Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0140%/8h= −15.3% APRpaid last 24h +0.057%

Price spread now: KuCoin against Kraken Futures−0.031%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$660.659% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.196%−$20 on $10k

Price spread, last 3 days (all we have)−0.332%−$33 · spread now −0.031%, 7d avg −0.061%

Together, before fees−0.528%−$53 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.029% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.031% now, against its 7-day average of −0.061%): +$3 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2127	0.0240	pay 0.0030% / 1h	35m 50s	$2.7M	$5.5M	50x
Short	KuCoin ENAUSDTM	0.2126	0.0100	get 0.0050% / 4h	35m 50s	$24.6M	$16.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.031%Rate

Funding earned: −$29.43
Price spread: −0.031% → −0.061%: $2.94
Slippage, 4 orders: −$43.93
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$92.42
Costs to cover: 0.659%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; KuCoin: live order book, 3 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, 3 min ago	10.34 bp	15.8 bp −$16	19.2 bp −$192	85.7 bp −$8,573	doesn't fit
Sell KuCoin live order book, 3 min ago	1.64 bp	14.5 bp −$15	34.0 bp −$340	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	−0.0019%	4h	0.2125	−0.088%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2126	−0.041%	$93K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2126	−0.019%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.163%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0068%	1h	0.2127	−0.017%	$375K	$448K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	−0.088%	$63K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2127	−0.010%	$684K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2126	−0.022%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	+0.028%	$412K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2124	−0.131%	$131.4M	$454.1M	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	0.2124	−0.144%	$89.3M	$190.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2124	−0.139%	$20.6M	$111.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	−0.102%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2128	+0.053%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2129	+0.100%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2125	−0.097%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2125	−0.102%	$46.9M	$45.5M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2126	−0.031%	$24.6M	$16.4M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2122	−0.205%	$48.1M	$64.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2124	−0.149%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2126	−0.054%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	−0.097%	$253K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.101%	$358K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	−0.088%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2126	−0.031%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2074	−2.490%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2126	−0.041%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2130	+0.152%	$277K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2126	−0.041%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	−0.041%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2126	−0.052%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2128	+0.072%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2127	+0.021%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0240%	1h	0.2127	long leg	$2.7M	$5.5M	50x
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2126	−0.057%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2124	−0.147%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2124	−0.144%	$5.6M	$7.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2125	−0.064%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.227%	$842K	$2.1M	50x	as long as short
Lighter ENA	+0.0568%	1h	0.2129	+0.082%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0829%	1h	0.2127	+0.030%	$114.3M	$78.7M	10x	as long as short
dYdX ENA-USD	+0.1746%	1h	0.2126	−0.031%	$140K	$15K	5x	as long as short