ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0226%/8h= −24.7% APRnext payment −$0.28 per $10,000 · paid last 24h +0.033%

Price spread now: Backpack against Kraken Futures−0.114%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$450.454% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$8 on $10k

Price spread, last 4 days (all we have)−0.207%−$21 · spread now −0.114%, 7d avg −0.035%

Together, before fees−0.292%−$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Backpack is 0.080% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.035%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.085% in total (about -4.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.28 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	Kraken Futures PF_ENAUSD	0.2107	0.0448	pay 0.0056% / 1h	5m 09s	$2.6M	$4.4M	50x
Short	Backpack ENA_USDC_PERP	0.2104	0.0222	get 0.0028% / 1h	5m 09s	$390K	$437K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$47.38
Price spread: −0.114% → −0.035%: −$7.98
Slippage, 4 orders: −$25.42
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$100.78
Costs to cover: 0.454%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Backpack: live order book, 39 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 Kraken Futures live order book, 4 min ago	8.75 bp	14.5 bp −$15	22.5 bp −$225	88.3 bp −$8,831	doesn't fit
Sell Backpack live order book, 39 min ago	1.17 bp	9.5 bp −$10	42.0 bp −$420	doesn't fit	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	−0.0099%	4h	0.2107	−0.019%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2107	+0.004%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2107	+0.024%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2109	+0.104%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.783%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2108	+0.052%	$55K	$481K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2108	+0.075%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	+0.033%	$558K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2109	+0.123%	$114.2M	$75.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2106	−0.026%	$1.4M	$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	0.2109	+0.111%	$399K	$542K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2105	−0.095%	$127.6M	$426.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2102	−0.228%	$90.2M	$187.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2104	−0.114%	$21.1M	$106.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	+0.180%	$33K	$318K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	+0.052%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	+0.713%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2108	+0.042%	$12.5M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2103	−0.181%	$38.1M	$43.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2106	−0.043%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2102	−0.247%	$47.6M	$59.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2104	−0.152%	—	$31.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2113	+0.283%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	+0.278%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2111	+0.194%	$351K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2113	+0.289%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2108	+0.042%	$182K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−2.359%	$1K	$902K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2105	−0.091%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2113	+0.289%	$265K	$818K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2106	−0.043%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2105	−0.114%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2107	+0.004%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2112	+0.246%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0144%	1h	0.2107	−0.001%	$5.0M	$13.7M	10x	as long as short
Backpack ENA_USDC_PERPshort	+0.0222%	1h	0.2104	−0.114%	$390K	$437K	5x
dYdX ENA-USD	+0.0245%	1h	0.2112	+0.224%	$139K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0753%	1h	0.2108	+0.033%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2106	−0.057%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.024%	$1K	—	15x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0448%	1h	0.2107	long leg	$2.6M	$4.4M	50x
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2135	+1.357%	$881K	$1.8M	50x	as long as short