Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0185%/8h= −20.2% APRpaid last 24h +0.057%

Price spread now: OKX against Kraken Futures−0.024%7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$610.614% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.222%−$22 on $10k

Price spread, last 4 days (all we have)−1.147%−$115 · spread now −0.024%, 7d avg −0.090%

Together, before fees−1.370%−$137 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.065% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.024% now, against its 7-day average of −0.090%): +$7 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2116	0.0285	pay 0.0036% / 1h	11m 01s	$2.7M	$4.3M	50x
Short	OKX ENA-USDT-SWAP	0.2116	0.0100	get 0.0050% / 4h	1h 11m	$20.8M	$102.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$38.79
Price spread: −0.024% → −0.090%: $6.51
Slippage, 4 orders: −$41.41
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$93.7
Costs to cover: 0.614%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; OKX: 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	11.32 bp	18.4 bp −$18	21.1 bp −$211	99.6 bp −$9,957	doesn't fit
Sell OKX live order book, 3 min ago	0.24 bp	8.8 bp −$9	19.8 bp −$198	101.2 bp −$10.1K	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	−0.0034%	4h	0.2114	−0.095%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2113	−0.128%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2115	−0.034%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2114	−0.078%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.344%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.195%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.148%	$663K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2117	+0.042%	$114.0M	$71.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2115	−0.053%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	−0.110%	$413K	$506K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2114	−0.079%	$129.5M	$417.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2114	−0.081%	$86.5M	$175.0M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2116	−0.024%	$20.8M	$102.5M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.218%	$19K	$349K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2113	−0.147%	$78K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2120	+0.183%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2115	−0.048%	$11.1M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2115	−0.029%	$46.0M	$42.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2116	+0.004%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	−0.100%	$48.1M	$57.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2115	−0.067%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2117	+0.018%	$375K	$362K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	−0.174%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2119	+0.119%	$244K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2119	+0.136%	$357K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2119	+0.136%	$22K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	−0.138%	$188K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.562%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2114	−0.100%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2116	−0.006%	$276K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	−0.006%	$1.9M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.177%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2115	−0.076%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	−0.097%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2119	+0.127%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2115	−0.067%	$51K	—	100x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0285%	1h	0.2116	long leg	$2.7M	$4.3M	50x
Lighter ENA	+0.0312%	1h	0.2117	+0.023%	$5.3M	$13.9M	10x	as long as short
dYdX ENA-USD	+0.0331%	1h	0.2113	−0.158%	$140K	$15K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	−0.058%	$5.6M	$3.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.165%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2116	−0.024%	$833K	$1.5M	50x	as long as short