Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0344%/8h= −37.7% APRpaid last 24h +0.069%

Price spread now: SunX against Kraken Futures−2.409%7-day average −2.450% · you buy dearer than you sell

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

Long on Kraken Futures Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.165%−$16 on $10k

Price spread, last 4 days (all we have)−0.146%−$15 · spread now −2.409%, 7d avg −2.450%

Together, before fees−0.311%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.041% dearer against Kraken Futures than usual: you sell high and buy low (spread −2.409% now, against its 7-day average of −2.450%): +$4 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 7 days (−0.165% in total) that is about 42 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.165% in total (about -8.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2122	0.0444	pay 0.0056% / 1h	31m 09s	$2.6M	$4.4M	50x
Short	SunX ENA-USDT	0.2071	0.0100	get 0.0050% / 4h	1h 31m	$1K	$904K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −2.409%Rate

Funding earned: −$72.33
Price spread: −2.409% → −2.450%: $4.14
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$86.19
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 3 min ago; SunX: live order book, 31 min ago. 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, 3 min ago	9.90 bp	17.7 bp −$18	25.6 bp −$256	92.0 bp −$9,199	doesn't fit
Sell SunX live order book, 31 min ago	258.54 bp	doesn't fit	doesn't fit	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	−0.0123%	4h	0.2121	−0.067%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2120	−0.086%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2122	−0.024%	$55K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2121	−0.066%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.056%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2121	−0.057%	$53K	$483K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2120	−0.116%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2119	−0.142%	$561K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2123	+0.056%	$114.8M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2122	−0.023%	$1.4M	$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	0.2121	−0.077%	$400K	$539K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2122	−0.027%	$128.5M	$429.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2120	−0.100%	$89.7M	$186.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	+0.009%	$21.1M	$108.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	+0.065%	$33K	$336K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	−0.104%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.222%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2121	−0.053%	$12.4M	$26.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2122	−0.029%	$37.6M	$42.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	−0.010%	$24.6M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2120	−0.081%	$48.1M	$60.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2121	−0.038%	—	$31.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2128	+0.253%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2120	−0.089%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2120	−0.120%	$350K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2120	−0.104%	$19K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	−0.029%	$186K	$2.6M	10x	as long as short
SunX ENA-USDTshort	+0.0100%	4h	0.2071	−2.409%	$1K	$904K	20x
SoDEX ENA-USD	+0.0100%	1h	0.2121	−0.057%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.037%	$266K	$820K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2122	−0.010%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2120	−0.100%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2121	−0.057%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2119	−0.147%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0160%	1h	0.2123	+0.051%	$5.0M	$13.4M	10x	as long as short
dYdX ENA-USD	+0.0205%	1h	0.2120	−0.088%	$140K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2121	−0.059%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2123	+0.018%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	−0.087%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0444%	1h	0.2122	long leg	$2.6M	$4.4M	50x
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2124	+0.070%	$876K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0638%	1h	0.2122	+0.013%	$394K	$437K	5x	as long as short