Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0233%/8h= +25.5% APRpaid last 24h +0.051%

Price spread now: KuCoin against Kraken Futures−0.134%7-day average −0.047% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$670.674% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.234%−$23 on $10k

Price spread, last 4 days (all we have)−0.469%−$47 · spread now −0.134%, 7d avg −0.047%

Together, before fees−0.703%−$70 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.088% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.134% now, against its 7-day average of −0.047%). If the spread goes back, that is −$9 on $10k: about 30 hours of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.234%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2110	−0.0133	get 0.0017% / 1h	53m 28s	$2.6M	$4.1M	50x
Short	KuCoin ENAUSDTM	0.2107	0.0100	get 0.0050% / 4h	1h 53m	$25.0M	$15.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.134%Rate

Funding earned: $48.83
Price spread: −0.134% → −0.047%: −$8.78
Slippage, 4 orders: −$45.38
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$27.32
Costs to cover: 0.674%
Break-even: 10.9 days

Slippage from Kraken Futures: live order book, 3 min ago; KuCoin: 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	9.47 bp	14.5 bp −$14	21.6 bp −$216	82.9 bp −$8,289	doesn't fit
Sell KuCoin live order book, 3 min ago	2.37 bp	17.1 bp −$17	35.0 bp −$350	doesn't fit	doesn't fit

ENA on 42 exchanges

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	−0.0181%	4h	0.2109	−0.035%	$44K	$14K	10x	as long as short
01 Exchange ENAUSD	−0.0176%	1h	0.2103	−0.319%	$4K	$60	10x	as long as short
Kraken Futures PF_ENAUSDlong	−0.0133%	1h	0.2110	long leg	$2.6M	$4.1M	50x
Bitget ENAUSDT	−0.0044%	4h	0.2102	−0.348%	$47.4M	$56.0M	75x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	+0.041%	$105K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2109	−0.018%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+0.577%	$734	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2108	−0.082%	$4.9M	$12.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2104	−0.272%	$57K	$390K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	−0.191%	$47K	—	10x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2104	−0.258%	$586K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2106	−0.168%	$113.7M	$77.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2106	−0.172%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2107	−0.153%	$388K	$527K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2105	−0.236%	$126.5M	$407.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2104	−0.286%	$86.5M	$185.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2104	−0.253%	$20.9M	$99.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	+0.041%	$27K	$332K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2106	−0.177%	$78K	$236K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	+0.106%	$103K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2106	−0.168%	$13.7M	$26.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2106	−0.182%	$42.2M	$40.6M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2107	−0.134%	$25.0M	$15.5M	75x
BingX ENA-USDC	+0.0100%	4h	0.2106	−0.163%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2110	+0.013%	$3.0M	$8.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2111	+0.074%	$245K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2111	+0.060%	$357K	$4.4M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	+0.060%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2104	−0.248%	$166K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2060	−2.357%	$1K	$919K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	+0.013%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2118	+0.373%	$265K	$782K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2108	−0.082%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2105	−0.203%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2110	−0.005%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0112%	1h	0.2115	+0.250%	$13K	$278K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0756%	1h	0.2110	−0.005%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	+0.017%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2104	−0.294%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0480%	1h	0.2113	+0.169%	$778K	$1.9M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0636%	1h	0.2111	+0.046%	$405K	$474K	5x	as long as short
dYdX ENA-USD	+0.1184%	1h	0.2109	−0.038%	$139K	$15K	5x	as long as short