ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0049%/8h= +5.4% APRnext payment +$0.06 per $10,000 · paid last 24h +0.073%

Price spread now: Phoenix against Kraken Futures−0.064%71s7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$730.726% of the position

Long on Kraken Futures Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$2 on $10k

Price spread, last 3 days (all we have)−0.600%−$60 · spread now −0.064%, 7d avg +0.009%

Together, before fees−0.624%−$62 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.073% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.064% now, against its 7-day average of +0.009%). If the spread goes back, that is −$7 on $10k: about 5.0 days of funding at the current rate (+$1 a day). The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2096	0.0066	pay 0.0008% / 1h	34m 01s	$2.6M	$5.6M	50x
Short	Phoenix ENA	0.2095	0.0115	get 0.0014% / 1h	34m 01s	$5K	$356K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.064%Rate

Funding earned: $10.27
Price spread: −0.064% → +0.009%: −$7.26
Slippage, 4 orders: −$55.62
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$69.61
Costs to cover: 0.726%
Break-even: 54.5 days

Slippage from Kraken Futures: live order book, 5 min ago; Phoenix: live order book, 48 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, 5 min ago	8.58 bp	14.9 bp −$15	19.5 bp −$195	411.3 bp −$41.1K	doesn't fit
Sell Phoenix live order book, 48 min ago	1.90 bp	16.9 bp −$17	51.9 bp −$519	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
Backpack ENA_USDC_PERP	−0.0084%	1h	0.2096	+0.007%	$362K	$481K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0063%	4h	0.2093	−0.131%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	−0.050%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2093	−0.136%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.310%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0066%	1h	0.2096	long leg	$2.6M	$5.6M	50x
Popdex ENAUSDT	+0.0096%	1h	0.2088	−0.379%	$59K	$536K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2090	−0.296%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2089	−0.341%	$657K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2094	−0.073%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2091	−0.251%	$404K	$581K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2097	+0.046%	$129.2M	$458.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2095	−0.036%	$87.2M	$191.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2096	+0.017%	$20.2M	$112.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2094	−0.083%	$15K	$416K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2091	−0.236%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.091%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2095	−0.040%	$10.4M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	+0.079%	$45.2M	$46.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2095	−0.026%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2095	−0.031%	$47.4M	$65.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2097	+0.041%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2091	−0.245%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	−0.032%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.045%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2100	+0.194%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2089	−0.327%	$188K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2038	−2.755%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2095	−0.045%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2096	+0.022%	$273K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2094	−0.093%	$1.9M	$9.2M	50x	as long as short
01 Exchange ENAUSD	+0.0104%	1h	0.2089	−0.336%	$4K	$432	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2094	−0.086%	$77K	$11K	3x	as long as short
Phoenix ENAshort	+0.0115%	1h	0.2095	−0.064%	$5K	$356K	10x
GMX ENA/USD [ETH-USDC]	L +0.0229% / S −0.0386%	1h	0.2092	−0.167%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0288%	1h	0.2095	−0.030%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2093	−0.155%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2088	−0.391%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0504%	1h	0.2098	+0.103%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0567%	1h	0.2099	+0.127%	$110.9M	$79.6M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	+0.031%	$806K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1905%	1h	0.2090	−0.260%	$138K	$15K	5x	as long as short