Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0057%/8h= −6.3% APRpaid last 24h +0.057%

Price spread now: Phemex against Kraken Futures−0.171%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$890.895% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.173%−$17 on $10k

Price spread, last 4 days (all we have)+0.048%+$5 · spread now −0.171%, 7d avg −0.037%

Together, before fees−0.125%−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.133% cheaper against Kraken Futures than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.037%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2183	0.0157	pay 0.0020% / 1h	12m 15s	$2.7M	$4.3M	50x
Short	Phemex ENAUSDT	0.2179	0.0100	get 0.0050% / 4h	2h 12m	$1.8M	$8.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.171%Rate

Funding earned: −$12.06
Price spread: −0.171% → −0.037%: −$13.34
Slippage, 4 orders: −$67.48
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$114.88
Costs to cover: 0.895%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Phemex: live order book, 2 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, 2 min ago	11.90 bp	19.3 bp −$19	24.1 bp −$241	97.1 bp −$9,714	doesn't fit
Sell Phemex live order book, 2 min ago	9.15 bp	25.4 bp −$25	76.2 bp −$762	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	−0.0136%	4h	0.2182	−0.010%	$45K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2182	−0.028%	$70K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2182	−0.012%	$85K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.718%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0056%	1h	0.2181	−0.065%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2182	−0.033%	$54K	$476K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2181	−0.061%	$565K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2185	+0.095%	$118.5M	$75.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2181	−0.062%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2182	−0.014%	$410K	$528K	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	0.2180	−0.143%	$132.2M	$425.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2180	−0.138%	$88.3M	$178.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2178	−0.235%	$21.8M	$109.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2180	−0.111%	$21K	$336K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2182	−0.033%	$81K	$280K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2182	−0.056%	$96K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2183	+0.004%	$11.6M	$24.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2180	−0.106%	$48.2M	$42.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2180	−0.102%	$25.4M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2176	−0.290%	$49.4M	$58.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2178	−0.207%	—	$31.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2174	−0.409%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2175	−0.348%	$253K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2177	−0.262%	$365K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2178	−0.216%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2183	+0.022%	$194K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2129	−2.447%	$1K	$888K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2181	−0.079%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2188	+0.223%	$274K	$806K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2179	−0.171%	$1.8M	$8.9M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2181	−0.093%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2180	−0.111%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2184	+0.038%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2174	−0.390%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0157%	1h	0.2183	long leg	$2.7M	$4.3M	50x
dYdX ENA-USD	+0.0228%	1h	0.2182	−0.049%	$144K	$16K	5x	as long as short
Lighter ENA	+0.0248%	1h	0.2182	−0.056%	$5.3M	$13.4M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2182	−0.039%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2193	+0.466%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2183	−0.004%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0665%	1h	0.2180	−0.116%	$368K	$401K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2184	+0.068%	$893K	$1.8M	50x	as long as short