Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.086%

Price spread now: Deribit against Aster−0.045%7-day average −0.017% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$370.367% of the position

Long on Aster Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.278%−$28 on $10k

Price spread, last 3 days (all we have)+0.510%+$51 · spread now −0.045%, 7d avg −0.017%

Together, before fees+0.232%+ Points / potential airdropAster: Stage 5 · farm board+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.028% cheaper against Aster than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.017%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster ENAUSDT	0.2100	0.0100	pay 0.0050% / 4h	2h 15m	$1.5M	$3.3M	50x
Short	Deribit ENA_USDC-PERPETUAL	0.2099	0	get 0.0000% / 1h	15m 52s	$93K	$1.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Aster. 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 AsterbpFee DeribitbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$21
Price spread: −0.045% → −0.017%: −$2.85
Slippage, 4 orders: −$21.68
Fee Aster: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$60.52
Costs to cover: 0.367%
Break-even: never at this rate

Slippage from Aster: live order book, 3 min ago; Deribit: 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 Aster live order book, 3 min ago	2.62 bp	8.2 bp −$8	19.1 bp −$191	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	4.28 bp	8.5 bp −$9	16.0 bp −$160	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
Backpack ENA_USDC_PERP	−0.0280%	1h	0.2099	−0.012%	$361K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2098	−0.083%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2099	−0.050%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2099	−0.045%	$93K	$1.8M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2098	−0.074%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.136%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0050%	4h	0.2099	−0.050%	$10.4M	$21.7M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2107	+0.345%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2098	−0.074%	$60K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2098	−0.078%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2098	−0.095%	$658K	$1.8M	10x	as long as short
Aster ENAUSDTlong	+0.0100%	4h	0.2100	long leg	$1.5M	$3.3M	50x
Pacifica ENA	+0.0100%	1h	0.2099	−0.037%	$406K	$593K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2099	−0.022%	$129.4M	$465.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	−0.045%	$87.6M	$193.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2099	−0.002%	$20.2M	$113.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	+0.040%	$19K	$430K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2099	−0.026%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.355%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	−0.050%	$46.0M	$49.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	−0.021%	$24.3M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2098	−0.079%	$47.5M	$66.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2099	−0.026%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2104	+0.214%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2103	+0.145%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2103	+0.164%	$351K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2103	+0.164%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	−0.040%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.512%	$855	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	−0.074%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2101	+0.050%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2099	−0.026%	$1.9M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2099	−0.046%	$2.6M	$5.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2099	−0.030%	$77K	$11K	3x	as long as short
Extended ENA-USD	+0.0152%	1h	0.2097	−0.098%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0163%	1h	0.2097	−0.099%	$50K	—	100x	as long as short
Lighter ENA	+0.0312%	1h	0.2102	+0.121%	$5.7M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2100	+0.040%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0353%	1h	0.2102	+0.141%	$110.9M	$80.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	−0.125%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2104	+0.188%	$805K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.5960%	1h	0.2098	−0.063%	$139K	$15K	5x	as long as short