Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0150%/8h= −16.4% APRpaid last 24h +0.060%

Price spread now: MEXC against Kraken Futures−0.091%7-day average −0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$400.398% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.167%−$17 on $10k

Price spread, last 3 days (all we have)−0.221%−$22 · spread now −0.091%, 7d avg −0.086%

Together, before fees−0.388%−$39 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.086%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2133	0.0250	pay 0.0031% / 1h	20m 51s	$2.7M	$4.5M	50x
Short	MEXC ENA_USDT	0.2131	0.0100	get 0.0050% / 4h	2h 20m	$45.3M	$44.4M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.091%Rate

Funding earned: −$31.52
Price spread: −0.091% → −0.086%: −$0.46
Slippage, 4 orders: −$29.79
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$71.77
Costs to cover: 0.398%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; MEXC: 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	11.02 bp	16.8 bp −$17	24.4 bp −$244	106.5 bp −$10.6K	doesn't fit
Sell MEXC live order book, 3 min ago	0.23 bp	1.9 bp −$2	5.9 bp −$59	38.2 bp −$3,819	69.4 bp −$34.7K

ENA on 41 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	0.2131	−0.086%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2131	−0.065%	$92K	—	150x	as long as short
dYdX ENA-USD	+0.0013%	1h	0.2131	−0.054%	$141K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.428%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0036%	4h	0.2131	−0.077%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2134	+0.045%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2132	−0.025%	$55K	$518K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2131	−0.056%	$687K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2132	−0.024%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2133	+0.008%	$417K	$544K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2132	−0.032%	$132.0M	$443.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2131	−0.077%	$87.4M	$187.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2131	−0.086%	$20.9M	$107.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2135	+0.130%	$19K	$407K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2134	+0.069%	$79K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2135	+0.092%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2131	−0.053%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2131	−0.091%	$45.3M	$44.4M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2132	−0.006%	$24.7M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2129	−0.156%	$48.5M	$61.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2132	−0.039%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2133	+0.003%	$381K	$391K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2130	−0.098%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2131	−0.067%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	−0.166%	$352K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2129	−0.166%	$32K	$657K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2131	−0.091%	$184K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2080	−2.473%	$1K	$853K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2131	−0.072%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	+0.111%	$275K	$866K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2131	−0.072%	$1.9M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2133	+0.020%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	−0.089%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2129	−0.161%	$7K	$351K	10x	as long as short
Extended ENA-USD	+0.0232%	1h	0.2130	−0.139%	$1.6M	$4.1M	50x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0250%	1h	0.2133	long leg	$2.7M	$4.5M	50x
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2131	−0.068%	$51K	—	100x	as long as short
Lighter ENA	+0.0392%	1h	0.2134	+0.064%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2130	−0.113%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0498%	1h	0.2135	+0.092%	$115.3M	$72.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2135	+0.125%	$837K	$1.7M	50x	as long as short