ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0073%/8h= −8.0% APRnext payment −$0.09 per $10,000 · paid last 24h +0.061%

Price spread now: Polymarket Perps against Kraken Futures0.000%48s7-day average −0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as 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−$480.479% of the position

Long on Kraken Futures Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.393%−$39 on $10k

Price spread, last 4 days (all we have)−0.525%−$53 · spread now 0.000%, 7d avg −0.045%

Together, before fees−0.918%−$92 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.045% dearer against Kraken Futures than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.045%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.1 days. At the pace of the last 7 days (−0.393% in total) that is about 19 hours. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2105	0.0173	pay 0.0022% / 1h	18m 27s	$2.6M	$4.3M	50x
Short	Polymarket Perps ENA-USD	0.2105	0.0100	get 0.0013% / 1h	18m 27s	$189K	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$15.42
Price spread: 0.000% → −0.045%: $4.53
Slippage, 4 orders: −$29.9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$58.78
Costs to cover: 0.479%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Polymarket Perps: 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	9.99 bp	15.3 bp −$15	21.9 bp −$219	96.3 bp −$9,635	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	1.90 bp	6.8 bp −$7	9.2 bp −$92	doesn't fit	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	−0.0119%	4h	0.2103	−0.100%	$44K	$26K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0100%	1h	0.2105	−0.005%	$359K	$401K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2104	−0.066%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2106	+0.014%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2103	−0.104%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.860%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2102	−0.157%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2102	−0.142%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2103	−0.128%	$653K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	−0.081%	$1.5M	$3.2M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2104	−0.080%	$401K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2103	−0.125%	$127.4M	$413.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2103	−0.100%	$85.0M	$174.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2105	−0.024%	$20.9M	$103.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2104	−0.081%	$22K	$332K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2103	−0.109%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.254%	$92K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2102	−0.142%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2105	+0.005%	$45.6M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	+0.005%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2103	−0.114%	$47.8M	$57.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2103	−0.119%	—	$31.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2105	−0.015%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2103	−0.108%	$242K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2106	+0.018%	$349K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	+0.033%	$20K	$653K	50x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2105	0.000%	$189K	$2.4M	10x
SunX ENA-USDT	+0.0100%	4h	0.2054	−2.460%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2104	−0.062%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2106	+0.038%	$272K	$789K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2103	−0.109%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2102	−0.168%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	−0.083%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2104	−0.047%	$8K	$274K	10x	as long as short
Hyperliquid ENA	+0.0150%	1h	0.2106	+0.043%	$114.4M	$74.0M	10x	as long as short
Lighter ENA	+0.0168%	1h	0.2104	−0.047%	$5.2M	$13.3M	10x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0173%	1h	0.2105	long leg	$2.6M	$4.3M	50x
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2104	−0.072%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2104	−0.076%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2105	−0.031%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2109	+0.171%	$863K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1168%	1h	0.2103	−0.129%	$139K	$15K	5x	as long as short