ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0051%/8h= +5.6% APRnext payment +$0.06 per $10,000 · paid last 24h −0.067%

Price spread now: Kraken Futures against Phoenix+0.164%71s7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$680.685% of the position

Long on Phoenix Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 3 days (all we have)+0.332%+$33 · spread now +0.164%, 7d avg −0.011%

Together, before fees+0.362%+$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Kraken Futures is 0.175% dearer against Phoenix than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.011%. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ENA	0.2125	0.0189	pay 0.0024% / 1h	46m 10s	$6K	$347K	10x
Short	Kraken Futures PF_ENAUSD	0.2129	0.0240	get 0.0030% / 1h	46m 10s	$2.7M	$5.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phoenix. 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 PhoenixbpFee Kraken FuturesbpOrdersPrice spread, now +0.164%Rate

Funding earned: $10.79
Price spread: +0.164% → −0.011%: $17.53
Slippage, 4 orders: −$51.48
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$40.16
Costs to cover: 0.685%
Break-even: 33.0 days

Slippage from Phoenix: live order book, 30 min ago; Kraken Futures: 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 Phoenix live order book, 30 min ago	1.91 bp	16.6 bp −$17	59.6 bp −$596	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	8.93 bp	18.8 bp −$19	22.5 bp −$225	116.8 bp −$11.7K	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	−0.0026%	4h	0.2129	+0.174%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2130	+0.207%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2129	+0.156%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.089%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0095%	1h	0.2128	+0.146%	$376K	$447K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2126	+0.033%	$64K	$522K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	−0.047%	$687K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2129	+0.174%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	+0.095%	$412K	$567K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2127	+0.101%	$131.4M	$454.9M	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	0.2126	+0.047%	$89.2M	$190.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2127	+0.071%	$20.6M	$112.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	−0.052%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2127	+0.080%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2125	+0.008%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	+0.104%	$10.9M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2127	+0.066%	$47.0M	$45.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2128	+0.118%	$24.5M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2125	+0.009%	$48.1M	$64.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2128	+0.146%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	−0.067%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.144%	$253K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.195%	$355K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	−0.061%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2126	+0.052%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2075	−2.376%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2128	+0.127%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2130	+0.240%	$277K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2128	+0.127%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	+0.032%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2130	+0.216%	$78K	$11K	3x	as long as short
Phoenix ENAlong	+0.0189%	1h	0.2125	long leg	$6K	$347K	10x
01 Exchange ENAUSD	+0.0192%	1h	0.2128	+0.118%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0240%	1h	0.2129	+0.164%	$2.7M	$5.5M	50x
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2128	+0.138%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	+0.094%	$5.6M	$7.0M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2128	+0.149%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2126	+0.024%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2135	+0.433%	$843K	$2.1M	50x	as long as short
Lighter ENA	+0.0648%	1h	0.2130	+0.226%	$5.7M	$12.8M	10x	as long as short
Hyperliquid ENA	+0.0850%	1h	0.2130	+0.235%	$114.4M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1771%	1h	0.2127	+0.066%	$140K	$15K	5x	as long as short