Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0058%/8h= +6.3% APRpaid last 24h −0.063%

Price spread now: Kraken Futures against OKX+0.094%7-day average +0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$550.552% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.230%+$23 on $10k

Price spread, last 4 days (all we have)+0.350%+$35 · spread now +0.094%, 7d avg +0.085%

Together, before fees+0.580%+$58 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.085%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ENA-USDT-SWAP	0.2174	0.0100	pay 0.0050% / 4h	2h 03m	$21.7M	$109.6M	50x
Short	Kraken Futures PF_ENAUSD	0.2176	0.0158	get 0.0020% / 1h	3m 59s	$2.7M	$4.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.094%Rate

Funding earned: $12.17
Price spread: +0.094% → +0.085%: $0.84
Slippage, 4 orders: −$35.22
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$42.21
Costs to cover: 0.552%
Break-even: 31.3 days

Slippage from OKX: live order book, 5 min ago; Kraken Futures: live order book, 5 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 OKX live order book, 5 min ago	0.23 bp	8.8 bp −$9	22.0 bp −$220	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	10.33 bp	16.7 bp −$17	23.0 bp −$230	107.7 bp −$10.8K	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	0.2175	+0.055%	$45K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2175	+0.069%	$68K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2176	+0.092%	$84K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.328%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0040%	1h	0.2179	+0.216%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2178	+0.184%	$55K	$477K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2175	+0.057%	$577K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2176	+0.097%	$118.0M	$75.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2176	+0.095%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2177	+0.152%	$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	0.2175	+0.045%	$131.7M	$426.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2173	−0.023%	$87.8M	$179.0M	50x	as long as short
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2174	long leg	$21.7M	$109.6M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2175	+0.037%	$21K	$327K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2179	+0.230%	$81K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2182	+0.345%	$96K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2174	−0.005%	$11.5M	$24.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2175	+0.028%	$48.4M	$42.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2175	+0.069%	$25.4M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2171	−0.120%	$49.3M	$59.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2175	+0.028%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2182	+0.353%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2177	+0.152%	$257K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2179	+0.218%	$364K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2178	+0.184%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2179	+0.212%	$193K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2124	−2.300%	$919	$893K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2175	+0.046%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2182	+0.354%	$273K	$806K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2175	+0.046%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2176	+0.109%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2174	+0.015%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2175	+0.056%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2177	+0.161%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0158%	1h	0.2176	+0.094%	$2.7M	$4.3M	50x
dYdX ENA-USD	+0.0195%	1h	0.2178	+0.171%	$144K	$16K	5x	as long as short
Lighter ENA	+0.0240%	1h	0.2177	+0.133%	$5.2M	$13.4M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2175	+0.061%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2179	+0.221%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2174	+0.017%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0542%	1h	0.2175	+0.064%	$398K	$423K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2181	+0.317%	$895K	$1.8M	50x	as long as short