Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0263%/8h= +28.8% APRpaid last 24h −0.015%

Price spread now: Kraken Futures against Orderly+0.122%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Kraken Futures

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 for this trade now. Funding pays +$8 a day on $10k at the current rate, and Kraken Futures is 0.122% dearer against Orderly than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2126	−0.0023	get 0.0011% / 4h	39m 40s	$41K	$24K	10x
Short	Kraken Futures PF_ENAUSD	0.2129	0.0240	get 0.0030% / 1h	39m 40s	$2.7M	$5.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. 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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now +0.122%Rate

Funding earned: $55.2
Price spread: +0.122% → 0.000%: $12.16
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $51.36
Costs to cover: 0.160%
Break-even: 0.5 days

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 4 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 4 min ago	9.17 bp	16.2 bp −$16	23.8 bp −$238	118.8 bp −$11.9K	doesn't fit

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_USDClong	−0.0023%	4h	0.2126	long leg	$41K	$24K	10x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	+0.056%	$93K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2128	+0.077%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.136%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0090%	1h	0.2128	+0.099%	$376K	$448K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	−0.108%	$63K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2128	+0.101%	$684K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2126	+0.006%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2126	−0.013%	$412K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2124	−0.089%	$131.3M	$454.4M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2124	−0.094%	$89.2M	$190.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2124	−0.118%	$20.6M	$111.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2126	−0.033%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	−0.014%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2129	+0.127%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2125	−0.056%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2126	−0.024%	$46.9M	$45.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2127	+0.047%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	−0.108%	$48.2M	$64.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2125	−0.066%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	+0.131%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2127	+0.056%	$253K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.128%	$358K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2130	+0.174%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	+0.089%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.361%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	+0.033%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2131	+0.216%	$277K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2126	−0.014%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2124	−0.110%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	+0.028%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.132%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2126	−0.028%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0240%	1h	0.2129	+0.122%	$2.7M	$5.5M	50x
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2128	+0.058%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0320%	1h	0.2124	−0.126%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.075%	$5.6M	$7.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2128	+0.058%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.254%	$842K	$2.1M	50x	as long as short
Lighter ENA	+0.0568%	1h	0.2128	+0.094%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0856%	1h	0.2129	+0.136%	$114.5M	$78.7M	10x	as long as short
dYdX ENA-USD	+0.1743%	1h	0.2126	−0.010%	$140K	$15K	5x	as long as short