Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0182%/8h= +20.0% APRpaid last 24h +0.136%

Price spread now: BloFin against Kraken Futures−0.068%7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$580.577% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.281%+$28 on $10k

Price spread, last 4 days (all we have)−0.047%−$5 · spread now −0.068%, 7d avg −0.004%

Together, before fees+0.233%+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.064% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of −0.004%). If the spread goes back, that is −$6 on $10k: about 28 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2180	0.0158	pay 0.0020% / 1h	4m 43s	$2.7M	$4.3M	50x
Short	BloFin ENA-USDT	0.2179	0.0340	get 0.0170% / 4h	2h 04m	$5.6M	$3.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.068%Rate

Funding earned: $38.3
Price spread: −0.068% → −0.004%: −$6.38
Slippage, 4 orders: −$35.7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$25.78
Costs to cover: 0.577%
Break-even: 11.7 days

Slippage from Kraken Futures: live order book, 4 min ago; BloFin: live order book, 4 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	10.33 bp	19.2 bp −$19	27.2 bp −$272	92.0 bp −$9,197	doesn't fit
Sell BloFin live order book, 4 min ago	2.99 bp	11.5 bp −$12	21.0 bp −$210	64.7 bp −$6,471	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	−0.0139%	4h	0.2177	−0.132%	$45K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2178	−0.095%	$68K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2178	−0.086%	$84K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.609%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0048%	1h	0.2178	−0.105%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2178	−0.105%	$55K	$477K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2179	−0.077%	$578K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2178	−0.095%	$118.1M	$75.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2179	−0.069%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2180	−0.015%	$409K	$532K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2176	−0.180%	$131.8M	$426.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2177	−0.150%	$88.0M	$178.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2177	−0.141%	$21.8M	$109.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2175	−0.251%	$21K	$327K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2178	−0.105%	$81K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2182	+0.056%	$96K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2177	−0.127%	$11.5M	$24.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2179	−0.049%	$48.6M	$42.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2180	−0.022%	$25.4M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2175	−0.219%	$49.4M	$59.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2177	−0.173%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2182	+0.064%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2177	−0.137%	$257K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2179	−0.071%	$364K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2178	−0.105%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2179	−0.072%	$193K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2126	−2.499%	$1K	$893K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2180	−0.013%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2182	+0.088%	$273K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2180	−0.013%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2177	−0.152%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2178	−0.110%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2178	−0.082%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2177	−0.127%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0158%	1h	0.2180	long leg	$2.7M	$4.3M	50x
dYdX ENA-USD	+0.0195%	1h	0.2178	−0.118%	$144K	$16K	5x	as long as short
Lighter ENA	+0.0248%	1h	0.2180	−0.004%	$5.2M	$13.4M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2178	−0.099%	$60K	—	100x	as long as short
BloFin ENA-USDTshort	+0.0340%	4h	0.2179	−0.068%	$5.6M	$3.3M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2178	−0.103%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0558%	1h	0.2180	−0.004%	$399K	$423K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2181	+0.028%	$895K	$1.8M	50x	as long as short