Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0150%/8h= +16.4% APRpaid last 24h −0.060%

Price spread now: Kraken Futures against HTX−0.075%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$1051.054% of the position

Long on HTX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.140%+$14 on $10k

Price spread, last 3 days (all we have)+0.309%+$31 · spread now −0.075%, 7d avg −0.007%

Together, before fees+0.448%+$45 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.069% cheaper against HTX than usual: you would sell low and buy high (spread −0.075% now, against its 7-day average of −0.007%). If the spread goes back, that is −$7 on $10k: about 37 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.140% in total) that is about 3.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ENA-USDT	0.2135	0.0100	pay 0.0050% / 4h	2h 19m	$275K	$864K	50x
Short	Kraken Futures PF_ENAUSD	0.2133	0.0250	get 0.0031% / 1h	19m 13s	$2.7M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against HTX. 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 HTXbpFee Kraken FuturesbpOrdersPrice spread, now −0.075%Rate

Funding earned: $31.51
Price spread: −0.075% → −0.007%: −$6.87
Slippage, 4 orders: −$83.42
Fee HTX: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$80.77
Costs to cover: 1.054%
Break-even: 24.9 days

Slippage from HTX: live order book, 9 min ago; Kraken Futures: live order book, 5 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 HTX live order book, 9 min ago	18.62 bp	44.6 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	11.02 bp	17.1 bp −$17	23.0 bp −$230	122.4 bp −$12.2K	doesn't fit

ENA on 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2132	−0.141%	$80K	$1.5M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2131	−0.182%	$92K	—	150x	as long as short
dYdX ENA-USD	+0.0015%	1h	0.2132	−0.151%	$141K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.534%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0036%	4h	0.2131	−0.197%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2132	−0.141%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2131	−0.178%	$54K	$516K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2130	−0.204%	$685K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2132	−0.111%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2132	−0.111%	$417K	$543K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2132	−0.126%	$132.0M	$443.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2132	−0.145%	$87.5M	$186.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2133	−0.094%	$20.9M	$107.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2135	+0.023%	$19K	$402K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2132	−0.131%	$79K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2135	−0.014%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2130	−0.211%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2131	−0.183%	$45.3M	$44.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2132	−0.131%	$24.7M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2130	−0.234%	$48.5M	$60.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2130	−0.211%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2135	0.000%	$382K	$387K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2130	−0.203%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2130	−0.223%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	−0.272%	$352K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2131	−0.178%	$32K	$656K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2132	−0.155%	$183K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2080	−2.548%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2131	−0.178%	$4K	$10K	10x	as long as short
HTX ENA-USDTlong	+0.0100%	4h	0.2135	long leg	$275K	$864K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2131	−0.178%	$1.9M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2132	−0.153%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	−0.195%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2129	−0.267%	$7K	$351K	10x	as long as short
Extended ENA-USD	+0.0224%	1h	0.2131	−0.177%	$1.6M	$4.1M	50x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0250%	1h	0.2133	−0.075%	$2.7M	$4.5M	50x
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2130	−0.215%	$51K	—	100x	as long as short
Lighter ENA	+0.0400%	1h	0.2134	−0.023%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2131	−0.156%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0490%	1h	0.2134	−0.033%	$115.3M	$72.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2136	+0.052%	$837K	$1.7M	50x	as long as short