Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0132%/8h= +14.5% APRpaid last 24h −0.057%

Price spread now: Kraken Futures against Phemex+0.237%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$890.895% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.173%+$17 on $10k

Price spread, last 4 days (all we have)−0.115%−$11 · spread now +0.237%, 7d avg +0.037%

Together, before fees+0.058%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kraken Futures is 0.200% dearer against Phemex than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2187	0.0024	pay 0.0012% / 4h	2h 12m	$1.8M	$8.9M	50x
Short	Kraken Futures PF_ENAUSD	0.2192	0.0157	get 0.0020% / 1h	12m 27s	$2.7M	$4.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phemex. 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 PhemexbpFee Kraken FuturesbpOrdersPrice spread, now +0.237%Rate

Funding earned: $27.79
Price spread: +0.237% → +0.037%: $20.02
Slippage, 4 orders: −$67.48
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$41.67
Costs to cover: 0.895%
Break-even: 17.5 days

Slippage from Phemex: live order book, 1 min ago; Kraken Futures: live order book, 1 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 Phemex live order book, 1 min ago	9.15 bp	27.8 bp −$28	81.5 bp −$815	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	11.90 bp	17.0 bp −$17	21.4 bp −$214	100.9 bp −$10.1K	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	−0.0136%	4h	0.2182	−0.206%	$45K	$26K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2182	−0.208%	$85K	—	150x	as long as short
Phemex ENAUSDTlong	+0.0024%	4h	0.2187	long leg	$1.8M	$8.9M	50x
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.908%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0056%	1h	0.2181	−0.261%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2182	−0.229%	$54K	$476K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2181	−0.256%	$565K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2185	−0.101%	$118.5M	$75.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2184	−0.157%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2182	−0.209%	$410K	$528K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2182	−0.224%	$132.3M	$425.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2183	−0.187%	$88.5M	$178.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2183	−0.174%	$21.8M	$109.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2180	−0.306%	$21K	$336K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2182	−0.229%	$81K	$280K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2182	−0.251%	$96K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2183	−0.192%	$11.6M	$24.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2184	−0.137%	$48.3M	$42.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2183	−0.174%	$25.5M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2180	−0.343%	$49.4M	$58.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2182	−0.210%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2174	−0.604%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2175	−0.543%	$253K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2177	−0.457%	$365K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2178	−0.412%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2183	−0.174%	$194K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2139	−2.213%	$921	$886K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2191	+0.183%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2188	+0.069%	$274K	$806K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2181	−0.288%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2181	−0.259%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2184	−0.158%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2174	−0.585%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0157%	1h	0.2192	+0.237%	$2.7M	$4.3M	50x
Deribit ENA_USDC-PERPETUAL	+0.0161%	1h	0.2192	+0.238%	$71K	$1.1M	50x	as long as short
dYdX ENA-USD	+0.0228%	1h	0.2182	−0.244%	$144K	$16K	5x	as long as short
Lighter ENA	+0.0248%	1h	0.2185	−0.101%	$5.3M	$13.4M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2182	−0.235%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2193	+0.270%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2183	−0.199%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0678%	1h	0.2188	+0.041%	$369K	$401K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2192	+0.242%	$897K	$1.8M	50x	as long as short