Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0095%/8h= −10.4% APRpaid last 24h +0.062%

Price spread now: MEXC against Kraken Futures+0.005%7-day average −0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$390.388% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.199%−$20 on $10k

Price spread, last 4 days (all we have)−1.105%−$110 · spread now +0.005%, 7d avg −0.073%

Together, before fees−1.304%−$130 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.078% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.005% now, against its 7-day average of −0.073%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2143	0.0195	pay 0.0024% / 1h	17m 18s	$2.6M	$4.4M	50x
Short	MEXC ENA_USDT	0.2144	0.0100	get 0.0050% / 4h	3h 17m	$42.1M	$43.9M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.005%Rate

Funding earned: −$19.87
Price spread: +0.005% → −0.073%: $7.8
Slippage, 4 orders: −$28.79
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$50.86
Costs to cover: 0.388%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; MEXC: 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 Kraken Futures live order book, 2 min ago	6.98 bp	12.4 bp −$12	21.7 bp −$217	101.5 bp −$10.2K	doesn't fit
Sell MEXC live order book, 2 min ago	0.23 bp	3.8 bp −$4	9.4 bp −$94	47.5 bp −$4,750	77.1 bp −$38.5K

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
01 Exchange ENAUSD	−0.0112%	1h	0.2142	−0.069%	$4K	$169	10x	as long as short
Orderly PERP_ENA_USDC	−0.0100%	4h	0.2142	−0.051%	$44K	$15K	10x	as long as short
Phemex ENAUSDT	−0.0056%	4h	0.2142	−0.069%	$1.9M	$9.0M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2144	+0.005%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2144	+0.038%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	−1.007%	$734	$57K	5.5x	as long as short
Bitget ENAUSDT	+0.0066%	4h	0.2142	−0.051%	$48.6M	$60.6M	75x	as long as short
dYdX ENA-USD	+0.0088%	1h	0.2144	+0.012%	$142K	$16K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2145	+0.080%	$5.0M	$13.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2142	−0.069%	$55K	$496K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0099%	8h	0.2143	−0.018%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2140	−0.144%	$566K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2143	−0.044%	$117.0M	$76.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2145	+0.066%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2144	+0.018%	$410K	$560K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2144	+0.029%	$129.3M	$426.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2144	+0.015%	$88.9M	$192.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2145	+0.047%	$21.2M	$108.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2140	−0.149%	$39K	$330K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2144	+0.024%	$80K	$284K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2147	+0.175%	$105K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2142	−0.051%	$13.4M	$28.0M	50x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2144	+0.005%	$42.1M	$43.9M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2145	+0.057%	$25.2M	$15.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2144	+0.019%	—	$30.9M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2150	+0.313%	$416K	$479K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2144	+0.003%	$3.1M	$9.7M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2148	+0.201%	$253K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2147	+0.174%	$361K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2143	−0.023%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2142	−0.069%	$176K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2092	−2.397%	$1K	$926K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2143	−0.023%	$4K	$6K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2147	+0.145%	$267K	$847K	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2143	−0.038%	$1.6M	$4.7M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2143	−0.023%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2147	+0.164%	$14K	$267K	10x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0195%	1h	0.2143	long leg	$2.6M	$4.4M	50x
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0756%	1h	0.2144	+0.022%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2143	−0.009%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2141	−0.124%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2146	+0.127%	$797K	$2.0M	50x	as long as short