%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2107	−0.029%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.764%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	−0.062%	$53K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2105	−0.101%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2104	−0.145%	$562K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2106	−0.043%	$114.2M	$74.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2105	−0.094%	$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	0.2105	−0.110%	$406K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2105	−0.108%	$128.1M	$425.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2104	−0.157%	$90.3M	$187.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2106	−0.053%	$21.0M	$106.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	−0.005%	$33K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2106	−0.062%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2105	−0.110%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2106	−0.062%	$12.8M	$27.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2105	−0.119%	$39.2M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2106	−0.081%	$24.8M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	−0.171%	$47.8M	$59.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2105	−0.091%	—	$31.4M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2108	+0.038%	$408K	$486K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.471%	$3.0M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	−0.561%	$253K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2099	−0.394%	$354K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2099	−0.394%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	−0.067%	$181K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2055	−2.477%	$1K	$908K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	−0.015%	$4K	$7K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2111	+0.161%	$266K	$814K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2107	−0.015%	$1.8M	$8.9M	50x	as long as short
Lighter ENA	+0.0104%	1h	0.2107	−0.034%	$5.0M	$13.9M	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2104	−0.142%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	−0.032%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0149%	1h	0.2107	long leg	$2.6M	$4.4M	50x
Phoenix ENA	+0.0190%	1h	0.2104	−0.147%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2106	−0.041%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2104	−0.138%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2104	−0.137%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2098	−0.446%	$867K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0958%	1h	0.2105	−0.086%	$139K	$16K	5x	as long as short