Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0199%/8h= −21.8% APRpaid last 24h −0.047%

Price spread now: Kraken Futures against MEXC+0.068%7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$350.355% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.199%+$20 on $10k

Price spread, last 4 days (all we have)+0.331%+$33 · spread now +0.068%, 7d avg +0.068%

Together, before fees+0.530%+$53 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.068%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.199%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ENA_USDT	0.2097	0.0100	pay 0.0050% / 4h	9m 05s	$43.5M	$40.5M	200x
Short	Kraken Futures PF_ENAUSD	0.2099	−0.0099	pay 0.0012% / 1h	9m 05s	$2.6M	$3.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against MEXC. 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 MEXCbpFee Kraken FuturesbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$41.84
Price spread: +0.068% → +0.068%: −$0.04
Slippage, 4 orders: −$25.45
Fee MEXC: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$77.34
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from MEXC: 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 MEXC live order book, 3 min ago	0.24 bp	1.0 bp −$1	7.8 bp −$78	41.0 bp −$4,101	79.1 bp −$39.5K
Sell Kraken Futures live order book, 3 min ago	9.54 bp	18.6 bp −$19	24.5 bp −$245	119.4 bp −$11.9K	doesn't fit

ENA on 42 exchanges

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	−0.0147%	4h	0.2097	−0.033%	$43K	$16K	10x	as long as short
Kraken Futures PF_ENAUSDshort	−0.0099%	1h	0.2099	+0.068%	$2.6M	$3.0M	50x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	+0.010%	$65K	$1.0M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2099	+0.101%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+1.178%	$734	$57K	5.5x	as long as short
Phoenix ENA	+0.0038%	1h	0.2096	−0.076%	$13K	$290K	10x	as long as short
01 Exchange ENAUSD	+0.0080%	1h	0.2101	+0.167%	$4K	—	10x	as long as short
Bitget ENAUSDT	+0.0082%	4h	0.2095	−0.114%	$47.5M	$53.1M	75x	as long as short
Lighter ENA	+0.0096%	1h	0.2100	+0.114%	$5.0M	$12.2M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	+0.086%	$53K	$389K	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	+0.143%	$47K	—	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2100	+0.138%	$545K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2099	+0.076%	$112.0M	$73.5M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2098	+0.035%	$1.2M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2100	+0.148%	$381K	$481K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2097	+0.002%	$124.3M	$395.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2097	0.000%	$84.3M	$180.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2097	−0.014%	$20.5M	$95.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.181%	$37K	$294K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	+0.134%	$78K	$213K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	+0.098%	$103K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	+0.014%	$14.4M	$27.5M	50x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2097	long leg	$43.5M	$40.5M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.086%	$24.8M	$14.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2098	+0.019%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2098	+0.024%	$404K	$449K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2093	−0.178%	$2.9M	$7.6M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2099	+0.080%	$240K	$6.4M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−0.068%	$357K	$4.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	−0.105%	$19K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2100	+0.129%	$121K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.336%	$1K	$934K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2097	−0.010%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2102	+0.243%	$271K	$745K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2097	−0.010%	$1.7M	$9.2M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2095	−0.088%	$1.6M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2099	+0.110%	$73K	$4K	3x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2098	+0.024%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2098	+0.032%	$1K	—	15x	as long as short
dYdX ENA-USD	+0.0503%	1h	0.2100	+0.139%	$139K	$17K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0520%	1h	0.2100	+0.134%	$767K	$1.7M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0522% / S −0.0754%	1h	0.2099	+0.077%	$58K	—	100x	as long as short