ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0166%/8h= +18.2% APRnext payment +$0.21 per $10,000 · paid last 24h −0.062%

Price spread now: Kraken Futures against Phoenix+0.247%71s7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$850.849% of the position

Long on Phoenix Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 4 days (all we have)+0.601%+$60 · spread now +0.247%, 7d avg −0.016%

Together, before fees+0.655%+$66 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Kraken Futures is 0.263% dearer against Phoenix than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of −0.016%. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ENA	0.2114	0.0076	pay 0.0009% / 1h	26m 16s	$8K	$266K	10x
Short	Kraken Futures PF_ENAUSD	0.2120	0.0242	get 0.0030% / 1h	26m 16s	$2.6M	$4.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phoenix. 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 PhoenixbpFee Kraken FuturesbpOrdersPrice spread, now +0.247%Rate

Funding earned: $34.93
Price spread: +0.247% → −0.016%: $26.32
Slippage, 4 orders: −$67.94
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$23.69
Costs to cover: 0.849%
Break-even: 11.7 days

Slippage from Phoenix: live order book, 29 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 Phoenix live order book, 29 min ago	1.90 bp	16.8 bp −$17	59.2 bp −$592	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	20.57 bp	25.7 bp −$26	30.2 bp −$302	146.1 bp −$14.6K	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
Backpack ENA_USDC_PERP	−0.0201%	1h	0.2117	+0.151%	$365K	$396K	5x	as long as short
01 Exchange ENAUSD	−0.0088%	1h	0.2117	+0.128%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0068%	4h	0.2116	+0.090%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2117	+0.118%	$79K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2117	+0.113%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.430%	$522	$57K	5.5x	as long as short
Phoenix ENAlong	+0.0076%	1h	0.2114	long leg	$8K	$266K	10x
dYdX ENA-USD	+0.0091%	1h	0.2118	+0.163%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2120	+0.284%	$5.2M	$13.5M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	+0.128%	$56K	$476K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	+0.101%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.130%	$653K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2119	+0.236%	$115.4M	$75.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2118	+0.154%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	+0.203%	$405K	$516K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2119	+0.233%	$129.1M	$416.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2118	+0.189%	$85.5M	$175.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2118	+0.175%	$20.8M	$103.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	+0.057%	$18K	$316K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2117	+0.128%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2093	−1.007%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	+0.061%	$11.1M	$22.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2119	+0.246%	$46.2M	$41.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2120	+0.284%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2116	+0.099%	$48.1M	$57.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2117	+0.104%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	−0.105%	$3.0M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2111	−0.138%	$243K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2113	−0.085%	$349K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	+0.459%	$20K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	+0.118%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.232%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	+0.128%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	+0.222%	$274K	$791K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	+0.080%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2117	+0.148%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	+0.086%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0242%	1h	0.2120	+0.247%	$2.6M	$4.3M	50x
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2117	+0.113%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	+0.114%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2116	+0.087%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2121	+0.326%	$868K	$1.6M	50x	as long as short