Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0185%/8h= −20.3% APRpaid last 24h +0.058%

Price spread now: HTX against Kraken Futures+0.223%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$1041.043% of the position

Long on Kraken Futures Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.146%−$15 on $10k

Price spread, last 3 days (all we have)−0.456%−$46 · spread now +0.223%, 7d avg +0.007%

Together, before fees−0.602%−$60 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.216% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.223% now, against its 7-day average of +0.007%): +$22 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 3.9 days. At the pace of the last 7 days (−0.146% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2112	0.0285	pay 0.0036% / 1h	48m 30s	$2.6M	$4.3M	50x
Short	HTX ENA-USDT	0.2117	0.0100	get 0.0050% / 4h	1h 48m	$276K	$785K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.223%Rate

Funding earned: −$38.9
Price spread: +0.223% → +0.007%: $21.57
Slippage, 4 orders: −$82.31
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$121.64
Costs to cover: 1.043%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; HTX: live order book, 40 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	10.15 bp	16.8 bp −$17	24.3 bp −$243	100.2 bp −$10.0K	doesn't fit
Sell HTX live order book, 40 min ago	18.62 bp	26.9 bp −$27	doesn't fit	doesn't fit	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	0.2112	−0.038%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2111	−0.050%	$87K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0019%	4h	0.2110	−0.104%	$44K	$27K	10x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2111	−0.076%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.516%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	−0.118%	$54K	$500K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2109	−0.156%	$681K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2113	+0.010%	$113.6M	$71.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2112	−0.024%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	−0.091%	$412K	$516K	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	0.2111	−0.090%	$129.9M	$425.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2111	−0.090%	$86.5M	$177.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2112	−0.043%	$20.7M	$103.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2123	+0.511%	$19K	$384K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2110	−0.118%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	+0.213%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2110	−0.099%	$11.0M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2112	−0.033%	$45.3M	$41.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2113	+0.010%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2109	−0.142%	$48.1M	$58.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2111	−0.057%	—	$32.2M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	+0.305%	$3.8M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2118	+0.249%	$247K	$7.4M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2120	+0.355%	$358K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2122	+0.450%	$32K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2112	−0.024%	$181K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.390%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2111	−0.071%	$3K	$7K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2117	+0.223%	$276K	$785K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2112	−0.024%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	−0.052%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	−0.071%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0136%	1h	0.2111	−0.078%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0150%	1h	0.2113	+0.043%	$8K	$298K	10x	as long as short
dYdX ENA-USD	+0.0153%	1h	0.2112	−0.005%	$140K	$15K	5x	as long as short
Backpack ENA_USDC_PERP	+0.0232%	1h	0.2113	+0.010%	$376K	$363K	5x	as long as short
Lighter ENA	+0.0248%	1h	0.2112	−0.028%	$5.5M	$13.6M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2111	−0.048%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0285%	1h	0.2112	long leg	$2.6M	$4.3M	50x
Reya ENARUSDPERP	+0.0412%	1h	0.2111	−0.054%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2117	+0.199%	$832K	$1.5M	50x	as long as short