Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0058%/8h= +6.3% APRpaid last 24h −0.066%

Price spread now: GMX against Aster−0.075%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Aster Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding pays, the price is against you. GMX is 0.075% cheaper against Aster than usual: you would sell low and buy high (spread −0.075% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 4.3 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster ENAUSDT	0.2108	0.0100	pay 0.0050% / 4h	2h 58m	$1.5M	$3.5M	50x
Short	GMX ENA/USD [ETH-USDC]	0.2106	L +0.0210% / S −0.0158%	get 0.0020% / 1h	58m 10s	$50K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.075%Rate

Funding earned: $12.1
Price spread: −0.075% → 0.000%: −$7.48
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: −$15.38
Costs to cover: 0.200%
Break-even: 15.9 days

Slippage unknown: Aster: live order book, 5 min ago; GMX: no order-book sample. Net counts fees only.

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, 5 min ago	2.61 bp	13.8 bp −$14	25.7 bp −$257	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0495%	1h	0.2107	−0.015%	$363K	$489K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0099%	4h	0.2105	−0.119%	$42K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0048%	1h	0.2107	−0.034%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0020%	4h	0.2106	−0.096%	$10.4M	$21.4M	50x	as long as short
Phoenix ENA	0.0000%	1h	0.2110	+0.127%	$5K	$389K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2107	−0.053%	$94K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2107	−0.044%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.744%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	−0.081%	$60K	$549K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2107	−0.057%	$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	0.2107	−0.034%	$656K	$1.8M	10x	as long as short
Aster ENAUSDTlong	+0.0100%	4h	0.2108	long leg	$1.5M	$3.5M	50x
Pacifica ENA	+0.0100%	1h	0.2107	−0.029%	$404K	$604K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2105	−0.129%	$130.7M	$474.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2105	−0.115%	$88.6M	$196.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2105	−0.129%	$20.2M	$116.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2110	+0.104%	$19K	$447K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	−0.034%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2108	−0.006%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	−0.053%	$45.5M	$48.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2108	+0.004%	$24.4M	$16.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	−0.181%	$47.7M	$67.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2105	−0.110%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	+0.226%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2109	+0.063%	$253K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	+0.061%	$362K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2110	+0.108%	$33K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2108	+0.009%	$184K	$3.1M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−2.383%	$1K	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2105	−0.129%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2112	+0.222%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	−0.129%	$1.8M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2107	−0.013%	$2.7M	$5.9M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2105	−0.105%	$77K	$11K	3x	as long as short
Extended ENA-USD	+0.0112%	1h	0.2105	−0.150%	$1.6M	$4.1M	50x	as long as short
Lighter ENA	+0.0200%	1h	0.2108	−0.001%	$5.7M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]short	L +0.0210% / S −0.0158%	1h	0.2106	−0.075%	$50K	—	100x
Hyperliquid ENA	+0.0249%	1h	0.2109	+0.075%	$112.1M	$81.4M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2109	+0.047%	$5.6M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2105	−0.113%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2116	+0.412%	$809K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.4854%	1h	0.2108	+0.011%	$139K	$12K	5x	as long as short