Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h −0.059%

Price spread now: Kraken Futures against Binance+0.199%7-day average +0.078% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$500.497% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.179%+$18 on $10k

Price spread, last 4 days (all we have)+0.441%+$44 · spread now +0.199%, 7d avg +0.078%

Together, before fees+0.621%+$62 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 0.120% dearer against Binance than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.078%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2095	0.0100	pay 0.0050% / 4h	39m 46s	$127.7M	$415.8M	75x
Short	Kraken Futures PF_ENAUSD	0.2099	0.0244	get 0.0031% / 1h	39m 46s	$2.6M	$4.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.199%Rate

Funding earned: $30.33
Price spread: +0.199% → +0.078%: $12.04
Slippage, 4 orders: −$29.73
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$7.36
Costs to cover: 0.497%
Break-even: 8.7 days

Slippage from Binance: live order book, 4 min ago; Kraken Futures: live order book, 4 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 Binance live order book, 4 min ago	0.24 bp	8.4 bp −$8	13.4 bp −$134	52.0 bp −$5,199	doesn't fit
Sell Kraken Futures live order book, 4 min ago	8.57 bp	14.4 bp −$14	23.6 bp −$236	152.4 bp −$15.2K	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	−0.0292%	1h	0.2098	+0.130%	$364K	$390K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2104	+0.421%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0064%	4h	0.2098	+0.130%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2098	+0.163%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2098	+0.167%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.357%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2097	+0.073%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2097	+0.111%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2102	+0.335%	$55K	$501K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2102	+0.333%	$47K	$110	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2101	+0.278%	$662K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2099	+0.211%	$111.9M	$73.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2098	+0.130%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2104	+0.428%	$410K	$500K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2095	long leg	$127.7M	$415.8M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2092	−0.147%	$84.8M	$175.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2093	−0.090%	$20.8M	$101.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.099%	$20K	$311K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2093	−0.094%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.134%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	+0.106%	$11.0M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2097	+0.092%	$45.6M	$41.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2098	+0.163%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	+0.049%	$47.8M	$57.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2098	+0.135%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	+0.085%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2097	+0.096%	$242K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	+0.002%	$347K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	+0.001%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2102	+0.321%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.218%	$1K	$845K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2097	+0.097%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2105	+0.469%	$272K	$794K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2097	+0.097%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2096	+0.050%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2099	+0.169%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0113%	1h	0.2094	−0.029%	$138K	$15K	5x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0244%	1h	0.2099	+0.199%	$2.6M	$4.2M	50x
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2099	+0.183%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2100	+0.225%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2100	+0.222%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2106	+0.531%	$858K	$1.5M	50x	as long as short