Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0322%/8hpaid last 24h +0.040%

Price spread now: edgeX against Kraken Futures−0.421%76s7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as 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−$630.633% of the position

Long on Kraken Futures Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.103%−$10 on $10k

Price spread, last 3 days (all we have)−0.035%−$3 · spread now −0.421%, 7d avg −0.052%

Together, before fees−0.138%+ Points / potential airdropedgeX: Active · farm board−$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.369% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.421% now, against its 7-day average of −0.052%). If the spread goes back, that is −$37 on $10k: about 3.8 days of funding at the current rate (+$10 a day). Mind the row above: over the last 7 days funding on this pair cost −0.103%, so the current rate has only just turned in your favour. The two prices were read 76 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.103% in total (about -5.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2139	−0.0222	get 0.0028% / 1h	3m 45s	$2.7M	$6.1M	50x
Short	edgeX ENAUSDC	0.2130	0.0100	get 0.0050% / 4h	3m 45s	$255K	$8.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Kraken Futures. 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 Kraken FuturesbpFee edgeXbpOrdersPrice spread, now −0.421%Rate

Funding earned: $67.55
Price spread: −0.421% → −0.052%: −$36.94
Slippage, 4 orders: −$44.26
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$32.64
Costs to cover: 0.633%
Break-even: 10.4 days

Slippage from Kraken Futures: live order book, 5 min ago; edgeX: 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 Kraken Futures live order book, 5 min ago	9.13 bp	14.2 bp −$14	21.3 bp −$213	74.4 bp −$7,445	doesn't fit
Sell edgeX live order book, 5 min ago	7.05 bp	11.5 bp −$12	13.1 bp −$131	44.0 bp −$4,403	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	−0.0262%	1h	0.2139	+0.011%	$369K	$493K	5x	as long as short
Injective ENA/USDC PERP	−0.0223%	1h	0.2123	−0.737%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSDlong	−0.0222%	1h	0.2139	long leg	$2.7M	$6.1M	50x
Orderly PERP_ENA_USDC	−0.0138%	4h	0.2137	−0.105%	$42K	$22K	10x	as long as short
Phemex ENAUSDT	−0.0034%	4h	0.2137	−0.101%	$1.9M	$9.4M	50x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2139	−0.003%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2138	−0.059%	$95K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2139	−0.010%	$99K	—	150x	as long as short
Phoenix ENA	+0.0076%	1h	0.2132	−0.325%	$6K	$392K	10x	as long as short
Bitget ENAUSDT	+0.0080%	4h	0.2138	−0.054%	$48.8M	$67.0M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ENAUSDT	+0.0096%	1h	0.2136	−0.148%	$59K	$564K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2136	−0.145%	$48K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2137	−0.119%	$656K	$1.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2139	+0.009%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2137	−0.112%	$409K	$618K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2138	−0.040%	$132.2M	$477.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2138	−0.073%	$90.7M	$198.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2138	−0.063%	$20.5M	$120.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2129	−0.475%	$19K	$470K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2137	−0.101%	$85K	$216K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2138	−0.045%	$10.7M	$23.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2138	−0.068%	$45.7M	$53.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2139	−0.026%	$23.8M	$16.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2137	−0.087%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2132	−0.337%	$3.7M	$9.8M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2130	−0.421%	$255K	$8.1M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2133	−0.276%	$359K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2134	−0.241%	$32K	$719K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2137	−0.091%	$194K	$3.2M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2085	−2.532%	$1K	$787K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2138	−0.054%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2139	−0.021%	$276K	$1.7M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.568%	$89K	$1K	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2137	−0.106%	$1.7M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2137	−0.077%	$79K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0176% / S −0.0248%	1h	0.2138	−0.059%	$39K	—	100x	as long as short
Hyperliquid ENA	+0.0228%	1h	0.2142	+0.156%	$114.7M	$79.7M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2134	−0.227%	$5.7M	$8.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2136	−0.164%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0416%	1h	0.2141	+0.086%	$5.9M	$13.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2140	+0.030%	$818K	$2.4M	50x	as long as short
dYdX ENA-USD	+0.5844%	1h	0.2137	−0.111%	$141K	$12K	5x	as long as short