Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h +0.064%

Price spread now: HTX against Kraken Futures+0.072%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$120as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$1041.042% of the position

Long on Kraken Futures Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.160%−$16 on $10k

Price spread, last 4 days (all we have)−0.308%−$31 · spread now +0.072%, 7d avg +0.012%

Together, before fees−0.468%−$47 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.060% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.072% now, against its 7-day average of +0.012%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2111	0.0163	pay 0.0020% / 1h	44m 27s	$2.6M	$4.3M	50x
Short	HTX ENA-USDT	0.2113	0.0100	get 0.0050% / 4h	2h 44m	$275K	$777K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.072%Rate

Funding earned: −$13.18
Price spread: +0.072% → +0.012%: $6.02
Slippage, 4 orders: −$82.16
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$111.31
Costs to cover: 1.042%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; HTX: live order book, 29 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	12.58 bp	18.2 bp −$18	22.1 bp −$221	73.7 bp −$7,370	doesn't fit
Sell HTX live order book, 29 min ago	25.82 bp	36.0 bp −$36	doesn't fit	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	−0.0140%	4h	0.2111	−0.027%	$44K	$25K	10x	as long as short
Gate ENA_USDT	−0.0028%	4h	0.2107	−0.202%	$11.0M	$23.4M	50x	as long as short
ApeX Omni ENAUSDT	−0.0028%	1h	0.2110	−0.070%	$20K	$649K	50x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2108	−0.155%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	−0.008%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2110	−0.051%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.565%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2107	−0.212%	$56K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2108	−0.149%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2107	−0.209%	$653K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2110	−0.070%	$114.4M	$74.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2109	−0.105%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2108	−0.142%	$396K	$522K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2108	−0.174%	$127.8M	$416.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2108	−0.179%	$85.3M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	−0.155%	$21.1M	$103.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2106	−0.245%	$22K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	−0.212%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2096	−0.710%	$92K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	−0.155%	$45.5M	$40.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	−0.108%	$24.9M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	−0.226%	$47.9M	$57.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2108	−0.155%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2108	−0.161%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.255%	$241K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	−0.117%	$349K	$4.9M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2109	−0.136%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2060	−2.419%	$998	$867K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	−0.070%	$3K	$7K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2113	+0.072%	$275K	$777K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2110	−0.070%	$1.7M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2107	−0.213%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	−0.021%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2109	−0.127%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0163%	1h	0.2111	long leg	$2.6M	$4.3M	50x
Lighter ENA	+0.0224%	1h	0.2110	−0.051%	$5.2M	$13.0M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2111	−0.036%	$70K	—	100x	as long as short
dYdX ENA-USD	+0.0313%	1h	0.2109	−0.135%	$139K	$15K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2111	−0.022%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2108	−0.181%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0593%	1h	0.2110	−0.051%	$357K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2100	−0.543%	$860K	$1.7M	50x	as long as short