Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0199%/8h= −21.8% APRpaid last 24h +0.012%

Price spread now: Orderly against Kraken Futures+0.016%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$6 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	0.2167	0.0231	pay 0.0029% / 1h	10m 03s	$2.7M	$5.1M	50x
Short	Orderly PERP_ENA_USDC	0.2167	0.0032	get 0.0016% / 4h	3h 10m	$42K	$23K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.016%Rate

Funding earned: −$41.73
Price spread: +0.016% → 0.000%: $1.63
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$56.1
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 4 min ago; Orderly: no order-book sample. Net counts fees only.

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, 4 min ago	17.11 bp	23.9 bp −$24	27.1 bp −$271	104.9 bp −$10.5K	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2167	+0.025%	$81K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2168	+0.049%	$104K	—	150x	as long as short
Orderly PERP_ENA_USDCshort	+0.0032%	4h	0.2167	+0.016%	$42K	$23K	10x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.992%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2168	+0.067%	$53K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2167	+0.032%	$716K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2169	+0.105%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2168	+0.062%	$427K	$553K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2166	−0.019%	$135.2M	$442.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2166	−0.039%	$89.2M	$186.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2166	−0.039%	$21.3M	$110.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2159	−0.358%	$16K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2168	+0.067%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2150	−0.760%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2166	−0.035%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2166	−0.025%	$45.9M	$44.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2167	+0.035%	$24.9M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2164	−0.108%	$49.0M	$61.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2166	−0.039%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2168	+0.053%	$385K	$385K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2158	−0.409%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2159	−0.361%	$250K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2161	−0.256%	$366K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2159	−0.348%	$33K	$686K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2168	+0.067%	$181K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2117	−2.278%	$1K	$833K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2165	−0.071%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2170	+0.164%	$281K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2166	−0.025%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2167	+0.034%	$49K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2168	+0.051%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2162	−0.215%	$8K	$347K	10x	as long as short
dYdX ENA-USD	+0.0169%	1h	0.2167	+0.012%	$143K	$15K	5x	as long as short
01 Exchange ENAUSD	+0.0176%	1h	0.2170	+0.150%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0231%	1h	0.2167	long leg	$2.7M	$5.1M	50x
GMX ENA/USD [ETH-USDC]	L +0.0334% / S −0.0430%	1h	0.2168	+0.057%	$82K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2158	−0.371%	$5.7M	$2.0M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2165	−0.060%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2167	+0.042%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2160	−0.284%	$854K	$1.8M	50x	as long as short
Lighter ENA	+0.0768%	1h	0.2170	+0.146%	$6.0M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0792%	1h	0.2169	+0.113%	$118.1M	$74.8M	10x	as long as short