ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0169%/8h= +18.6% APRnext payment +$0.21 per $10,000 · paid last 24h −0.062%

Price spread now: Kraken Futures against Phoenix−0.543%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$670.675% of the position

Long on Phoenix Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 4 days (all we have)+1.391%+$139 · spread now −0.543%, 7d avg −0.016%

Together, before fees+1.446%+$145 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.527% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.543% now, against its 7-day average of −0.016%). If the spread goes back, that is −$53 on $10k: about 10 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.054% in total) that is about 2 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ENA	0.2104	0.0076	pay 0.0009% / 1h	38m 51s	$8K	$266K	10x
Short	Kraken Futures PF_ENAUSD	0.2093	0.0245	get 0.0031% / 1h	38m 51s	$2.6M	$4.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phoenix. 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 PhoenixbpFee Kraken FuturesbpOrdersPrice spread, now −0.543%Rate

Funding earned: $35.59
Price spread: −0.543% → −0.016%: −$52.68
Slippage, 4 orders: −$50.46
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$84.56
Costs to cover: 0.675%
Break-even: 23.6 days

Slippage from Phoenix: live order book, 17 min ago; Kraken Futures: 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 Phoenix live order book, 17 min ago	1.90 bp	16.8 bp −$17	59.2 bp −$592	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	8.57 bp	14.4 bp −$14	23.6 bp −$236	152.4 bp −$15.2K	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	−0.0297%	1h	0.2092	−0.566%	$363K	$390K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2093	−0.532%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0065%	4h	0.2092	−0.589%	$43K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2092	−0.589%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2092	−0.548%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.922%	$522	$57K	5.5x	as long as short
Phoenix ENAlong	+0.0076%	1h	0.2104	long leg	$8K	$266K	10x
Lighter ENA	+0.0096%	1h	0.2093	−0.513%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2091	−0.618%	$55K	$503K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2092	−0.557%	$47K	$110	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2092	−0.585%	$659K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2093	−0.509%	$111.3M	$73.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2093	−0.510%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	−0.412%	$408K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2093	−0.532%	$127.6M	$415.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2092	−0.547%	$84.9M	$175.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2093	−0.504%	$20.8M	$102.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2102	−0.090%	$20K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2088	−0.760%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.295%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2093	−0.537%	$11.0M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2093	−0.504%	$45.6M	$41.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2094	−0.456%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2091	−0.608%	$47.6M	$57.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2093	−0.537%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.344%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2097	−0.333%	$242K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2098	−0.285%	$353K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2098	−0.285%	$20K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2092	−0.570%	$177K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2042	−2.933%	$1K	$845K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	−0.618%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	−0.242%	$271K	$794K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2092	−0.570%	$1.7M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2092	−0.564%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2092	−0.594%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0113%	1h	0.2094	−0.458%	$138K	$15K	5x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0245%	1h	0.2093	−0.543%	$2.6M	$4.2M	50x
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2093	−0.519%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2093	−0.513%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2091	−0.632%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2106	+0.100%	$858K	$1.5M	50x	as long as short