Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0141%/8h= +15.4% APRpaid last 24h −0.057%

Price spread now: Kraken Futures against KuCoin−0.030%7-day average +0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$760.762% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.196%+$20 on $10k

Price spread, last 3 days (all we have)+0.393%+$39 · spread now −0.030%, 7d avg +0.061%

Together, before fees+0.589%+$59 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.090% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.030% now, against its 7-day average of +0.061%). If the spread goes back, that is −$9 on $10k: about 2.1 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2121	0.0100	pay 0.0050% / 4h	20m 44s	$24.5M	$16.4M	75x
Short	Kraken Futures PF_ENAUSD	0.2121	0.0241	get 0.0030% / 1h	20m 44s	$2.7M	$5.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now −0.030%Rate

Funding earned: $29.58
Price spread: −0.030% → +0.061%: −$9.04
Slippage, 4 orders: −$54.23
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$55.69
Costs to cover: 0.762%
Break-even: 20.2 days

Slippage from KuCoin: live order book, 3 min ago; Kraken Futures: live order book, 3 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 KuCoin live order book, 3 min ago	2.36 bp	15.7 bp −$16	36.2 bp −$362	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	14.63 bp	22.5 bp −$23	31.2 bp −$312	228.5 bp −$22.8K	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	−0.0007%	4h	0.2119	−0.113%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2120	−0.075%	$92K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2120	−0.066%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.099%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0037%	1h	0.2121	−0.009%	$375K	$445K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	−0.061%	$61K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.057%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2121	−0.010%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2120	−0.053%	$410K	$562K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2120	−0.058%	$131.0M	$452.6M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2119	−0.085%	$89.0M	$189.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2120	−0.042%	$20.6M	$110.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2119	−0.090%	$15K	$404K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2121	−0.014%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.226%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2120	−0.042%	$10.8M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2120	−0.052%	$46.4M	$45.6M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2121	long leg	$24.5M	$16.4M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2120	−0.075%	$48.1M	$63.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2121	−0.005%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2120	−0.049%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.264%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	−0.191%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	−0.203%	$34K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2121	−0.005%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2070	−2.409%	$1K	$826K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2119	−0.108%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.024%	$275K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2119	−0.108%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2119	−0.102%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	−0.103%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2118	−0.151%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2122	+0.033%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0208%	1h	0.2120	−0.076%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0241%	1h	0.2121	−0.030%	$2.7M	$5.4M	50x
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2120	−0.056%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2120	−0.052%	$5.6M	$6.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	−0.044%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0528%	1h	0.2123	+0.085%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2120	−0.075%	$837K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0760%	1h	0.2124	+0.146%	$114.4M	$78.3M	10x	as long as short
dYdX ENA-USD	+0.1575%	1h	0.2121	−0.013%	$140K	$15K	5x	as long as short