Funding you earn now, next payment 03:00 UTC+0.0185%/8h= +20.3% APRnext payment +$0.23 per $10,000 · paid last 24h −0.016%
Price spread now: Kraken Futures against Backpack+0.073%7-day average +0.036% · you sell dearer than you buy
Net, funding: paid 7d − costs−$52as in the Funding arb table
Net, price: spread back to 7d avg − costs−$58as in the Price arb table
costs, in and out, $10k−$610.614% of the position
Funding, last 7 days+0.097%+$10 on $10k
+Price spread, last 4 days (all we have)+1.044%+$104 · spread now +0.073%, 7d avg +0.036%
=Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Kraken Futures is 0.037% dearer against Backpack than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.036%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.097% in total (about 5.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.23 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack ENA_USDC_PERP | 0.2109 | 0.0100 | pay 0.0013% / 1h | 11m 47s | $374K | $362K | 5x |
| Short | Kraken Futures PF_ENAUSD | 0.2111 | 0.0285 | get 0.0036% / 1h | 11m 47s | $2.7M | $4.3M | 50x |
Backpack ENA_USDC_PERP
Kraken Futures PF_ENAUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $38.94
- Price spread: +0.073% → +0.036%
- $3.72
- Slippage, 4 orders
- −$41.37
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$18.71
- Costs to cover
- 0.614%
- Break-even
- 10.4 days
Slippage from Backpack: live order book, 52 min ago; Kraken Futures: live order book, 2 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 Backpack live order book, 52 min ago | 0.23 bp | 6.1 bp −$6 | 39.4 bp −$394 | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 2 min ago | 11.32 bp | 26.1 bp −$26 | 30.9 bp −$309 | 129.1 bp −$12.9K | 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 | −0.0032% | 4h | 0.2108 | −0.062% | $44K | $26K | 10x | as long as short |
| 01 Exchange ENAUSD | 0.0000% | 1h | 0.2111 | +0.095% | $4K | $302 | 10x | as long as short |
| Deribit ENA_USDC-PERPETUAL | 0.0000% | 1h | 0.2110 | +0.014% | $79K | $1.3M | 50x | as long as short |
| gTrade (Gains Network) ENA/USD | L +0.0004% / S −0.0004% | 1h | 0.2110 | +0.055% | $82K | — | 150x | as long as short |
| Injective ENA/USDC PERP | +0.0033% | 1h | 0.2123 | +0.668% | $522 | $57K | 5.5x | as long as short |
| Popdex ENAUSDT | +0.0096% | 1h | 0.2111 | +0.081% | $55K | $498K | 50x | as long as short |
| Nado ENA-PERP | +0.0100% | 1h | 0.2112 | +0.107% | $663K | $1.7M | 10x | as long as short |
| Hyperliquid ENA | +0.0100% | 1h | 0.2114 | +0.218% | $113.9M | $71.8M | 10x | as long as short |
| Aster ENAUSDT | +0.0100% | 4h | 0.2111 | +0.063% | $1.5M | $3.0M | 50x | as long as short |
| Pacifica ENA | +0.0100% | 1h | 0.2114 | +0.244% | $413K | $506K | 10x | as long as short |
Orderly PERP_ENA_USDC
01 Exchange ENAUSD
Deribit ENA_USDC-PERPETUAL
gTrade (Gains Network) ENA/USD
Injective ENA/USDC PERP
Popdex ENAUSDT
Nado ENA-PERP
Hyperliquid ENA
Aster ENAUSDT
Pacifica ENAShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance ENAUSDT | +0.0100% | 4h | 0.2113 | +0.187% | $129.5M | $418.1M | 75x | as long as short |
| Bybit ENAUSDT | +0.0100% | 4h | 0.2111 | +0.095% | $86.4M | $175.0M | 50x | as long as short |
| OKX ENA-USDT-SWAP | +0.0100% | 4h | 0.2112 | +0.137% | $20.7M | $102.4M | 50x | as long as short |
| Ondo Perps ENA-USD.P | +0.0100% | 1h | 0.2125 | +0.725% | $19K | $351K | 5x | as long as short |
| Arcus ENA-USD | +0.0100% | 1h | 0.2113 | +0.175% | $78K | $275K | 10x | as long as short |
| Bulk ENA-USD | +0.0100% | 1h | 0.2120 | +0.507% | $93K | $4K | 10x | as long as short |
| Gate ENA_USDT | +0.0100% | 4h | 0.2111 | +0.062% | $11.1M | $21.6M | 50x | as long as short |
| MEXC ENA_USDT | +0.0100% | 4h | 0.2109 | −0.024% | $45.8M | $42.2M | 200x | as long as short |
| KuCoin ENAUSDTM | +0.0100% | 4h | 0.2110 | +0.052% | $24.6M | $15.6M | 75x | as long as short |
| Bitget ENAUSDT | +0.0100% | 4h | 0.2111 | +0.071% | $48.1M | $57.5M | 75x | as long as short |
| BingX ENA-USDT | +0.0100% | 4h | 0.2112 | +0.109% | — | $32.2M | — | as long as short |
| Backpack ENA_USDC_PERPlong | +0.0100% | 1h | 0.2109 | long leg | $374K | $362K | 5x | |
| Variational Omni ENA | +0.0100% | 4h | 0.2124 | +0.680% | $3.4M | $9.9M | — | as long as short |
| edgeX ENAUSDC | +0.0100% | 4h | 0.2125 | +0.763% | $245K | $7.1M | 20x | as long as short |
| GRVT ENA_USDT_Perp | +0.0100% | 4h | 0.2125 | +0.764% | $358K | $4.9M | 10x | as long as short |
| ApeX Omni ENAUSDT | +0.0100% | 1h | 0.2126 | +0.792% | $22K | $652K | 50x | as long as short |
| Polymarket Perps ENA-USD | +0.0100% | 1h | 0.2111 | +0.100% | $193K | $2.3M | 10x | as long as short |
| SunX ENA-USDT | +0.0100% | 4h | 0.2059 | −2.404% | $1K | $840K | 20x | as long as short |
| SoDEX ENA-USD | +0.0100% | 1h | 0.2109 | −0.014% | $3K | $7K | 10x | as long as short |
| HTX ENA-USDT | +0.0100% | 4h | 0.2114 | +0.213% | $276K | $780K | 50x | as long as short |
| Phemex ENAUSDT | +0.0100% | 4h | 0.2109 | −0.014% | $1.8M | $8.8M | 50x | as long as short |
| Paradex ENA-USD-PERP | +0.0100% | 8h | 0.2112 | +0.133% | $47K | $110 | 10x | as long as short |
| Extended ENA-USD | +0.0104% | 1h | 0.2110 | +0.015% | $1.6M | $4.1M | 50x | as long as short |
| Aevo ENA-PERP | +0.0104% | 1h | 0.2108 | −0.051% | $74K | $4K | 3x | as long as short |
| Phoenix ENA | +0.0150% | 1h | 0.2119 | +0.450% | $8K | $298K | 10x | as long as short |
| GMX ENA/USD [ETH-USDC] | L +0.0253% / S −0.0213% | 1h | 0.2111 | +0.066% | $51K | — | 100x | as long as short |
| Kraken Futures PF_ENAUSDshort | +0.0285% | 1h | 0.2111 | +0.073% | $2.7M | $4.3M | 50x | |
| Lighter ENA | +0.0312% | 1h | 0.2115 | +0.275% | $5.3M | $13.9M | 10x | as long as short |
| dYdX ENA-USD | +0.0331% | 1h | 0.2113 | +0.165% | $140K | $15K | 5x | as long as short |
| BloFin ENA-USDT | +0.0340% | 4h | 0.2118 | +0.422% | $5.6M | $3.1M | 75x | as long as short |
| Reya ENARUSDPERP | +0.0412% | 1h | 0.2110 | +0.037% | $1K | $5K | 15x | as long as short |
| Coinbase International ENA-PERP-INTX | +0.0664% | 1h | 0.2116 | +0.299% | $833K | $1.5M | 50x | as long as short |
Binance ENAUSDT
Bybit ENAUSDT
OKX ENA-USDT-SWAP
Ondo Perps ENA-USD.P
Arcus ENA-USD
Bulk ENA-USD
Gate ENA_USDT
MEXC ENA_USDT
KuCoin ENAUSDTM
Bitget ENAUSDT
BingX ENA-USDT
Variational Omni ENA
edgeX ENAUSDC
GRVT ENA_USDT_Perp
ApeX Omni ENAUSDT
Polymarket Perps ENA-USD
SunX ENA-USDT
SoDEX ENA-USD
HTX ENA-USDT
Phemex ENAUSDT
Paradex ENA-USD-PERP
Extended ENA-USD
Aevo ENA-PERP
Phoenix ENA
GMX ENA/USD [ETH-USDC]
Lighter ENA
dYdX ENA-USD
BloFin ENA-USDT
Reya ENARUSDPERP
Coinbase International ENA-PERP-INTX