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 Paradex−0.305%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Kraken Futures is 0.305% cheaper against Paradex than usual: you would sell low and buy high (−$31 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ENA-USD-PERP	0.2100	0.0100	pay 0.0100% / 8h	4h 09m	$47K	—	10x
Short	Kraken Futures PF_ENAUSD	0.2094	−0.0099	pay 0.0012% / 1h	9m 30s	$2.6M	$3.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Paradex. 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 ParadexbpFee Kraken FuturesbpOrdersPrice spread, now −0.305%Rate

Funding earned: −$41.87
Price spread: −0.305% → 0.000%: −$30.51
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$86.38
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Paradex: 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 Paradex no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 2 min ago	9.54 bp	18.6 bp −$19	24.5 bp −$245	119.4 bp −$11.9K	doesn't fit

Paradex: 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 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	0.2092	−0.381%	$43K	$16K	10x	as long as short
Kraken Futures PF_ENAUSDshort	−0.0099%	1h	0.2094	−0.305%	$2.6M	$3.0M	50x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2093	−0.324%	$65K	$1.0M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2093	−0.363%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+1.033%	$734	$57K	5.5x	as long as short
Phoenix ENA	+0.0038%	1h	0.2102	+0.071%	$13K	$290K	10x	as long as short
01 Exchange ENAUSD	+0.0080%	1h	0.2101	+0.023%	$4K	—	10x	as long as short
Bitget ENAUSDT	+0.0082%	4h	0.2098	−0.105%	$47.5M	$53.1M	75x	as long as short
Lighter ENA	+0.0096%	1h	0.2101	+0.057%	$5.0M	$12.2M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	−0.057%	$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-PERPlong	+0.0100%	8h	0.2100	long leg	$47K	—	10x
Nado ENA-PERP	+0.0100%	1h	0.2100	−0.005%	$545K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2100	+0.009%	$112.1M	$73.5M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2100	−0.029%	$1.2M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2100	+0.004%	$381K	$481K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2100	−0.033%	$124.5M	$395.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	−0.081%	$84.4M	$180.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	−0.062%	$20.6M	$95.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.324%	$37K	$294K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	−0.010%	$78K	$213K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	−0.045%	$103K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2100	−0.005%	$14.4M	$27.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2101	+0.028%	$43.6M	$40.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2102	+0.071%	$24.8M	$14.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2100	0.000%	—	$28.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2094	−0.296%	$404K	$449K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2093	−0.321%	$2.9M	$7.6M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2099	−0.063%	$240K	$6.4M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−0.211%	$357K	$4.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	−0.248%	$19K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2100	−0.015%	$121K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.638%	$1K	$934K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2094	−0.296%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2098	−0.110%	$270K	$745K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2093	−0.343%	$1.7M	$9.2M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2100	−0.018%	$1.6M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2094	−0.319%	$73K	$4K	3x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	−0.224%	$5.4M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2098	−0.111%	$1K	—	15x	as long as short
dYdX ENA-USD	+0.0503%	1h	0.2100	−0.005%	$139K	$17K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0520%	1h	0.2094	−0.296%	$765K	$1.7M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0521% / S −0.0754%	1h	0.2093	−0.353%	$57K	—	100x	as long as short