ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0150%/8h= −16.4% APRnext payment −$0.19 per $10,000 · paid last 24h +0.060%

Price spread now: Polymarket Perps against Kraken Futures−0.266%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$700.702% of the position

Long on Kraken Futures Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.381%−$38 on $10k

Price spread, last 3 days (all we have)+0.039%+$4 · spread now −0.266%, 7d avg −0.044%

Together, before fees−0.343%−$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Polymarket Perps is 0.222% cheaper against Kraken Futures than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.044%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2137	0.0250	pay 0.0031% / 1h	24m 15s	$2.7M	$4.5M	50x
Short	Polymarket Perps ENA-USD	0.2132	0.0100	get 0.0013% / 1h	24m 15s	$184K	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.266%Rate

Funding earned: −$31.41
Price spread: −0.266% → −0.044%: −$22.17
Slippage, 4 orders: −$52.15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$123.73
Costs to cover: 0.702%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Polymarket Perps: live order book, 5 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	16.07 bp	22.8 bp −$23	27.2 bp −$272	110.7 bp −$11.1K	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	3.27 bp	8.7 bp −$9	12.6 bp −$126	doesn't fit	doesn't fit

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	0.2136	−0.051%	$80K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2134	−0.160%	$92K	—	150x	as long as short
dYdX ENA-USD	+0.0014%	1h	0.2134	−0.139%	$141K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.650%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0037%	4h	0.2135	−0.098%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0088%	1h	0.2132	−0.229%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2131	−0.294%	$55K	$521K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2131	−0.285%	$687K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2132	−0.234%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2134	−0.153%	$418K	$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	0.2136	−0.070%	$132.2M	$444.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2136	−0.070%	$87.7M	$187.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2136	−0.074%	$21.0M	$108.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2138	+0.019%	$19K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2133	−0.201%	$116K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2135	−0.130%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2132	−0.233%	$11.0M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2136	−0.060%	$45.5M	$44.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2136	−0.046%	$24.8M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2135	−0.116%	$48.6M	$61.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2134	−0.177%	—	$32.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2138	+0.038%	$382K	$393K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2134	−0.173%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2145	+0.339%	$247K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2147	+0.448%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2144	+0.314%	$32K	$656K	50x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2132	−0.266%	$184K	$2.4M	10x
SunX ENA-USDT	+0.0100%	4h	0.2081	−2.657%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2136	−0.060%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	−0.116%	$275K	$875K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2136	−0.060%	$1.9M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2131	−0.294%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2135	−0.084%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2147	+0.468%	$8K	$351K	10x	as long as short
Extended ENA-USD	+0.0240%	1h	0.2136	−0.079%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0250%	1h	0.2137	long leg	$2.7M	$4.5M	50x
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2134	−0.164%	$51K	—	100x	as long as short
Lighter ENA	+0.0400%	1h	0.2139	+0.066%	$5.6M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2131	−0.283%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0515%	1h	0.2134	−0.149%	$115.5M	$72.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2142	+0.202%	$839K	$1.8M	50x	as long as short