Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0049%/8h= +5.4% APRpaid last 24h −0.065%

Price spread now: Kraken Futures against OKX−0.044%7-day average +0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$580.585% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.245%+$25 on $10k

Price spread, last 4 days (all we have)+0.393%+$39 · spread now −0.044%, 7d avg +0.082%

Together, before fees+0.638%+$64 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.125% cheaper against OKX than usual: you would sell low and buy high (spread −0.044% now, against its 7-day average of +0.082%). If the spread goes back, that is −$13 on $10k: about 8.5 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.245% in total) that is about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ENA-USDT-SWAP	0.2103	0.0100	pay 0.0050% / 4h	38m 50s	$21.1M	$107.0M	50x
Short	Kraken Futures PF_ENAUSD	0.2102	0.0149	get 0.0019% / 1h	38m 50s	$2.6M	$4.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now −0.044%Rate

Funding earned: $10.37
Price spread: −0.044% → +0.082%: −$12.52
Slippage, 4 orders: −$38.45
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$60.6
Costs to cover: 0.585%
Break-even: 47.9 days

Slippage from OKX: live order book, 5 min ago; Kraken Futures: 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 OKX live order book, 5 min ago	0.24 bp	9.5 bp −$9	17.2 bp −$172	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	5.66 bp	20.3 bp −$20	31.0 bp −$310	191.3 bp −$19.1K	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	−0.0095%	4h	0.2100	−0.119%	$44K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2096	−0.314%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2101	−0.090%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2100	−0.102%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.989%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2102	−0.005%	$4.9M	$13.8M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.361%	$55K	$478K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2096	−0.328%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2099	−0.180%	$558K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2102	−0.033%	$113.9M	$74.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2102	−0.043%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	−0.184%	$405K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2101	−0.054%	$127.7M	$425.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2101	−0.071%	$89.9M	$187.3M	50x	as long as short
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2103	long leg	$21.1M	$107.0M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	+0.233%	$38K	$318K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	−0.266%	$77K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2096	−0.327%	$91K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2101	−0.071%	$12.7M	$26.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2102	−0.033%	$39.1M	$42.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2102	−0.033%	$24.8M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2100	−0.119%	$47.7M	$59.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2102	−0.043%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2100	−0.119%	$406K	$492K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2106	+0.173%	$3.0M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2107	+0.229%	$254K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	+0.246%	$363K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2109	+0.304%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2098	−0.228%	$186K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2050	−2.516%	$1K	$905K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	−0.124%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2102	−0.033%	$264K	$817K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2101	−0.076%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2099	−0.148%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	−0.099%	$73K	$4K	3x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0149%	1h	0.2102	−0.044%	$2.6M	$4.4M	50x
Phoenix ENA	+0.0190%	1h	0.2108	+0.276%	$8K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2100	−0.118%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2100	−0.143%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	−0.190%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2102	−0.033%	$869K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0722%	1h	0.2101	−0.089%	$139K	$16K	5x	as long as short