Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0095%/8h= +10.4% APRpaid last 24h −0.062%

Price spread now: Kraken Futures against BingX+0.036%7-day average +0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$760.757% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.183%+$18 on $10k

Price spread, last 4 days (all we have)+1.118%+$112 · spread now +0.036%, 7d avg +0.094%

Together, before fees+1.301%+$130 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.058% cheaper against BingX than usual: you would sell low and buy high (spread +0.036% now, against its 7-day average of +0.094%). If the spread goes back, that is −$6 on $10k: about 2.0 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDC	0.2138	0.0100	pay 0.0050% / 4h	3h 40m	—	$6.5M	—
Short	Kraken Futures PF_ENAUSD	0.2139	0.0195	get 0.0024% / 1h	40m 47s	$2.6M	$4.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now +0.036%Rate

Funding earned: $19.95
Price spread: +0.036% → +0.094%: −$5.77
Slippage, 4 orders: −$55.73
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$61.54
Costs to cover: 0.757%
Break-even: 28.6 days

Slippage from BingX: live order book, 10 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 BingX live order book, 10 min ago	0.93 bp	13.1 bp −$13	25.8 bp −$258	72.4 bp −$7,236	466.0 bp −$233.0K
Sell Kraken Futures live order book, 3 min ago	19.97 bp	26.4 bp −$26	33.1 bp −$331	92.8 bp −$9,284	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	−0.0091%	4h	0.2139	+0.028%	$44K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0080%	1h	0.2140	+0.084%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	−0.0030%	1h	0.2140	+0.061%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2138	−0.001%	$83K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.701%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0083%	1h	0.2140	+0.090%	$141K	$16K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2140	+0.070%	$4.9M	$12.9M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2140	+0.075%	$52K	$491K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2139	+0.040%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2139	+0.040%	$568K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2139	+0.051%	$116.5M	$76.5M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2139	+0.037%	$1.4M	$3.4M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2139	+0.005%	$413K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2139	+0.005%	$130.7M	$432.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2139	+0.009%	$88.9M	$194.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2140	+0.056%	$21.1M	$110.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2148	+0.435%	$28K	$320K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2140	+0.075%	$79K	$282K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2157	+0.890%	$94K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2138	−0.005%	$13.3M	$27.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2139	+0.009%	$40.9M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2140	+0.089%	$25.2M	$16.0M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2136	−0.131%	$48.3M	$61.4M	75x	as long as short
BingX ENA-USDClong	+0.0100%	4h	0.2138	long leg	—	$6.5M	—
Variational Omni ENA	+0.0100%	4h	0.2139	+0.023%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2163	+1.150%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2152	+0.619%	$359K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2161	+1.057%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2141	+0.122%	$176K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2091	−2.231%	$1K	$928K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2138	−0.019%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2142	+0.145%	$264K	$836K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2139	+0.028%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2138	−0.037%	$1.7M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2140	+0.051%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2146	+0.360%	$14K	$267K	10x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0195%	1h	0.2139	+0.036%	$2.6M	$4.4M	50x
GMX ENA/USD [ETH-USDC]	L +0.0309% / S −0.0754%	1h	0.2157	+0.848%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2136	−0.098%	$5.6M	$3.5M	75x	as long as short
Backpack ENA_USDC_PERP	+0.0400%	1h	0.2140	+0.089%	$416K	$481K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2140	+0.075%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2157	+0.846%	$801K	$2.0M	50x	as long as short