Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0298%/8h= −32.6% APRpaid last 24h +0.011%

Price spread now: Orderly against Kraken Futures−0.038%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Orderly is 0.038% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2176	0.0158	pay 0.0020% / 1h	3m 55s	$2.7M	$4.3M	50x
Short	Orderly PERP_ENA_USDC	0.2175	−0.0140	pay 0.0070% / 4h	2h 03m	$45K	$26K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.038%Rate

Funding earned: −$62.55
Price spread: −0.038% → 0.000%: −$3.84
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$82.39
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 5 min ago; Orderly: no order-book sample. Net counts fees only.

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	10.33 bp	19.2 bp −$19	27.2 bp −$272	92.0 bp −$9,197	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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_USDCshort	−0.0140%	4h	0.2175	−0.038%	$45K	$26K	10x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2175	−0.025%	$68K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2176	−0.002%	$84K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.419%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0040%	1h	0.2179	+0.122%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2178	+0.090%	$55K	$477K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2175	−0.036%	$577K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2176	+0.003%	$118.0M	$75.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2173	−0.123%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2177	+0.059%	$409K	$532K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2172	−0.187%	$131.5M	$426.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2172	−0.195%	$87.8M	$179.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2172	−0.181%	$21.7M	$109.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2175	−0.057%	$21K	$327K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2179	+0.136%	$81K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2182	+0.251%	$96K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2172	−0.190%	$11.5M	$24.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2173	−0.144%	$48.4M	$42.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2174	−0.075%	$25.3M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2170	−0.277%	$49.2M	$59.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2172	−0.199%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2182	+0.259%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2177	+0.058%	$257K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2179	+0.124%	$364K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2178	+0.090%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2179	+0.118%	$193K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2124	−2.391%	$919	$893K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2175	−0.048%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2182	+0.260%	$273K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2175	−0.048%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2176	+0.016%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2172	−0.170%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2175	−0.038%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2177	+0.067%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0158%	1h	0.2176	long leg	$2.7M	$4.3M	50x
dYdX ENA-USD	+0.0195%	1h	0.2178	+0.077%	$144K	$16K	5x	as long as short
Lighter ENA	+0.0240%	1h	0.2177	+0.040%	$5.2M	$13.4M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2175	−0.033%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2179	+0.127%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2174	−0.077%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0542%	1h	0.2175	−0.029%	$398K	$423K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2181	+0.224%	$895K	$1.8M	50x	as long as short