Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0136%/8h= +14.9% APRpaid last 24h −0.059%

Price spread now: Kraken Futures against edgeX−0.127%7-day average +0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$620.618% of the position

Long on edgeX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.131%+$13 on $10k

Price spread, last 3 days (all we have)+0.768%+$77 · spread now −0.127%, 7d avg +0.058%

Together, before fees+0.899%+ Points / potential airdropedgeX: Active · farm board+$90 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.184% cheaper against edgeX than usual: you would sell low and buy high (spread −0.127% now, against its 7-day average of +0.058%). If the spread goes back, that is −$18 on $10k: about 4.5 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.131% in total) that is about 9.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ENAUSDC	0.2120	0.0100	pay 0.0050% / 4h	3h 51m	$245K	$7.6M	20x
Short	Kraken Futures PF_ENAUSD	0.2117	0.0236	get 0.0029% / 1h	51m 38s	$2.7M	$5.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against edgeX. 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 edgeXbpFee Kraken FuturesbpOrdersPrice spread, now −0.127%Rate

Funding earned: $28.53
Price spread: −0.127% → +0.058%: −$18.44
Slippage, 4 orders: −$42.75
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$51.66
Costs to cover: 0.618%
Break-even: 19.7 days

Slippage from edgeX: 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 edgeX live order book, 2 min ago	9.43 bp	13.9 bp −$14	15.4 bp −$154	46.2 bp −$4,618	doesn't fit
Sell Kraken Futures live order book, 2 min ago	10.13 bp	18.3 bp −$18	27.5 bp −$275	111.1 bp −$11.1K	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	−0.0074%	1h	0.2117	−0.126%	$376K	$419K	5x	as long as short
dYdX ENA-USD	0.0000%	1h	0.2117	−0.123%	$140K	$15K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2117	−0.145%	$94K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2120	−0.024%	$104K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0017%	4h	0.2116	−0.211%	$41K	$24K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.157%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0052%	4h	0.2118	−0.107%	$10.8M	$20.6M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2116	−0.192%	$63K	$525K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2116	−0.190%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2118	−0.115%	$1.5M	$3.3M	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	0.2117	−0.131%	$410K	$560K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	−0.173%	$131.3M	$447.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2116	−0.197%	$89.0M	$188.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	−0.197%	$20.6M	$109.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2122	+0.101%	$15K	$394K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2117	−0.145%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+0.280%	$90K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	−0.159%	$46.2M	$44.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	−0.069%	$24.3M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2115	−0.215%	$48.1M	$62.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2117	−0.164%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2122	+0.071%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDClong	+0.0100%	4h	0.2120	long leg	$245K	$7.6M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2120	−0.017%	$353K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2120	−0.003%	$34K	$714K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2119	−0.031%	$181K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.319%	$1K	$828K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	−0.192%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.148%	$275K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	−0.192%	$2.0M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.146%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2117	−0.159%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2124	+0.162%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0208%	1h	0.2118	−0.112%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0236%	1h	0.2117	−0.127%	$2.7M	$5.1M	50x
Extended ENA-USD	+0.0248%	1h	0.2115	−0.222%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2119	−0.029%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2120	+0.002%	$5.6M	$4.7M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2119	−0.063%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2121	+0.049%	$838K	$1.9M	50x	as long as short
Lighter ENA	+0.0632%	1h	0.2120	−0.013%	$5.6M	$12.5M	10x	as long as short
Hyperliquid ENA	+0.0650%	1h	0.2119	−0.036%	$114.3M	$76.2M	10x	as long as short