Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0141%/8h= +15.4% APRpaid last 24h −0.046%

Price spread now: Kraken Futures against Bitget+0.174%48s7-day average +0.145% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as 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−$690.691% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.135%+$14 on $10k

Price spread, last 3 days (all we have)+0.300%+$30 · spread now +0.174%, 7d avg +0.145%

Together, before fees+0.435%+$44 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kraken Futures is 0.029% dearer against Bitget than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.145%. 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	Bitget ENAUSDT	0.2119	0.0100	pay 0.0050% / 4h	21m 33s	$48.0M	$63.8M	75x
Short	Kraken Futures PF_ENAUSD	0.2123	0.0241	get 0.0030% / 1h	21m 33s	$2.7M	$5.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now +0.174%Rate

Funding earned: $29.53
Price spread: +0.174% → +0.145%: $2.94
Slippage, 4 orders: −$47.07
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$36.6
Costs to cover: 0.691%
Break-even: 15.7 days

Slippage from Bitget: live order book, 2 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 Bitget live order book, 2 min ago	0.24 bp	11.6 bp −$12	19.0 bp −$190	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	14.63 bp	22.5 bp −$23	31.2 bp −$312	228.5 bp −$22.8K	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	−0.0007%	4h	0.2120	+0.057%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2121	+0.104%	$92K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2121	+0.109%	$97K	—	150x	as long as short
Backpack ENA_USDC_PERP	+0.0032%	1h	0.2122	+0.123%	$375K	$445K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.208%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	+0.047%	$61K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	+0.052%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2120	+0.054%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2120	+0.055%	$410K	$562K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2121	+0.080%	$131.0M	$452.5M	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	0.2121	+0.085%	$89.1M	$189.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2121	+0.099%	$20.6M	$110.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2119	+0.019%	$15K	$404K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2121	+0.094%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.118%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2120	+0.033%	$10.8M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2121	+0.080%	$46.5M	$45.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	+0.142%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2119	long leg	$48.0M	$63.8M	75x
BingX ENA-USDC	+0.0100%	4h	0.2119	+0.014%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2123	+0.203%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.156%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	−0.083%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	−0.094%	$34K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2121	+0.104%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.279%	$1K	$826K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	+0.094%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.203%	$275K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2121	+0.094%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2119	+0.006%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2121	+0.088%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2118	−0.042%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2122	+0.142%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0208%	1h	0.2119	−0.014%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0241%	1h	0.2123	+0.174%	$2.7M	$5.4M	50x
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2121	+0.095%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	−0.118%	$5.6M	$5.9M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	+0.065%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0520%	1h	0.2122	+0.146%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2120	+0.033%	$837K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0761%	1h	0.2124	+0.255%	$114.4M	$78.3M	10x	as long as short
dYdX ENA-USD	+0.1617%	1h	0.2121	+0.096%	$140K	$15K	5x	as long as short