Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0546%/8h= +59.8% APRpaid last 24h −0.015%

Price spread now: Kraken Futures against Orderly+0.125%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Kraken Futures is 0.125% dearer against Orderly than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2113	−0.0100	get 0.0050% / 4h	1h 06m	$44K	$26K	10x
Short	Kraken Futures PF_ENAUSD	0.2115	0.0446	get 0.0056% / 1h	6m 34s	$2.6M	$4.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. 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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now +0.125%Rate

Funding earned: $114.65
Price spread: +0.125% → 0.000%: $12.46
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $111.12
Costs to cover: 0.160%
Break-even: 0.2 days

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 2 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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 2 min ago	8.75 bp	14.2 bp −$14	23.0 bp −$230	156.1 bp −$15.6K	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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_USDClong	−0.0100%	4h	0.2113	long leg	$44K	$26K	10x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2114	+0.080%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	+0.019%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2116	+0.175%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.511%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2115	+0.114%	$55K	$481K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2114	+0.046%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2115	+0.092%	$560K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2118	+0.241%	$114.6M	$75.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2116	+0.171%	$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	0.2114	+0.087%	$400K	$542K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	+0.174%	$128.3M	$426.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	+0.095%	$90.7M	$186.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	+0.161%	$21.1M	$107.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	−0.090%	$33K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2116	+0.161%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	+0.441%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2115	+0.118%	$12.5M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2115	+0.123%	$38.5M	$43.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	+0.043%	$24.7M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	+0.057%	$47.9M	$59.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2116	+0.170%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	+0.301%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	+0.008%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2111	−0.076%	$351K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2113	+0.019%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2116	+0.147%	$183K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2056	−2.670%	$1K	$902K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2114	+0.066%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2118	+0.265%	$266K	$816K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2114	+0.066%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2115	+0.117%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2113	+0.019%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2120	+0.341%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0152%	1h	0.2115	+0.109%	$5.0M	$13.7M	10x	as long as short
dYdX ENA-USD	+0.0242%	1h	0.2113	+0.039%	$140K	$16K	5x	as long as short
Backpack ENA_USDC_PERP	+0.0249%	1h	0.2114	+0.090%	$392K	$437K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0753%	1h	0.2113	+0.035%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2112	−0.024%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2114	+0.085%	$1K	—	15x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0446%	1h	0.2115	+0.125%	$2.6M	$4.4M	50x
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2135	+1.084%	$881K	$1.8M	50x	as long as short